New Venture Oakwell to Help Health Systems Achieve Sustainability and Real Estate Goals

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Jul 09, 2024, 10:34 ET

Boston Medical Center Health System and Omicelo partner to develop a new sustainability management and real estate optimization firm

BOSTON, July 9, 2024 /PRNewswire/ -- Oakwell is a comprehensive solution for health system sustainability management and real estate optimization. The new company partners with hospitals and health systems to develop custom energy efficiency and consumption reduction programs that reduce spend, improve balance sheets, and free up capital that can be reinvested in patient care. Oakwell was founded by healthcare visionary leaders at Boston Medical Center Health System (BMCHS), a nationally recognized leader in healthcare sustainability and environmental excellence, and Omicelo, a sustainability-focused investment group.

Healthcare organizations are spending $60 billion annually on construction costs to meet patient demands, preserve fiscal wellbeing, increase real estate portfolio sustainability, and mitigate environmental hazards. Additionally, government regulations continue to evolve, and health systems are being challenged to find solutions that reduce their environmental footprint and enhance operational efficiency. However, many health systems struggle with knowing where to start on their sustainability and real estate optimization journey, or how sustainability can strengthen their balance sheet.

Oakwell offers health systems custom sustainability and real estate strategies that reduce energy consumption and yield value and significant cost savings, freeing up capital that can be reinvested in clinical care and health system operations. Oakwell's offerings can help mitigate challenges currently facing health systems, including patient access and capacity constraints. By 2035, Oakwell aims to create pathways for one million more people to gain access to quality care with the savings that the company will have produced for clients.

Oakwell's founding board members include seasoned executives from Omicelo and BMCHS: Bob Biggio, managing partner and senior vice president and chief sustainability and real estate officer of BMCHS; Joshua Pollard, managing partner and chief executive officer of Omicelo; and Kathy Feeney, managing partner and chief operating officer of Omicelo. Daily operations will be led by Jack Nelson, head of engineering; Shane Dunne, head of sustainability management and Justina Hierta, director of sustainability research.

The team will leverage proven methods to empower health systems to conceptualize, implement, and meet climate and fiscal goals by leveraging BMCHS' extensive experience and Omicelo's data-driven approach to financial sustainability.

"Sustainability and real estate optimization are essential to achieving long term financial success," said Bob Biggio, Oakwell board member and senior vice president and chief sustainability and real estate officer of BMCHS. "Oakwell takes a systems approach to improve efficiencies, reduce waste, and enhance collaboration. The venture offers client health systems integrated expertise across engineering, finance, real estate, sustainability, technology, and healthcare."

Oakwell will leverage key learnings from BMCHS and industry experts to create innovative models for sustainability. To date, BMCHS' sustainability-focused efforts have resulted in over $500 million in reduced costs and averted capital spending. Oakwell can support health systems in replicating this model.

"Oakwell is poised to revolutionize the healthcare landscape by forging strategic partnerships with health systems and delivering financially viable environmental and real estate optimization solutions," said Joshua Pollard, Oakwell board member and chief executive officer of Omicelo. "Oakwell's approach not only prioritizes expanding access long-term but also ensuring financial success for healthcare institutions. By aligning financial success with environmental stewardship and operational efficiency, Oakwell is leading the way towards a future where healthcare systems thrive economically while preserving the planet."

To learn more about Oakwell's innovative approach to healthcare sustainability, visit oakwellteam.com.

About Oakwell

Oakwell is a comprehensive solution for health system sustainability management and real estate optimization. Oakwell offers real estate optimization services and holistic sustainability management services across six key areas including: energy, climate resilience, water, waste, food, and sustainable procurement. Environmental initiatives are not only critical to improving patient and community health, but innovative sustainability planning is vital to long-term financial health. Developed by Boston Medical Center Health System and Omicelo, Oakwell partners with health systems to develop custom energy efficiency and reduced consumption programs that reduce costs and free up capital that can be reinvested in patient care.

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SOURCE Oakwell