Innovation in the face of the economic recession

Innovation embodies new ideas that, when implemented, add value; it is the art and science of evolving for the future. For the past 50 years, innovation in diagnosing and treating human illness has been the hallmark of American healthcare. Now, people are facing the double-edged sword of innovation and recession. Physicians play a critical role in innovation. Innovation is an important strategy for recruiting and retaining physicians during periods of anticipated physician shortages. Memorial Hospital and Health System, located in South Bend, IN, is a 526-bed regional referral center with annual revenue of $428 million. When its CEO first heard healthcare futurist Leland Kaiser question why hospitals did not have a R&D policy and budget to fund innovation, as leading industries do, the CEO acted immediately. Memorial's innovation journey is a multistep effort. These are: 1. Establish an R&D policy. 2. Provide innovation training. 3. Form strategic partnerships. 4. Incorporate innovation into a core competency. 5. Build a culture of innovation.