Company: Innovare Medical Media
Address: 3496 US 22, Somerville, NJ. 08876
Innovare operates digital and static screens on 130 hospital campuses in 25 states. The screens are primarily in cafeterias, busy waiting areas, and the main lobby areas on hospital campuses. The majority of the digital displays feature custom designed charging solutions to support patient experience on campus and create greater content visibility due to their placement. Insider talked with Michael Ricciardi, Co-Founder and Managing Partner.
Tell us about what you do with hospitals?
Innovare creates a concession partnership with hospitals/health systems where our team is responsible for all the heavy lifting. Innovare provides the display equipment, maintains all the technology, and shares a percentage of the revenue with the hospital. Innovare has already contributed approximately $3.5M to our hospitals. Also, at no cost, the hospital runs various marketing and communications content on the displays which accounts for approximately 20% of media loop.
We have seen increased buys from colleges and universities who have been happy with increased enrollment in the programs promoted and greater website traffic to their sites. This year, with many schools trying to increase awareness on distance learning and online availability, Innovare turned out to be a good niche to promote RN to BSN programs, as well as MSN and physician MBA programs.
We have clients from the automotive industry who offer discounts to healthcare professionals. Innovare also works with banks, credit unions, financial advisors/wealth managers, insurance and real estate since there is success in the local/regional reach as the audience at a hospital is local (30 mi radius) with little waste.
How has covid impacted your company?
After a challenging 2020, our team is grateful to have managed through the year well and is looking forward to a new year of new opportunities. It will be important to continue having fun as a team in 2021 as this past year made it difficult to be together and although we did our best, virtual culture is just is not the same. In 2019, Innovare added 35 new hospitals, but last year, Innovare only launched 7. Our goal is to launch 20 new hospitals in 2021. Innovare is optimistic that our contributions to our hospitals will exceed $4M very soon. In addition, we are excited to grow our sales team to support new opportunities and continue growing the the platform across the country. The niche target demographics and affordable CPM have made our platform a good buy.