The robots are coming

TMC plans to open one-of-its-kind robotics facility later this year

A new robotics facility is headed for the TMC Innovation Institute. Courtesy of TMC

The Texas Medical Center has announced its plans to open a new robotics-equipped laboratory in October of this year. The automation capabilities will allow for more efficient lab tests and services.

The new facility is being made possible by a partnership between the medical center, TMC Innovation Institute, and ABB, a leading robotics company. This would be Zürich-based ABB's first dedicated health care center, but the company has over 400,000 robotics products across industries in over 53 countries.

"The next-generation laboratory processes developed in Houston will speed manual medical laboratory processes, reducing and eliminating bottlenecks in laboratory work and enhancing safety and consistency," says Sami Atiya, president of ABB's Robotics and Discrete Automation business, in a news release. "This is especially applicable for new high-tech treatments, such as the cancer therapies pioneered at the Texas Medical Center, which today require manual and time-consuming test processes."

A team of 20 will work out of the 5,300-square-foot facility, which will be located in TMC Innovation Institute. The space will have an automation laboratory with robot training facilities, and meeting spaces for the human innovation partners.

Currently, ABB's robots specialize in food and beverage laboratories worldwide, but able to adapt to medical facilities for specific tasks, including "dosing, mixing, and pipetting tasks, as well as sterile instrument kitting and centrifuge loading and unloading," according to the release.

"We are proud to co-develop collaborative robotics systems for the hospital of the future with one of the world's most advanced partners and to test them in real-world laboratories to ensure they add value to healthcare professionals, driving innovation, and transforming how medical laboratories operate worldwide," says Atiya in the release.

According to the release, TMC's connection to innovation, startups, and researchers were key factors in bringing the facility to Houston. ABB Robotics has a long-term plan to invest and innovate in robotics, says Atiya in the release.

"The Texas Medical Center continues to push the boundaries of innovation with cutting-edge industry partners by establishing TMC as the epicenter for ABB Robotics' entry into the healthcare space," says Bill McKeon, president and CEO of Texas Medical Center, in the release. "We continually strive for opportunities to accelerate research and enhance clinical care through key strategic partnerships. ABB's move into the heart of the Texas Medical Center campus with this first-of-its-kind R&D facility for creating robotics solutions in healthcare will set a new course for advancements in medicine."

Automation nation

Courtesy of TMC

A team of 20 will work out of the 5,300-square-foot facility, which will be located in TMC Innovation Institute.

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Building Houston

 
 

Small businesses need to factor in employee benefit options from day one — and this Houston expert has some tips. Photo via Getty Images

While Small Business Appreciation month has come to an end, my work in aiding small businesses achieve financial success is continuous.

In 2009, I began my career as a financial adviser recently co-founded Volante Integrated Planning, a Houston-based office of Northwestern Mutual focused on comprehensive financial planning and helping clients achieve financial freedom.

After years of working with business owners, and as a small business owner myself, I have learned the importance of offering benefits that help attract and retain talent, foster improved work habits and provide a foundation for growth. According to the annual SHRM employee benefit survey, health-related benefits and retirement plans were ranked the two most important benefits for employees. Whether you are a new small business owner or an established one, it is important to be aware of the benefit options available to you and the considerations that go into mapping out a benefits strategy.

1. Retirement plan options

The most common retirement plans available to small business owners are 401(k), simplified employee pension (SEP) IRA and savings incentive match plan for employees (SIMPLE) IRA. The SEP IRA and SIMPLE IRA provide employers the ability to save on a pre-tax basis. While there are some required contributions on behalf of any full-time employees, the SEP and SIMPLE IRA’s are often recommended for the self-employed or businesses with part-time or contract employees. The 401(k) also provides employers with a pre-tax savings opportunity and the ability to save on a Roth basis. Because a 401(k) requires additional administration and ongoing requirements, it is often a valuable tool for business owners who have more full-time employees.

2. Health care benefit options

According to the Affordable Care Act, companies with fewer than 50 employees are not required to provide health insurance. However, offering a competitive health insurance benefits package is an increasingly important strategy to help boost both new employee acquisition and retention. Following the global pandemic, health benefits have become increasingly important. According to a study by McKinsey & Company, 51 percent of employers now offer health care benefits to attract new employees with dental, vision, and short-term disability as the most important for job-seekers.

Not only are these benefits of importance to employees, they provide protection for business owners by ensuring good health and protection from illness-related lost productivity. Some health care benefits available to small business owners include health reimbursement accounts, where you make contributions to an account that can be used by employees to pay for individual health insurance policies acquired on their own. Consider hiring a broker, benefits consultant or financial adviser to help compare your options.

3. Life and disability insurance options

As a small business owner, you have a duty to your family, employees and business partners. It is often the unexpected that can derail the success of a business. To that extent, taking the steps to ensure you and your business are protected if you are unable to work is important. Disability insurance is a versatile product that can be used to protect you, as the owner, and your employees against loss of income due to the inability to work. Additionally, disability overhead coverage and disability buy-out insurance can protect the business and any business partners from an owner’s disability, ensuring that the business can still run smoothly. Life insurance is also important, and often required if seeking a business-related loan, to provide income replacement for your family and any business partners in the event of an owner’s death.

4. Get creative with your benefit options

The small business world is ever changing, which is why it is essential — and sometimes difficult — to keep up with benefit options. I encourage small business owners to get creative with their benefit options by exploring a professional employer organization (PEO) and a multiple employer welfare arrangement (MEWA). PEO is designed to help small businesses manage their administrative overhead, benefits and compliance duties. Through MEWA, small businesses are able to collaborate on group insurance benefits for a low cost. Lastly, if your family members contribute to your small business, make sure they are on the payroll and eligible for various benefits. This may allow you to increase the benefits your household takes home.

While creating a small business employee benefits plan can be tedious, it will take your small business to the next level. Consult in a CPA, business attorney, and financial adviser to help navigate what benefits are a good fit for you and your small business.

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Jennifer Steil is principal and wealth management adviser at Volante Integrated Planning, a private client group at Northwestern Mutual.

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