Not-for-profit Catholic health care ministry Providence Health & Services launched a venture capital fund focused on supporting innovations across the health care system.
Providence Ventures will invest $150m over five to seven years in innovations across the health care system that will improve patient care.
The fund will target early- to mid-stage companies that focus on six core areas:
– online primary care access,
– care coordination and patient engagement,
– chronic disease management,
– clinician experience,
– data analytics and consumer health and
– wellness services.
Providence Ventures is led by Aaron Martin, senior vice president of strategy and innovation, who joined Providence in early 2014 from Amazon, where he built their self-publishing and print on demand business and led content acquisition for the Kindle unit’s North American trade publishing business.
To support the venture fund, Providence is creating its own internal Digital Innovation Group, which will build the technology and processes needed to support collaborations with early-stage companies, develop a consistent customer- and clinician-facing experience, and innovate in areas where there are gaps in the technology marketplace. The group will be led by Mark Long as vice president of digital innovation.