Hackensack Meridian Health is launching a New Jersey Innovation Challenge to foster innovation and disruptive solutions from New Jersey companies. The goal is to add to the network’s comprehensive strategies to continuously improve the patient experience and patient outcomes throughout the state.
“We are challenging companies throughout New Jersey to play a role in helping us transform healthcare,’” said Robert C. Garrett, FACHE, Hackensack Meridian Health CEO. “The best ideas sometimes take fresh approaches from a wide array of perspectives. Our health network prides itself on finding new ways to do even better.”
The Challenge seeks to reduce 30-day readmissions for: acute myocardial infarction (AMI); chronic obstructive pulmonary disease (COPD); heart failure (HF); pneumonia; coronary artery bypass graft (CABG) surgery; and elective primary total hip arthroplasty and/or total knee arthroplasty (THA/TKA).
Entries will be accepted between May 6 and July 15. Online applications can be submitted here.
Entrants must be companies registered in New Jersey, and must submit applications to pitch their concepts to Hackensack Meridian Health. The companies must also have: a minimum revenue of $50,000 over the last 12 months; a viable product or solution ready for piloting or testing; a core team in place to provide program management and pilot support; seed capital of at least $100,000; and also a business plan for 2 to 3 years of projected growth.
If the application is accepted, it will be followed by a virtual pitch session with subject matter experts and system leaders to narrow down to three applications. Those three applications will then be decided at Hackensack Meridian Health’s Bear’s Den innovation program. The top three companies will benefit from a number of different opportunities from piloting their solution, a strategic development relationship, as well as potential investment in their company to name a few.
“We are always looking to improve what we do, through research and ideas,” said Ihor Sawczuk, M.D., FACS, Hackensack Meridian Health’s president of Academics, Research and Innovation, and also associate dean of Clinical Integration and professor and chair emeritus of Urology at the Hackensack Meridian School of Medicine. “New ideas are the way to drive progress, and New Jersey is at the forefront of pushing the envelope with innovation. We want to partner to bring these solutions to our communities – so we can keep getting better.”
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