$28 million may be just the beginning.
Republicans in the U.S. House of Representatives are getting ready to use the bully pulpit against the AARP and its support of the health care reform law, calling the senior citizens group on the carpet for a close look at its finances.
A pair of the House Ways and Means Committee’s sub-panels are slated to grill AARP executives April 1 about how the association will benefit from the Patient Protection & Affordable Care Act via its endorsements of various insurance products.
It’s no wonder that Cleveland Clinic has placed an increased emphasis on commercializing medical innovations by its doctors.
Cleveland Clinic CEO Toby Cosgrove revealed in a recent interview that the $78 million sale of Clinic neurotechnology spinoff Intelect Medical to Boston Scientific Corp. (NYSE:BSX) in January returned an impressive $28 million to the health system.
Medical data management company Explorys is already benefiting from a deal reached last month by Cleveland Clinic and Maryland health system MedStar Health.
Cleveland-based Explorys, a Cleveland Clinic spinoff company, said MedStar has become the fifth healthcare provider to join its network, and the first outside of Ohio.
The new chairman of Cleveland Clinic’s board of directors said his top priority is standardizing patient care so best practices are shared throughout the health system.
“The first thing that we’re doing is an enterprise-wide review of all of [the Clinic’s] quality and patient safety standards and procedures … to identify best practices and standardize them,” said Robert Rich Jr. told the Cleveland interview with The Plain Dealer. “I’m surprised that this hadn’t been done before.”
Cleveland Clinic and economic development group JumpStart Inc. invested $500,000 in SironRX Therapeutics, a newly created company developing a wound-healing therapy.
The investment will be part of a larger, $2.5 million fundraise for the company, CEO Rahul Aras said.
By Mary Vanac
Renown hand surgeon to professional athletes, Dr. Thomas Graham, is returning to Cleveland as chief of Cleveland Clinic Innovations, the corporate venturing unit of the Cleveland Clinic.
By Mary Vanac
Cleveland Clinic Innovations — the corporate venturing arm of the nation’s top heart hospital — is entering its second decade with a first-of-its-kind venture ranking, a brand-new incubator building and a growing portfolio of spin-out companies.