AUGUSTA, Ga. – A 15-year, $300 million dollar alliance between Royal Philips and Georgia Regents Health System has been named a Deal of the Year in the Georgia Bio Awards that honor outstanding accomplishments of individuals, companies, and organizations within the Georgia life sciences community. The technology and innovative health corporation and Georgia’s public academic health center, which is affiliated with Georgia Regents University, will be recognized at the annual Georgia Bio Awards Dinner in Atlanta on Jan. 23.
“This transformative deal breaks the mold of the traditional vendor-hospital model,” said David S. Hefner, Executive Vice President for Clinical Affairs for Georgia Regents Health System. “This is not about hitting sales goals or dropping off a piece of equipment and leaving. Our partnership with Philips is about working together to improve the patient care experience and doing it with greater efficiency and higher quality. It’s a model that will redefine the way we operate in the health care industry. Everyone has a stake in the results, and ultimately, patients and their families will reap the best rewards.”
Through this first-of-its-kind deal in the United States, Philips is providing GRHealth with a comprehensive range of consulting services, advanced medical technologies, and operational performance, planning, and maintenance services with a pre-determined monthly payment. In addition, about a dozen Philips professionals are working in-house at GRHealth with clinicians, staff, and patient advisers to develop and implement better patient care solutions for the six million citizens across Georgia and South Carolina in the health system service area.
“We believe that sharing risk with our customers, over the long-term, will create a more affordable and sustainable health care system for the future, said Steve Laczynski, Executive Vice President & President of the Americas, Philips Healthcare “That’s good news for hospitals, payers and most, importantly, patients.”
With more than 100 years of experience in health care, Philips aims to provide innovative solutions that address the complexities of health care delivery by working side-by-side with GRHealth. This deal follows collaborations with hospitals in Europe, Asia, the Middle-east and Africa that have resulted in improved clinical operations and care delivery performance.
Virtually the entire Philips portfolio is on the table including solutions in radiology, cardiology, neurology, oncology, pediatrics, and clinical informatics, as well as lighting and consumer products. In this synergistic relationship, both parties will find new and unique ways to advance the quality of patient care while sharing risks and rewards.
A new Philips-designed interventional radiology suite was one of the first projects completed when the deal was signed in June 2013. Since then, more than 525 state-of-the-art Philips monitors have been installed in patient rooms to track vital signs and half a dozen new wireless portable imagers have been deployed to provide real time imaging at the bedside for trauma and other emergent care needs.
Besides Philips and GRHealth, other Georgia Bio Deal of the Year recipients include Arbor Pharmaceuticals, LLC.; Clearside Biomedical Inc.; CorMatrix Cardiovascular, Inc.; and EndoChoice, Inc.
About Georgia Bio
Georgia Bio, founded in 1989, is a non-profit, membership-based organization that promotes the interests and growth of the life sciences industry. Georgia Bio is the state affiliate of the Washington, D.C.-based Biotechnology Industry Organization. Members include companies, universities, research institutions, government groups and other industry associations involved in discovery and application of life sciences products and related services that improve the health and well-being of people throughout the world. Learn more at www.gabio.org.
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people’s lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2012 sales of EUR 24.8 billion and employs approximately 116,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare. News from Philips is located at www.philips.com/newscenter.
Georgia Regents Health System is a not-for-profit corporation that provides clinical operations as a cooperative organization for Georgia Regents University. GRHS includes the 478-bed Georgia Regents Medical Center, housing the region’s only Level I trauma center; the 154-bed Children’s Hospital of Georgia, providing the highest level of pediatric critical care and neonatal intensive care; and more than 80 outpatient clinics that provide primary and specialty care. Georgia Regents physicians are consistently ranked among the nation’s best in both America’s Top Doctors® and Best Doctors in America®. Visit grhealth.org and follow at facebook.com/GRMedCenter and twitter.com/GRMedCenter