ANDOVER, Mass.--(BUSINESS WIRE)--Philips and The Health Management Academy (The Academy) today announced they would be teaming up for the next three years on an educational initiative to launch The Academy Philips Innovation Institute, which will allow executives from the nation’s leading health systems to collaboratively study the effects of delivery reform programs and help establish best practices. Moreover, as part of The Academy Collaboratives (The Collaboratives), Philips will act as a participant, bringing its expertise, insights and best practices to foster dialog and brainstorming in support of discussion by healthcare executives on the key challenges facing U.S. health systems. These include discussions around population health management (PHM), big data, cybersecurity, Medicare Access and CHIP Reauthorization Act (MACRA) and consumerization.
The Academy Philips Innovation Institute is the latest Philips effort to drive healthcare transformation, which includes working with leading academic institutions. In addition, Philips is helping to establish best practices in population health management as part of large-scale vendor partnerships with health systems, like Bon Secours Charity Health System, part of the Westchester Medical Center Health Network. Working with key Academy partners like Banner Health on industry leading technologies around connected care, and pilot projects such as the Intensive Ambulatory Care Program and Tele-iCU, Philips has helped Banner reduce hospital admissions by nearly 50 percent in part by managing high-cost patients through Philips’ telehealth program. These best practices can also be shared with other Academy members.
“We continue to extend our care beyond the hospital and focus on transforming care delivery. We have seen first-hand that value-based care can not only help lower healthcare costs for our organizations, but also improve care,” said John Hensing, MD Executive Vice President and Chief Medical Officer of Banner Health. He continued: “As the health care industry continues to rapidly evolve, and regardless of what happens with legislation, we need to deliver the solutions that will allow us to deliver the best possible care to all who turn to us for any health care need. The Academy is well-designed to foster collaboration around best practices.”
Innovation and time to market define success for today’s Top-100 healthcare organizations. To accelerate the use of best practices, The Collaboratives designed the first Top-100 health system-based shared learning process which provides a fast-track way for health system peers to hone in on and respond to specific emerging issues. Multi-disciplinary teams enable Top-100 health systems to consider, respond, and implement changes in rapid succession.
“Innovation doesn’t happen in a vacuum and for us to deliver the technologies and services that can have a meaningful impact on the U.S. healthcare market, we need to work collaboratively with The Academy and its members, to understand the challenges they face and how we can help reduce complexity and cost, while improving patient outcomes,” said Brent Shafer, CEO of Philips North America. “As a leader in healthcare technologies and long-term partnerships, we have the insights, established best practices and technological innovations developed in conjunction with our key partners, which can help The Academy members get ready for the future of healthcare.”
Philips will showcase its broad range of population health management, acute healthcare informatics and personal health solutions, fully integrated in a highly secure, cloud-based ecosystem at the upcoming Healthcare Information and Management Systems Society (HIMSS) 2017 Annual Meeting and Exhibition. For more information on Philips’ presence at HIMSS, including Philips participation in the Interoperability Showcase, Connected Health Experience and Medical Device Security Symposium, visit www.philips/himss and follow @PhilipsLiveFrom for #HIMSS17 updates throughout the event.
About The Health Management Academy
Founded in 1998, The Academy is exclusively comprised of executive members from the country’s largest integrated health systems and a strategic balance of the industry’s most innovative companies. Executive members exchange best practices and benchmark information on increasing the quality and efficiency of healthcare. The Academy is a knowledge source for identifying and monitoring tactical and strategic issues. The Academy’s model of educational programming assesses the top priorities of its members, monitors the organization and development of large health system executive teams and facilitates structured interaction among its health system members. The Academy is an accredited CE provider. More information is available at www.hmacademy.com.
About Royal Philips
Royal Philips (NYSE:PHG, AEX:PHIA) is a leading health technology company focused on improving people's health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips' health technology portfolio generated 2016 sales of EUR 17.4 billion and employs approximately 71,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.