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Board Policy for Innovation Support
Nearly every industry relies on a vital Research and Development (R & D) function to continuously invent new products and services for the future. R & D is not currently a regular part of America's hospital industry, but Memorial intends to develop this important business strategy for:
After studying various industries and many models from some of the most innovative and successful companies around the country, Memorial has identified a set of core principles, defined processes for innovation and idea flow, tools that assist in the creative process, and major elements in the organization's culture that need to be in place. Concomitantly, a dedicated staff focused on R & D and new business start-ups will be necessary as well as financial resources and physical space. Such a new R & D function will necessarily carry a higher risk of financial and customer failure and will require more years of experimentation than many traditional and existing new programs and services.
Therefore, it is
the policy of Memorial Health System to establish a new Research and Development
function (R&D) to boldly begin the process of innovatively creating
new enhancements in community health, a regular flow of innovation in
all clinical product lines, and involvement in new related business start-ups.
In order to support this vital new investment in Memorial's future, an
investment of up to 1% of Memorial Health System's net operating revenues
will be targeted to finance all of these activities. Regular reports on
outcomes and progress will become a regular part of management's reporting
to the Board.
Approved by Finance
Committee - 8/28/02
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