Dive Brief:
- Westchester Medical Center Health Network and Royal Philips have signed a $500-million deal, in which Philips will provide imaging systems, telehealth, patient monitoring technology, and clinical information solutions as well as business and clinical consulting services.
- The collaboration is part of WMC's expansion from a single-campus medical center into a multi-location healthcare provider.
- A WMCHealth-Philips onsite team will optimize medical technology distribution and IT integration into a platform that will enhance the medical center's participation in New York's Delivery System Reform Incentive Payment program.
Dive Insight:
WMCHealth runs seven hospitals on several campuses with 300 healthcare partner organizations.
"Our alliance with Philips not only gives us access to the latest in connected digital health technologies, it will allow us to collaborate on pro-active health management and co-create new patient-centered models of care for the Hudson Valley area," said Michael D. Israel, president and CFO of WMCHealth, in a statement.
Philips signed a similar $300-million deal with Georgia Regents Medical Center in 2013, which has shown positive results to date. Nearly two years into the alliance, Philips and Georgia Regents Medical Center report a savings so far of $7 million for GRMC—and they see the arrangement as an industry model for the future.
Want to read more? You may enjoy this feature on the 15-year, $300M Philips-GRMC alliance.