GE HealthCare and Biofourmis Collaborate to Extend Patient Monitoring Outside the Hospital with Virtual Care-at-Home Solutions
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Insights
The strategic collaboration between GE HealthCare and Biofourmis represents a significant development within the healthcare industry, particularly in the context of the growing care-at-home market. The partnership is poised to address key challenges such as workforce shortages, bed capacity constraints and high readmission rates which are pressing issues for hospital systems. By integrating GE HealthCare's inpatient monitoring portfolio with Biofourmis' FDA-cleared AI-guided algorithms and virtual care solutions, the collaboration is likely to enhance the efficiency and effectiveness of patient care post-discharge.
The care-at-home market has been gaining traction as a cost-effective alternative to traditional inpatient care, offering potential savings for healthcare systems and payers. The move by GE HealthCare to distribute Biofourmis solutions in the U.S. starting Q1 2024 could catalyze market growth and competition, potentially impacting the strategies of other healthcare and technology companies in this space. The emphasis on personalized care and the use of clinical-grade wearable devices and AI-guided algorithms aligns with the industry's shift towards data-driven and patient-centric care models.
This collaboration could have substantial financial implications for both GE HealthCare and Biofourmis, as well as for the broader healthcare sector. The integration of GE's monitoring solutions with Biofourmis' virtual care platforms can potentially reduce costs associated with hospital readmissions and extended stays. Such cost reductions could improve the financial performance of participating healthcare providers and enhance the value proposition of GE HealthCare's product offerings.
For investors, the announcement may signal a strategic move by GE HealthCare to diversify and strengthen its position in the digital health market. The anticipated distribution of Biofourmis solutions could lead to revenue growth and an expanded customer base for GE HealthCare. It is essential to monitor the implementation and uptake of these solutions, as well as any measurable outcomes in cost savings and patient satisfaction, to assess the long-term financial impact.
The use of FDA-cleared AI-guided algorithms and clinical-grade wearable devices in at-home care settings is a noteworthy advancement in medical technology. These innovations can enable real-time monitoring and personalized care plans, potentially leading to improved patient outcomes and a higher standard of care. The ability to provide enhanced clinical context through questionnaire-branching logic signifies a leap towards more sophisticated, data-driven care pathways.
The collaboration's focus on longitudinal patient views and dynamic care pathways underscores the importance of continuous patient engagement and the adaptation of care plans based on individual patient data. This approach could set new benchmarks for remote patient management and serve as a model for future developments in the field of medical technology and home healthcare services.
Collaboration supports the patient journey across the care continuum and eases transitions and care from the hospital to home
Hospital systems are experiencing increased cost of care due to workforce shortages, constrained bed capacity and increasing readmission rates.i,ii Care-at-home programs, which typically include a virtual component, have proven to be effective in decreasing the length of stay and readmission rates which can result in the overall cost of care being reduced.iii,iv Additionally, care-at-home programs can also support patient recovery and safety, with a potential reduction in fall risk and hospital acquired infectionsv Patients using remote solutions in their homes are three times more likely to be satisfied with the overall care experience.vi
The goal of the GE HealthCare-Biofourmis collaboration is to enable more patients to go home earlier, and offer an alternative to facility-based care with the comfort and peace of mind that they are receiving high quality care at home with the intent of driving healthy behaviors in patients by managing them remotely. Moreover, insights from Biofourmis' FDA-cleared, AI-guided algorithms can help care teams deliver efficient, personalized care at home.
"Biofourmis' demonstrated success with care-at-home solutions will extend GE HealthCare's current inpatient monitoring portfolio to support patient care from the hospital to home," said Ashutosh Banerjee, GE HealthCare. "Combining our companies' demonstrated capabilities will help revolutionize the way we approach the patient care journey as well as help address current challenges faced by health systems including hospital capacity issues and clinical staffing shortages."
Biofourmis offers care-at-home solutions to deliver and enable care both virtually and in person using its digital platform, with FDA-cleared AI-guided algorithms, clinical-grade wearable devices, in-home services orchestration technology, and nursing services. The solutions provide numerous dynamic care pathways with questionnaire-branching logic to provide enhanced clinical context for care teams.
