|[April 13, 2012]
Rex Healthcare Launches Rex Strategic Innovations to Advance Healthcare Innovation
RALEIGH, N.C. --(Business Wire)--
Rex Healthcare is proud to announce the creation of Rex Strategic
Innovations, a unique effort to spur healthcare innovation, improve
healthcare delivery and foster job creation.
The initiative will include Rex Health Ventures, one of the only
venture-capital investment funds in the country started by a community,
nonprofit hospital. The fund is being launched with an initial $10
million investment from Rex Healthcare and will help finance the most
promising innovations among new medical services, tools and technologies.
"For more than a century Rex has been a leader in striving to improve
the medical care and services we provide to thousands of patients every
year," said Rex President David Strong. "This exciting new program is
another way Rex will encourage and participate in innovation."
Other components of Rex Strategic Innovations include:
Rex Impact Grants: a program to provide grants to a wide range of
businesses and organizations that are working to help improve patient
care or community health status.
Rex Innovation Facilitator: a formalized way for Rex co-workers and
thought leaders in the community to submit innovative ideas and
receive technology commercialization and company-building services for
promising concepts that could lead to new products or services.
Rex Joint Ventures: a program to partner with thought leaders in the
local and regional technology, research and entrepreneurial
communities. The goal of such partnerships will be to team up to
develop new products and services that can improve healthcare
technology and delivery.
"Rex's efforts fit well with the city of Raleigh's commitment to find
new ways to increase job creation by supporting innovation and small
businesses," said Raleigh Mayor Nancy McFarlane. "We welcome Rex's
initiative and expect that this community and beyond will enjoy the
benefits for years to come."
Rex Health Ventures will invest in researchers, entrepreneurs and
inventors that share in Rex's vision to provide quality care for
patients and improve overall health. By creating the fund, Rex will
provide more opportunities for advancements in care and support start-up
companies that will help spur new job creation.
"This effort will allow Rex to become a key innovation player in the
Triangle and help make this region an even more attractive place for
entrepreneurs to grow and succeed," said Joan Siefert Rose, President of
CED, the southeast's largest entrepreneurial support organization. "Rex
is uniquely qualified to help drive healthcare innovationand CED looks
forward to working with Rex as it moves forward."
In some cases, Rex will serve as an incubator or laboratory for new
concepts and as a customer for new products and services. For healthcare
practitioners, Rex Health Ventures will provide the opportunity to
consult and play an active role in bringing new advances in medical care
"This is an important endeavor for Rex, and an exciting time for
innovation in the Triangle. This effort will create new opportunities to
advance research and develop breakthrough products and treatments," said
Dr. Ravish Sachar, an interventional cardiologist with Wake Heart &
Vascular, one of the Triangle's largest specialty physician practices.
"As a physician, I look forward to helping important innovations and
concepts become a reality."
Rex Strategic Innovations and Rex Health Ventures will be overseen by a
team that includes David Strong, President of Rex; Steve Burriss, Chief
Operating Officer of Rex; R. Erick Hawkins, UNC Health Care System Vice
President of Heart & Vascular Services; and Don Esposito, General
Counsel of Rex. Robert Helmedag will serve as Director of Operations and
handle day-to-day business. W. Merrette Moore, managing partner with
Raleigh-based investment firm Lookout Capital and a veteran early stage
venture capital investor, is acting as a key advisor.
In addition, that team will receive guidance and direction from an
advisory board that brings deep technology, research, business and
investment experience. That group includes:
Tom Darden, the CEO of Cherokee and founder of Cherokee Investment
Partners, Cherokee Property Foundation and Cherokee Sanford Group.
Jim Hyler, a member of the Board of Trustees at Rex Healthcare since
2007 and a retired banking executive with First Citizens Bank in
Dale Jenkins, Rex Board Chairman and the CEO of Medical Mutual
Insurance Company of North Carolina.
Dr. Tift Mann, an interventional cardiologist who co-founded Wake
Heart & Vascular, one of the Triangle's largest specialty physician
Champ Mitchell, who currently serves on the Board of Directors for the
41st Parameter. He is the former Chairman and CEO of
Network Solutions (News - Alert).
Dhruv Patel, a Program Director, Senior Manager of Life Science
Programs and Senior Manager of Capital and Technology Development at
the Council for Entrepreneurial Development.
Dr. Cam Patterson, chief of cardiology and associate chair for
research in the UNC Department of Medicine, physician-in-chief of the
UNC Center for Heart and Vascular Care and associate dean for medical
entrepreneurship at the UNC School of Medicine.
Dr. Jay Yadav, an interventional cardiologist and entrepreneur. He is
the founder and CEO of CardioMEMS Inc. and a consulting cardiologist
at the Piedmont Heart Institute in Atlanta.
Ted Zoller, a practicing entrepreneur, the Director for UNC's Center
for Entrepreneurial Studies and Associate Professor of Strategy and
Entrepreneurship at UNC's Kenan-Flager Business School.
For more information, visit rexstrategicinnovations.com
About Rex Healthcare
Rex Healthcare, a member of UNC Health Care, is a private,
not-for-profit health care system with more than 5,300 co-workers. Rex
Healthcare has 660 beds (433 general acute beds and 227 skilled nursing)
and treats nearly 34,000 inpatients each year. Rex offers dedicated
centers for cancer, surgery, heart and vascular, post-acute
rehabilitation and skilled nursing care, wellness and women's care plus
dedicated services for bariatric, heartburn, pain management, sleep
disorders, diabetes education, wound and emergency care. Rex's medical
staff includes more than 1,100 physicians and 1,700 nurses. Rex provides
various health care services throughout Wake County with facilities
in Apex (News - Alert), Cary, Garner, Holly Springs, Knightdale, Wakefield and downtown
Raleigh. Rex was the first hospital in the Triangle to receive Magnet
Recognition, placing Rex nurses among the top 6 percent in the nation.
Rex was named one of the top 100 Best Places to Work in Healthcare by Modern
Healthcare magazine in 2008, 2009 and 2011, and was highlighted
as one of the Top 50 Hospitals in the U.S. by Becker's
Hospital Review in 2011. Visit rexhealth.com
for more information.
[ Back To TMCnet.com's Homepage ]