Philips inks $36m patient monitoring deal with Medical University of South Carolina Health

Royal Philips (NYSE:PHG) said it inked an 8-year, $36 million deal with Medical University of South Carolina Health for its patient monitoring technology and services.

The deal calls for the Dutch conglomerate to install, integrate and manage patient monitoring systems and software, plus maintenance, training and consulting services, for the South Carolina healthcare provider, using a structured monthly payment model.

“Due to a growing aging population and the rising number of people with chronic diseases, healthcare providers are seeking more cost-effective ways to monitor, diagnose, and treat patients,” Philips CEO Frans van Houten said in prepared remarks. “As the healthcare industry is evolving, long-term, strategic partnerships are becoming the business model of choice, allowing health systems to address value-based models and keep pace with technology, while improving the patient experience. Together, Philips and MUSC can offer patients access to more than a century of experience in healthcare innovation and deliver an exceptional patient experience and quality care, while managing the rising healthcare costs.”

“We want to give our staff, learners, and patients access to the best patient monitoring technologies in order to deliver on the highest quality, safest, and most reliable healthcare through the use of Phillips patient monitoring equipment across our entire enterprise,” added MUSC Health CEO Dr. Patrick Cawley. “As 1 of the leading academic health centers in the country, whose value proposition is transforming expertise, learning and discovery into unrivaled patient-centered care in every setting, partnering with Philips will help us to meet our goal of delivering an exceptional patient care experience.”

In February, Philips inked multi-year telehealth deals with 4 healthcare systems, including Westchester Medical Center Health Network, Tennessee’s Baptist Memorial Health Care and Missouri’s BJC HealthCare.

The company said in March that Mass. General Hospital would be the key testing site for a study of its Intellisite Solution digital pathology platform.

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