Committed to service, stewardship, and fearless exploration.

When St. Joseph Health launched The Innovation Institute in 2013, their vision was to create a first-of-its-kind innovation platform engaging and empowering clinicians to turn their ideas and insights into solutions that lower healthcare costs and improve patient outcomes. It was critical that the platform share St. Joe’s mission and values, and be financially self-sustainable, so that the platform could survive without the need for future capital infusions. They also believed strongly that ownership be shared with other like-minded health systems, so that the organization would be independent from any single system and remain nimble and capable of adapting quickly to new challenges and opportunities.

During our first decade, these objectives were achieved. The Innovation Institute reached profitability almost immediately, and by 2015 its ownership expanded to 6 prominent non-profit health systems, geographically dispersed across the United States and involving over 15,000 caregivers and clinicians. In collaboration with its clinical innovators Innovation Lab launched more than 25 successful medical products, and generated more than $25 million in IP value.  

However, by 2023 when I joined as the CEO, the company faced a series of challenges that paralleled those facing its member-owner health systems. A change in the business model was needed to adapt to post-Pandemic economic realities, shifting health system priorities, and rising expectations for value and impact. In response, we have taken bold steps to adapt our model for the future. Over the past two years, we have restructured our business portfolio, focused our investments, and launched new initiatives to ensure we remain at the forefront of healthcare transformation.

It is in this spirit of renewal and forward momentum that we re-launch as Inneo. This new identity is more than a name – it is a strategic evolution, purpose-built to unify and strengthen our three core platforms:

Inneo Lab: The company’s engine for innovation—an in-house medical device incubator that collaborates with clinicians and industry. Inneo Lab has successfully commercialized over 25 products and generated over $25M in IP value, all while developing technologies that have made a difference in the lives of patients.

Inneo Alliance: A scalable services platform, designed to deliver operational excellence, revenue cycle management, advisory services, and technology solutions to health systems nationwide.

Inneo Invest: A robust healthcare focused real estate and venture investment arm, providing the financial foundation that sustains and powers Inneo’s mission-driven work.

The Inneo brand reflects our commitment to honor our legacy, while evolving our model to address the needs of a rapidly changing healthcare environment. However, the change goes beyond brand, representing a strategic shift across culture, operations, and customer experience, positioning us to compete for high-profile health system partnerships and to fuel the next decade of sustainable growth.

We are shedding assets that no longer serve our mission, focusing on a new generation of investments that build on our proven capabilities, and preserving the DNA that makes our model unique. Inneo will continue to be self-sustainable, independent and nimble. Our mission remains unchanged: an engine for change – powering innovation, generating economic returns for our member-owners, and delivering better outcomes for communities, caregivers, and patients.

As we step into this new era, our dedication to advancing healthcare innovation and empowering clinicians and health systems remains unwavering. We are honored to share this journey with our partners, innovators, member-owners, and the entire Inneo network.

Thank you for your trust and collaboration as we shape the future of healthcare – together.

Sincerely,
Michael McKinnon
President & CEO