Bon Secours Mercy Health and Philips Sign Multi-Year Strategic Collaboration

Rhea-AI Summary

Royal Philips and Bon Secours Mercy Health (BSMH) have announced a multi-year strategic collaboration for patient monitoring. This partnership aims to reduce the digital burden on staff and provide more time for patient care across BSMH's 49 hospitals. The collaboration includes:

1. Access to Philips' latest monitoring innovations
2. A scalable patient monitoring platform integrating patient data
3. Standardization of patient monitoring across BSMH facilities
4. Cost reduction through a predictable payment model
5. A 10-year journey to transform care delivery

BSMH serves communities in seven U.S. states and Ireland, providing care to patients more than 11 million times annually. The implementation will occur over three years, followed by seven years of maintenance and updates, positioning BSMH at the forefront of healthcare technology.

Positive

• Multi-year strategic collaboration with a major health system (BSMH)
• Access to latest Philips monitoring innovations for 49 hospitals
• Standardization of patient monitoring across BSMH facilities
• Cost reduction through predictable payment model
• Potential for improved patient outcomes and staff experience

Negative

• None.

Healthcare Technology Analyst

The collaboration between Bon Secours Mercy Health (BSMH) and Philips is a significant development in healthcare technology. By standardizing patient monitoring across 49 hospitals, the partnership aims to reduce costs and improve care quality. The implementation of advanced patient monitoring systems can lead to better patient outcomes by providing real-time data and insights to healthcare professionals. This strategic move aligns with the growing trend in the healthcare industry to leverage technology for enhancing patient care while optimizing operational efficiency. For investors, this partnership may signal Philips' strong positioning and growth potential in the healthcare technology sector, bolstering confidence in its long-term strategy.

Financial Analyst

From a financial perspective, the predictable payment model mentioned in the collaboration can provide cost stability for Bon Secours Mercy Health, enabling better budgeting and financial planning. This agreement can also lead to cost reduction through economies of scale and continuous technology upgrades, driving financial efficiencies. For Philips, this long-term partnership could result in stable revenue streams over the next decade. Investors should note that such strategic agreements can enhance Philips' market share and revenue visibility in the healthcare sector, potentially boosting its stock performance over the long term.

Market Research Analyst

This collaboration between BSMH and Philips highlights a notable trend in the healthcare market: the shift towards integrated, data-driven patient care solutions. By integrating patient data and providing vital insights, Philips' scalable monitoring platform can improve clinical outcomes and operational efficiency. This partnership also underscores the importance of digital transformation in healthcare, which is expected to drive market growth in the coming years. Retail investors should consider the broader market implications, as companies that lead in healthcare technology innovation are likely to see sustained demand and growth opportunities.

Patient monitoring platform to deliver tools and time to help patients across 40+ care sites

AMSTERDAM & CINCINNATI--(BUSINESS WIRE)-- Royal Philips (NYSE: PHG, AEX: PHIA) a global leader in health technology and Bon Secours Mercy Health (BSMH), one of the nation’s largest Catholic health systems, today announced a multi-year strategic collaboration for patient monitoring. Putting BSMH clinicians in control, the collaboration will reduce the digital burden on staff and give them more time to spend with patients.

An ICU patient is monitored with a Philips IntelliVue bedside patient monitor (Photo: Business Wire)

The partnership provides access to the latest Philips monitoring innovations, including a scalable patient monitoring platform that integrates patient data and provides vital insights. It will standardize patient monitoring for BSMH’s 49 hospitals, reducing costs through a predictable payment model and enabling further reinvestment in innovation.

“This collaboration is part of our commitment to drive improved healthcare quality while reducing costs and addressing healthcare issues facing entire communities,” said Jodi Pahl, Chief Nursing Officer for workforce experience and nursing outcomes, Bon Secours Mercy Health. “This 10-year journey will bring innovations that will transform care delivery.”

BSMH provides patients care more than 11 million times annually through its network of more than 1,200 care sites, 60,000 associates and 49 hospitals serving communities in Florida, Kentucky, Maryland, New York, Ohio, South Carolina and Virginia, as well as Ireland.

“With implementation occurring over the next three years, followed by seven years of maintenance and updates, we’re positioned to be at the leading edge of technology,” said Pahl. “This uplifts our Mission to improve the health and well-being of our communities and supports our commitments to innovation and stewardship.”

Julia Strandberg, Chief Business Leader, Connected Care at Philips said: “This partnership is a testament to BSMH's focus on strong clinical engagement and our combined commitment to improving the patient and staff experience. As BSMH’s clinical technology partner, we're leaning in to understand their needs and apply innovative technologies that can improve patient outcomes. BSMH is committed to bringing quality care to more people by eliminating time-consuming data roadblocks for their staff.”

About Bon Secours Mercy Health

Bon Secours Mercy Health (BSMH) is one of the 20 largest health systems in the United States and the fifth-largest Catholic health system in the country. The ministry's quality, compassionate care is provided by more than 60,000 associates serving communities in Florida, Kentucky, Maryland, New York, Ohio, South Carolina, and Virginia, as well as throughout Ireland. Bon Secours Mercy Health provides care for patients more than 11 million times annually through its network of more than 1,200 care sites, which includes 49 hospitals. In 2023, BSMH provided more than $600 million dollars in community investments across five states, ensuring that cost is not a barrier to health care for our patients in need. In addition to charity care, BSMH invests in programs that address chronic illness, affordable housing, access to healthy food, education and wellness programs, transportation, workforce development and other social determinants of health that directly affect the communities we serve. The Mission of Bon Secours Mercy Health is to extend the compassionate ministry of Jesus by improving the health and well-being of its communities and bring good help to those in need, especially people who are poor, dying and underserved. For more information, visit https://bsmhealth.org/.

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2023 sales of EUR 18.2 billion and employs approximately 69,100 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240716028105/en/

Philips North America

Silvie Casanova

Tel: +1 781 879-0692

Email: silvie.casanova@philips.com

Bon Secours Mercy Health

Emma Swann

Tel: +1 804 837-0413

Email: Emma_swann@bshsi.org

Source: Royal Philips and Bon Secours Mercy Health

FAQ

What is the duration of the collaboration between Philips (PHG) and Bon Secours Mercy Health?

The collaboration between Philips and Bon Secours Mercy Health is a 10-year journey, with implementation occurring over the first three years, followed by seven years of maintenance and updates.

How many hospitals will benefit from the Philips (PHG) patient monitoring platform?

The Philips patient monitoring platform will be implemented across 49 Bon Secours Mercy Health hospitals.

What are the main goals of the Philips (PHG) and Bon Secours Mercy Health collaboration?

The main goals are to reduce the digital burden on staff, provide more time for patient care, standardize patient monitoring, reduce costs, and drive improved healthcare quality while enabling further reinvestment in innovation.

In which states does Bon Secours Mercy Health operate, as mentioned in the Philips (PHG) collaboration announcement?

Bon Secours Mercy Health operates in Florida, Kentucky, Maryland, New York, Ohio, South Carolina, and Virginia, as well as in Ireland.