Philips and MUSC Health enter $36 million, 8-year strategic partnership
por Lauren Dubinsky, Senior Reporter | May 23, 2016
Business Affairs
Medical Devices
MUSC Health
Royal Philips has entered into a handful of strategic partnerships in recent months, and yesterday another one was announced, but this time it's solely focused on patient monitoring. The deal with Medical University of South Carolina Health (MUSC Health) is worth $36 million and will span eight years.
"In the case of MUSC Health, there was a real desire to look at monitoring from an enterprise-wide vantage point to see how we could standardize and streamline patient care, then connect and activate the data we're collecting across the hospital and beyond," Matt Bierbaum, vice president of managed service and enterprise partnerships at Philips, told HCB News.
The partnership is based on the enterprise managed services model in which Philips will install, integrate and manage the health system's patient monitoring systems and software. Philips will also provide maintenance, training and consulting services within a structured monthly payment model.
This will help MUSC Health implement standardized clinical practices that are based on defined monitoring configurations and integrate with other clinical IT systems. They will also be able to collect and manage patient data more effectively.
MUSC Health is a 750-bed medical center located in Charleston, South Carolina with about 13,000 clinicians, faculty and staff. The partnership is aiming to improve patient monitoring for one million patients per year.
The transition from volume-based to value-based care is causing more hospitals to want to enter these long-term, strategic partnerships. It's a way of helping them better manage the cost and complications that are involved in technology investments.
In the past year, Philips has also partnered with Westchester Medical Center Health Network, Mackenzie Health and Marin General Hospital, in 15-year, 18-year and 15-year deals, respectively. In Europe, Philips partnered with Royal Belfast and Ashford St. Peters and the New Karlinska Solna hospital in Sweden.
The partnership with MUSC Health is different from the others in that it is focusing solely on patient monitoring. The deals with the other health systems included imaging equipment, telehealth and clinical management solutions, in addition to patient monitors.
"Our managed services solutions are meant to address specific customer needs, so each strategic partnership is different," said Bierbaum.
Back to HCB News
"In the case of MUSC Health, there was a real desire to look at monitoring from an enterprise-wide vantage point to see how we could standardize and streamline patient care, then connect and activate the data we're collecting across the hospital and beyond," Matt Bierbaum, vice president of managed service and enterprise partnerships at Philips, told HCB News.
The partnership is based on the enterprise managed services model in which Philips will install, integrate and manage the health system's patient monitoring systems and software. Philips will also provide maintenance, training and consulting services within a structured monthly payment model.
This will help MUSC Health implement standardized clinical practices that are based on defined monitoring configurations and integrate with other clinical IT systems. They will also be able to collect and manage patient data more effectively.
MUSC Health is a 750-bed medical center located in Charleston, South Carolina with about 13,000 clinicians, faculty and staff. The partnership is aiming to improve patient monitoring for one million patients per year.
The transition from volume-based to value-based care is causing more hospitals to want to enter these long-term, strategic partnerships. It's a way of helping them better manage the cost and complications that are involved in technology investments.
In the past year, Philips has also partnered with Westchester Medical Center Health Network, Mackenzie Health and Marin General Hospital, in 15-year, 18-year and 15-year deals, respectively. In Europe, Philips partnered with Royal Belfast and Ashford St. Peters and the New Karlinska Solna hospital in Sweden.
The partnership with MUSC Health is different from the others in that it is focusing solely on patient monitoring. The deals with the other health systems included imaging equipment, telehealth and clinical management solutions, in addition to patient monitors.
"Our managed services solutions are meant to address specific customer needs, so each strategic partnership is different," said Bierbaum.
Back to HCB News
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