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During his talk at the recent J.P. Morgan Healthcare Conference, Mayo Clinic CEO Gianrico Farrugia laid out a sweeping vision for technology transformation, driven largely by private sector upstarts that have partnered with the health system. Every few minutes, he punctuated references to this cadre of companies with a disclosure: Mayo owns equity in all of them.

The Rochester, Minn., health system has long invested in for-profit businesses through its venture capital arm. But it has dramatically increased its allocation to digital health companies in recent years, pouring more than $100 million into a sector it had previously only acknowledged with sporadic, six-figure checks.

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