GE HealthCare's FlexAcuity™ monitoring solutions in combination with GE HealthCare's virtual care solutions like Mural ICU, Command Center and Digital CMU adapt to rapidly changing patient needs in the hospital and are built on a legacy of innovation. By offering Biofourmis' virtual care-at-home solutions to customers, GE HealthCare can extend the care continuum beyond the hospital, and care teams can have a longitudinal patient view beyond the hospital setting.
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GE HealthCare will begin distributing Biofourmis solutions to customers in
About Biofourmis
Biofourmis delivers technology-enabled solutions that bring the right care to any person anywhere. Biofourmis' innovative solutions provide people everywhere with connected access to hospital-level services, virtual provider networks for remote care, in-home services, and life-changing clinical trials—all without leaving their homes. The company's FDA-cleared AI-enabled analytics collect and analyze patient data in real time and identify shifts that can assist in supporting proactive interventions. Trusted by leading health systems, payers, biopharma companies and patients alike, Biofourmis' connected platform improves patient outcomes, prevents hospital readmissions, aims to accelerate drug development, and closes critical gaps in care—ultimately making science smarter, healthcare simpler, and patients healthier. Biofourmis is a global technology company enabling care delivery, with headquarters in
About GE HealthCare Technologies Inc.
GE HealthCare is a leading global medical technology, pharmaceutical diagnostics, and digital solutions innovator, dedicated to providing integrated solutions, services, and data analytics to make hospitals more efficient, clinicians more effective, therapies more precise, and patients healthier and happier. Serving patients and providers for more than 100 years, GE HealthCare is advancing personalized, connected, and compassionate care, while simplifying the patient's journey across the care pathway. Together our Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics businesses help improve patient care from diagnosis, to therapy, to monitoring. We are a
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Media Contacts:
Biofourmis Media Contact:
Tara Stultz
Amendola Communications
440. 225. 9595
tstultz@acmarketingpr.com
GE HealthCare Media Contact:
Jennifer Purdue
267. 593. 9735
jennifer.purdue@gehealthcare.com
i Fleron, A., Krishna, A., & Singhal, S. (2022, September 19). The gathering storm: The transformative impact of inflation on the healthcare sector. McKinsey & Company. https://www.mckinsey.com/industries/healthcare/our-insights/the-gathering-storm-the-transformative-impact-of-inflation-on-the-healthcare-sector
ii Massive Growth in Expenses and Rising Inflation Fuel Continued Financial Challenges for America's Hospitals and Health Systems . American Hospital Association. (2022, April). https://www.aha.org/system/files/media/file/2022/04/2022-Hospital-Expenses-Increase-Report-Final-Final.pdf
iii Levine DM, Ouchi K, Blanchfield B, Saenz A, Burke K, Paz M, Diamond K, Pu CT, Schnipper JL. Hospital-Level Care at Home for Acutely Ill Adults: A Randomized Controlled Trial. Ann Intern Med. 2020 Jan 21;172(2):77-85. doi: 10.7326/M19-0600. Epub 2019 Dec 17. PMID: 31842232.
iv Leff B, Burton L, Mader SL, Naughton B, Burl J, Inouye SK, Greenough WB 3rd, Guido S, Langston C, Frick KD, Steinwachs D, Burton JR. Hospital at home: feasibility and outcomes of a program to provide hospital-level care at home for acutely ill older patients. Ann Intern Med. 2005 Dec 6;143(11):798-808. doi: 10.7326/0003-4819-143-11-200512060-00008. PMID: 16330791.
v Telehealth: Helping hospitals deliver cost-effective care. American Hospital Association. (2016, April 22). https://www.aha.org/system/files/content/16/16telehealthissuebrief.pdf
vi Leff B, Burton L, Mader S, Naughton B, Burl J, Clark R, Greenough WB 3rd, Guido S, Steinwachs D, Burton JR. Satisfaction with hospital at home care. J Am Geriatr Soc. 2006 Sep;54(9):1355-63. doi: 10.1111/j.1532-5415.2006.00855.x. PMID: 16970642.
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