Medtronic inks 5-year partnership with Lehigh Valley Health Network

Medtronic (NYSE:MDT) today announced a five-year strategic partnership with Lehigh Valley Health Network looking to develop value-based solutions for patients within the network.

The LVHN serves a total of eight hospitals across seven counties in Northeastern Pennsylvania, Fridley, Minn.-based Medtronic said.

The healthcare network’s partnership with Medtronic will aim to create programs for more than 70 major medical conditions with goals of reducing cost by $100 million and improving outcomes for as many as 500,000 patients.

“This agreement is exciting not only for Medtronic and LVHN, but also for the healthcare industry, by serving as a template for how we can work together to achieve our mutual goals of better clinical and economic outcomes. By working in partnership, trusting each other, and combining our expertise, we will create new models of care that are more connected and coordinated. Ultimately, these value-based programs will contribute to a more sustainable health system and a healthier community,” Medtronic chair & CEO Omar Ishrak said in a prepared statement.

Initial programs created through the partnership will focus on cardiovascular disease, stroke and lung cancer with additional areas to be identified later. Both groups aim to create programs across 10 to 15 conditions initially with initiatives in therapy optimization, episodic care bundles and chronic care management.

“As LVHN continues navigating the daunting challenges in today’s healthcare environment, we are actively searching for new approaches and partners for providing better care and better health at better cost to our community. The opportunity to create innovative programs through this first-of-its-kind partnership with Medtronic will enable both organizations to improve patient experiences and outcomes at a reduced cost,” LVHN prez & CEO Brian Nester said in a press release.

Last week, Medtronic saw its shares take a hit after it announced its robot-assisted surgery platform has fallen behind schedule, despite fiscal third-quarter results that topped the consensus forecast on Wall Street.

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