Koninklijke Philips N.V (PHG) and Georgia Regents Medical Center (GRMC) inked a 15-year alliance agreement last week to improve patient outcomes and reduce costs through new technologies, operational planning, support and consulting services. Valued at $300 million, it is the biggest of its kind for Philips and is the first of its kind model in the U.S.
According to the agreement, Phillips will be providing Georgia Regents Medical Center’s multiple sites with solutions including imaging systems, patient monitoring and clinical informatics. The facilities to be provided include consulting services, improved medical technologies and planning and maintenance services with a fixed monthly operational cost.
In addition to patient-centered approaches, Philips will also provide the multiple departments, such as radiology, cardiology, neurology, oncology, pediatrics and outpatient clinics, with faster access to new equipments and educational resources. The partnership aims to boost the health center’s medical research and clinical technology R&D initiatives.
Phillips has always been a leading developer of innovative medical technologies for healthcare providers to ensure maximum patient care. In Mar 2013, Phillips launched its IntelliSpace eCareManager, an advanced graphical dashboard, to improve its eICU telehealth offering.
This breakthrough offering features orb, which primarily turns complex data into clear and simple information in order to prioritize patient needs. Also, Philips’ previous partnerships with healthcare centers in Europe, Asia, the Middle-east and Africa are claimed to have improved clinical operations.
Phillips currently carries a Zacks Rank #4 (Sell). Some other companies worth considering at the moment are Universal Electronics Ltd. (UEIC), Honeywell International Inc. (HON) and ITT Corporation (ITT).
More From Zacks.com