Temple University Health System and GE Healthcare Sign Innovative Value-Based Radiology Services Collaboration Agreement
August 25 2015 - 9:00AM
Business Wire
Seven-year collaboration targets $39 million in
operational savings enabled by new technology and industry best
practices
Academic medical centers across the U.S. are experiencing
increasing pressure to enhance value – deliver higher quality at
lower cost – as they continue to face challenges related to
outcomes, cost control, market competition, and other dynamics.
Initiatives to promote value typically involve reimbursement
arrangements between health insurers and providers that align
financial, efficiency and quality incentives.
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Today, Temple University Health System (TUHS) and GE Healthcare
announced a pioneering, first-of-its-kind risk collaboration
between a health care technology company and an academic medical
center that aligns incentives to promote value by providing
higher-quality radiologic imaging services more efficiently at a
lower cost.
The new arrangement targets improvements in specific
operational, clinical and financial outcomes, putting TUHS on the
cutting edge of delivering high-value imaging services across a
health system and making GE Healthcare a pioneer in what could
become a preferred business model over the next few years.
Under the seven-year agreement, TUHS and GE Healthcare will work
together to achieve performance goals enabled by new technology and
industry best practices. TUHS will modernize its radiological
imaging equipment with state-of-the art technology from GE, while
also benefitting from enhancements, including data storage and
retrieval, service contract consolidation and consultation to
optimize scheduling and workflow efficiency. The arrangement
includes financial incentives aligning the parties toward realizing
shared objectives, including a targeted $39 million in operational
savings over the life of the contract.
“Like many health systems throughout the country, Temple
University Health System faces clinical, operational and financial
demands. GE Healthcare understands these market challenges, and we
are dedicated to helping customers deliver the best outcomes in
today’s environment,” said Jeffrey Immelt, Chairman and CEO of GE.
“GE is honored to work with Temple University Health System in this
strategic alliance designed to improve operational and clinical
outcomes while reducing costs by $39 million.”
“This collaboration represents a new chapter in value-based
healthcare contracting strategies,” said Larry R. Kaiser, MD,
FACS, President/CEO and Dean of Temple’s healthcare enterprise.
“Our collaboration with GE Healthcare provides Temple physicians
and patients with access to the latest imaging technology while
reducing its costs by millions of dollars, improving patient
convenience and safety, enhancing clinical quality, increasing
hospital efficiency, and promoting the Triple Aim of better care
and better health at lower cost,” Kaiser added.
The strategic arrangement between TUHS and GE Healthcare applies
to the radiology departments at Temple University Hospital’s Main,
Episcopal and Northeastern campuses; Fox Chase Cancer Center and
Jeanes Hospital.
About Temple Health
Temple University Health System (TUHS) is a $1.6 billion
academic health system dedicated to providing access to quality
patient care and supporting excellence in medical education and
research. The Health System consists of Temple University Hospital
(TUH), ranked among the “Best Hospitals” in the region by U.S. News
& World Report; TUH-Episcopal Campus; TUH-Northeastern Campus;
Fox Chase Cancer Center, an NCI-designated comprehensive cancer
center; Jeanes Hospital, a community-based hospital offering
medical, surgical and emergency services; Temple Transport Team, a
ground and air-ambulance company; and Temple Physicians, Inc., a
network of community-based specialty and primary-care physician
practices. TUHS is affiliated with Temple University School of
Medicine.
Temple University School of Medicine (TUSM), established in
1901, is one of the nation’s leading medical schools. Each year,
the School of Medicine educates approximately 840 medical students
and 140 graduate students. Based on its level of funding from the
National Institutes of Health, Temple University School of Medicine
is the second-highest ranked medical school in Philadelphia and the
third-highest in the Commonwealth of Pennsylvania. According to
U.S. News & World Report, TUSM is among the top 10 most
applied-to medical schools in the nation.
Temple Health refers to the health, education and research
activities carried out by the affiliates of Temple University
Health System (TUHS) and by Temple University School of Medicine.
TUHS neither provides nor controls the provision of health care.
All health care is provided by its member organizations or
independent health care providers affiliated with TUHS member
organizations. Each TUHS member organization is owned and operated
pursuant to its governing documents.
About GE Healthcare
GE Healthcare provides transformational medical technologies and
services to meet the demand for increased access, enhanced quality
and more affordable healthcare around the world. GE (NYSE:GE) works
on things that matter - great people and technologies taking on
tough challenges. From medical imaging, software & IT, patient
monitoring and diagnostics to drug discovery, biopharmaceutical
manufacturing technologies and performance improvement solutions,
GE Healthcare helps medical professionals deliver great healthcare
to their patients. For more information visit our website
www.gehealthcare.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150825005088/en/
GE HealthcareAnnette Busteri,
262-309-9838Annette.Busateri@ge.comorTemple University Health
SystemJeremy Walter, 267-838-0398Jeremy.Walter@tuhs.temple.edu
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