Foundation Names Recipient of Innovation Fund - Compliance Partners
Lafayette General Foundation would like to announce that its subsidiary, Healthcare Innovation Fund (HIF), has identified the first recipient of its seed-money investment program. Compliance Partners, a New Orleans-based healthcare and compliance service technology firm, is in position to receive $500,000 in funds as part of HIF’s effort to fuel and finance new products and services that can help improve the health care industry.
The Foundation’s Healthcare Innovation Fund was capitalized through a $1.5M investment from Lafayette General Health (LGH) and $1M from the Louisiana Seed Capital Program under the Louisiana Economic Development Corporation (LEDC). LEDC allows investment funds such as HIF to leverage the Federal Treasury Department State Small Business Credit Initiative funds with private funds to invest in seed and/or early stage business located in Louisiana.
To qualify for the investment by HIF, there is an investment review process to evaluate a company’s or a product’s potential in the marketplace. If the evaluation process is satisfied, both the Foundation and LGH boards must approve the investment before any monies can be transferred.
“Driving innovation reflects our commitment to improving health in our community,” says Clay Allen, Chairman of the Lafayette General Health Board of Trustees. “But, this also helps foster a better environment for medical research and economic opportunity locally, as well. This isn’t just investment into a business, it’s an investment in our people.”
Compliance Partners is the only professional services firm in the nation authorized to deliver customized, comprehensive compliance services utilizing ComplyTrack, an industry-leading risk and compliance software program. Compliance Partners aims to help healthcare organizations keep up with complex and rapidly changing regulations. The HIF investment will be used to help Compliance Partners accelerate expansion efforts and launch new service lines to improve compliance management across the Gulf South.
“Compliance Partners’ certified service team and trusted technology platform will keep healthcare facilities and systems up-to-date with complex and shifting regulations,” states Cian Robinson, Executive Director for the Lafayette General Healthcare Innovation Fund. “Investing in this company’s growth allows us to give back through building more sound, secure, and cost effective health systems, both here in our own community and across the region.”
The Foundation is currently looking into other healthcare-related start-up businesses for subsequent investments, some of which are already in the evaluation process. For more information about the HIF, call the Foundation office at (337) 289-8950.
About Lafayette General Foundation
It is the mission of Lafayette General Foundation to enable investment in innovation that furthers the mission of Lafayette General Health, Acadiana’s only community-owned, non-profit health system. We support innovations that transform how care is delivered to improve outcomes, satisfaction and financials. We empower the people of Acadiana to invest in creating a healthier future for all.