Raleigh, N.C.-based non-profit healthcare system, Rex Healthcare is creating a subsidiary, Rex Strategic Innovations, to spur healthcare innovation, improve healthcare delivery and foster job creation. The initiative will include Rex Health Ventures, an early venture-capital investment fund from a community, nonprofit hospital. The fund is being launched with an initial $10 million investment from Rex Healthcare.

 “This exciting new program is another way Rex will encourage and participate in innovation,” Rex President David Strong said in a statement.

The company will also include a program to provide grants to a wide range of businesses and organizations that are working to help improve patient care or community health status.  Also included is the Rex Innovation Facilitator, which according to Rex Healthcare is a formalized way for Rex coworkers and thought leaders in the community to submit innovative ideas and receive technology commercialization and company-building services for promising concepts that could lead to new products or services.

The company will aim to invest in researchers, entrepreneurs and inventors that share in Rex’s vision to provide quality care for patients and improve overall health. It looks to provide more opportunities for advancements in care and support start-up companies that will help spur new job creation. In some cases, Rex will serve as an incubator or laboratory for new concepts and as a customer for new products and services.