NewYork-Presbyterian has formed an investment fund to drive growth of fledgling digital health companies.

NewYork-Presbyterian has focused on advanced technologies for enhanced care delivery for years. The venture fund follows the 2014 launch of the NYP Innovation Center to implement cutting-edge technologies for both clinicians and patients across its hospitals and clinics.

Earlier this year, the center launched NYP OnDemand, digital health suite that allows patients nationwide to connect with NewYork-Presbyterian experts online for second opinions, urgent care consults and virtual follow-up appointments.

“In this rapidly evolving environment, we are constantly seeking opportunities to harness innovation to improve the patient experience,” said Steven Corwin, MD, president and CEO of NewYork-Presbyterian.

The success of the Innovation Center has led NewYork-Presbyterian to launch NYP Ventures with an eye toward identifying similar leading edge technologies, officials said. The health system plans to work with companies on other innovative services for patients.

NYP Ventures made its first strategic bet, for example, on Reston, Virginia-based Avizia, which makes hardware and software for telehealth.

“We are thrilled to be working with NewYork-Presbyterian,” said Avizia CEO and co-founder Mike Baird. “They share Avizia’s vision to enable any patient to connect to any provider in any place.”

NYP Ventures is headquartered in New York City, but there are plans to open a second office in Silicon Valley in early 2017.

Source: NewYork-Presbyterian launches venture fund | Healthcare IT News