In recent years, Northeast Ohio has emerged as a key player in
the growing health IT space, an area that offers great opportunity
given the region’s vast network of esteemed healthcare
institutions such as the Cleveland Clinic and University Hospitals.
Home to a growing number of healthcare IT and services
companies, such as Hyland Software, Explorys (an IBM Company),
COMS, CoverMyMeds, and Lexi-Comp (a Wolters Kluwer company), the
region is making a name for itself in this growing field. With the
support and assistance of organizations like BioEnterprise, the
region will continue to cement its place as a growing hub for
health IT companies.
Regional Assets
As Northeast Ohio works to enhance its reputation as a leader in
health IT, it is fortunate to boast a number of key assets, such as
the HIMSS Innovation Center. Located on the fourth floor of the
Global Center for Health Innovation, the HIMSS Innovation Center is “is
dedicated to improving healthcare access, outcomes and reducing
costs through the implementation of information technology”
(Global Center for Health Innovation).
Through demonstrations and simulations, the HIMSS Innovation
Center is designed to showcase how information technology can help
solve and improve healthcare delivery. The Center was launched in
2013 and is considered a worldwide center of excellence.
Another important asset to the region’s growing health IT
sector is the Health-Tech Corridor (HTC), a 1,600
acre area connecting Downtown Cleveland to University Circle.
Located within blocks of four world-class healthcare institutions,
six business incubators, four academic centers, and more than 130
high-tech and health-tech companies, the Health-Tech Corridor
functions as a hub of entrepreneurial activity. “The HTC
offers companies access to everything they need to grow and thrive
– entrepreneurial support services, venture capital funding,
a community of like-minded innovators, thought leaders at the
academic and health-care institutions, local manufacturing capacity
and expertise, a highly skilled workforce, and a commitment from
the public sector to help small businesses expand”
(Health-Tech Corridor). As such, the Health-Tech Corridor has been
highly instrumental in getting the region’s health IT scene
on the map.
Leading Companies
Contributing to the region’s health IT scene are a number
of growing companies, such as Explorys, now an IBM
company. Specializing in health data analytics software,
Explorys was acquired by IBM in 2015 and has added 80 employees
since that time. Earlier this year, IBM announced that it would occupy the top three
floors of the 1111 Superior Building in Downtown Cleveland,
allowing room for future growth. Explorys was founded in 2009
as an innovation spinoff from the Cleveland Clinic. Its
software addresses the national imperative to leverage big data in
healthcare for the improvement of medicine and delivery of
care.
OnBase by Hyland is another example of a
prominent player in Northeast Ohio’s health IT space. The
company is the region’s largest software company, with more
than 1,200 employees. Its enterprise content management software is
used extensively by the healthcare industry, making it a powerful
tool in the area of health IT. Located in Westlake, the company has
been recognized as one of the nation’s top employers by
Fortune magazine.
As the region works to assist new and emerging companies,
OnShift is a leading example of a health IT
startup that has experienced early success. The company, which
created “a post-acute care and senior living staff scheduling
software” recently completed an $18 million Series D
financing round (Crain’s Cleveland). With 128 employees,
the company plans to add another 60 in 2016, furthering
illustrating its growth potential.
Leveraging Region’s Biomedical Strengths for
Future Growth
Northeast Ohio’s emerging health IT scene is just one
component of the region’s overall biomedical industry, which
has seen widespread growth over the last several years. In fact, as
highlighted by BioEnterprise in its 2016 Medical Capital Report, the region’s
biomedical industry has grown from just 300 companies in 2002 to
more than 700 companies in 2015. The region boasts a $5.6 billion
biomedical sector, which is anchored by leading clinical and
research institutions such as the Cleveland Clinic, University
Hospitals, Akron Children’s Hospital, MetroHealth Medical
Center and the Louis Stokes Cleveland VA Medical Center. Together,
these institutions combine to make our region one of the most elite
biomedical hubs in the nation.
Ultimately, given our region’s deep ties to the biomedical
industry, the region anticipates seeing continued growth in this
area. Over the next decade, the region is projected to have 85,000
job openings in the healthcare sector, further illustrating the
industry’s growth potential. As Northeast Ohio’s
biomedical industry continues to grow, the health IT space is
likely to experience increased growth and investments as well.