Royal Philips (NYSE:PHG) said today it inked a long-term $65 million strategic partnership with Phoenix Children’s Hospital, touting it as the 1st stand-alone children’s health system to ink such a deal with Philips.
Through the partnership, Phoenix Children’s will gain access to Philips technology such as CCT, MRI and angiography imaging systems, patient monitoring and clinical informatics platforms and other clinical and business services, Philips said.
“Philips technology provides sophistication in patient diagnosis and strategic foresight that improves the solutions and care our teams deliver. Together, Phoenix Children’s and Philips developed technologies such as dose reduction using iterative CT reconstructions and pediatric MRI protocols that are now factory standards worldwide. We also have an advanced 3D print laboratory that constructs life-size models of patients’ hearts and other organs, illustrates exact tumor size, and uses post-processing software to study heart and brain physiology using MRI and CT,” Phoenix Children’s pediatric radiology division chief Dr. Richard Towbin said in a prepared statement.
“Phoenix Children’s values working with partners who understand treating children is more complex, and this population shouldn’t simply be categorized as ‘little adults’. Philips understands the long-term value of investing in pediatric care, even though it is a relatively small subset of the healthcare market, and is willing to invest time and research into the unique needs of pediatric care, which makes us confident in this partnership. Our insights and research paired with the knowledge and scale of a technology leader like Philips will help us jointly develop solutions that can have meaningful impact on global pediatric health,” Phoenix Children’s chief administrative officer David Higginson said in prepared remarks.
“The staff at Phoenix Children’s continues to push the boundaries of pediatric care and we want to build on the great work they have done, marrying their deep understanding of children’s clinical needs with our leading technologies and research, to create integrated solutions that can support this precious segment of society. Phoenix Children’s has helped us to take our innovations in diagnostic imaging to the next level and we look forward to working with them to do the same in the areas of patient care monitoring and informatics, exploring how to apply machine learning and accelerating the transformation of pediatric care,” Philips NA CEO Brent Shafer said in a press release.
In January, Philips and Westchester Medical Center Health Network’s Bon Secours Charity Health System said they signed a multi-year strategic partnership worth $180 million, aiming to transform healthcare delivery in New York’s Hudson Valley.
The deal builds on the 15-year, $500 million deal the Dutch company signed with Westchester back in 2015. The enterprise managed service deal with BSCHS calls for Philips to provide imaging systems, patient monitoring, telehealth and clinical informatics solutions, plus a “comprehensive range” of clinical and business services.