GE Healthcare (NYSE:GE) and healthcare provider Lifespan said this week they inked a collaborative deal as Lifespan looks to use GE’s services and systems to reduce its costs by approximately $182 million while improving patient care.
Through the deal, which is slated to cover six years, GE Healthcare will aid Lifespan in improving patient flow, increasing capacity for services, decreasing wait times, reducing costs and targeting inefficiencies.
“Our mission is delivering health with care. Therefore, our patients and their families are at the center of every decision we make. Today, our hospitals are at capacity and the emergency departments are full of patients seeking high-quality care. This collaboration with GE Healthcare will help meet these challenges by providing our health system with unparalleled access to resources, expertise and digital tools. This means our patients will receive care in the most appropriate and efficient setting, even as our volume increases,” Lifespan CEO Dr. Timothy Babineau said in a prepared statement.
Both groups will look to assess Lifespan’s imaging needs and cooperatively design a workforce management system to cope with increased patient demand, using data analytics tools to improve patient experiences and cut costs.
“We are excited to collaborate with Lifespan, the leading provider in Rhode Island and a critical contributor to the state’s health care ecosystem. This innovative collaboration will reshape how and when patients are treated and help overcome the challenges that exist within many health systems today,” GE Healthcare Partners managing principal Helen Stewart said in a press release.
The deal includes a shared-risk model through which both groups must achieve certain outcomes over the 6 years. GE Healthcare touted the deal as the first of its kind in Rhode Island, and the fifth such deal in the US.
Last month, GE Healthcare (NYSE:GE) said it inked a multi-year, non-exclusive licensing and professional services deal with medical imaging analysis company DiA Imaging Analysis.