The Favaloro Foundation was established in 1975 as a not-for-profit organization by Rene G. Favaloro on his return from the United States, with three main goals providing medical care, generating scientific knowledge, and educating health professionals. Favaloro was following the principles of the Cleveland Clinic, where he had worked for ten years. There he had developed the "bypass" or coronary artery bypass graft (CABG), the fundamental work of his career and a technique that changed radically the history of coronary disease.

In 1992, with a group of co-workers he created the Institute of Cardiology and Cardiovascular Surgery (ICYCC) with the motto "Advanced technology at the service of medical humanism". In the past years many new specialties have been opened, thus giving rise to the University Hospital and adding to the multidisciplinary approach that is consistent with the Favaloro Foundation's principles. Today, besides highly-specialized Cardiology and Cardiovascular Surgery, attention is provided in Pulmonology, Nephrology, Hepatology, Immunogenetics, Gastroenterology, Orthopaedics, and Bariatric Surgery, to mention a few. The Institute of Neuroscience offers diagnosis and treatment for all neurological, psychiatric and neurosurgical pathologies both in adults and children. The Transplantation Programs are among the most active in Argentina. Their teams perform heart, hear-lung, lung, liver, renal, reno-pancreatic, intestinal and bone marrow transplants.