Making the Most out of the First Money In
For the last decade, there has been a conservative shift in how much investors and industry are willing to gamble on a novel medical technology. While risk-adverse approaches have potentially discouraged investors on a national level, Cleveland Clinic Innovations has seen virtually no impact on the flow of ideas that are disclosed from our caregivers on the front lines of healthcare delivery. This has led to the question, what do we do with a portfolio of promising early ideas if the market isn’t ready to invest in them? In our case, the answer is simple: We build them.
Cleveland Clinic: Long Live Rock 'n' Roll
Popular music, like healthcare, thrives on innovation. Ever since a local disc jockey coined the term “rock ‘n’ roll” Cleveland, Ohio has had a close association with rock music and its most innovative performers. In the 1950s and 60s, then little-known artists like Elvis Presley and Neil Young played in small clubs and theaters a few blocks from Cleveland Clinic, a medical center that was then rocking the world with innovations like coronary angiography, improved dialysis techniques, and artificial organ research.
Dr. Kurt Spindler Takes on a New Era When Outcomes are King
Just like a baseball player makes a living off of batting averages and RBIs, doctors will soon make a living off of the positive progress of his or her patient. For many, this is a startlingly obvious assertion. Almost every employee in private industry is paid based on performance. Yet a vast majority of doctors and practices are paid by the quantity of patient visits, regardless of what that visit yields. In other words, doctors are paid by the pitch; where the ball goes after contact is financially irrelevant.