Hackensack's innovation program invests in Boston startup

Hackensack Meridian Health's $25 million innovation fund has made its first investment, the New Jersey health system will announce today. It will invest $250,000 in Boston-based Pillo, the maker of a voice-activated smart device for the home that can dispense pills, issue health reminders and conduct video calls, among other services. The innovation fund was set up by the health system about a year ago as part of a program to work with startups. Hackensack Meridian's assistance in testing the product may prove to be even more valuable than the funding, said Dr. Andrew Pecora, president of physician enterprise and chief innovation officer at the health system. "We're going to give Pillo access to our home-care teams, our case managers and our population health group, and they're going to do some cohort studies with us," he said. At its site on the New Jersey Institute of Technology campus, Hackensack's innovation team has already reviewed about 50 companies and sent 12 or so to its "Bear's Den" for final evaluation, said Pecora, explaining that the name Shark Tank was already taken. Hackensack will likely announce its second investment within the next month. —C.L.