Noting that the vast challenges facing non-profit health systems often require creative solutions fueled by outside-the-box thinking, Northeast Georgia Health System (NGHS) has launched its own venture fund.
Northeast Georgia Health Ventures (NGHV), as the new initiative is named, is being undertaken by the four-hospital system, based in Gainesville, GA, in collaboration with Prinnovo LLC, a company that specializes in working with independent, mid-sized health systems to establish, staff and manage their own health venture office.
Among the challenges that systems like NGHS face include everything from the current nursing shortage and employee burnout due to the COVID-19 pandemic to increased violence against healthcare workers and shifting payment models.
“The team we’re building at NGHV knows how to identify promising start-ups from across the nation, then bring their bright ideas to benefit people in this region,” says Mark Rainosek, Chief Executive Officer of Prinnovo. “The system will partner with these start-ups to rapidly co-create, pilot, validate and scale their solutions in the healthcare market. Validated companies will then be considered for investment by NGHV and their investment partners.”
Stuart Bracken, Venture Principal for NGHV, said the fund “will bring in selected entrepreneurs to help solve strategic challenges for a world-class health system, which will accelerate their own growth in return – and ultimately benefit patients in the process.”
Any early stage company that has not raised institutional capital – or a venture fund that wants to invest in validated, early stage companies alongside a strong and growing health system – can learn more and contact the NGHV team here.