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Venture capitalism at the Veterans Administration
Hospital & Health Services Administration
|October 7, 1986
Summary
This study introduces venture capitalism within a Veterans Administration hospital to fund innovative programs. This approach fosters entrepreneurship, aiming to reduce costs and increase revenues within federal budget constraints.
Area of Science:
- Healthcare Management
- Public Health Policy
- Innovation in Healthcare
Background:
- The Veterans Administration (VA) operates large tertiary care medical centers.
- Federal government budget constraints can limit innovation and program implementation.
- Applying business principles to public healthcare can drive efficiency.
Purpose of the Study:
- To outline the implementation of a venture capitalism program within a VA medical center.
- To explore the application of entrepreneurship principles in a government healthcare setting.
- To demonstrate a model for funding innovative cost-saving or revenue-generating initiatives.
Main Methods:
- Establishment of a dedicated capital pool within the existing budget.
- Employee proposal submission process for new ideas and programs.
- Evaluation of proposals based on potential cost reduction or revenue generation.
- Implementation of successful ventures with a defined return-on-investment mechanism.
Main Results:
- Successful implementation of a venture capitalism program at VA West Side Medical Center.
- Demonstration of entrepreneurship principles leading to practical outcomes.
- Successful ventures returned capital to the pool for reinvestment.
- Unsuccessful ventures were withdrawn, returning capital without long-term financial impact.
Conclusions:
- Venture capitalism principles are practical for federal government healthcare settings.
- The program successfully fostered innovation and applied entrepreneurship.
- The model demonstrated potential for cost reduction and revenue generation within budget constraints.