In medical devices, it's all about offering value to hospitals as they continue to undergo consolidation in the U.S., thereby enabling them to wield greater buying power. To demonstrate its commitment to addressing that trend, Boston Scientific ($BSX) has added a couple of partnerships intended to improve the usability and value of its products: one with cardiovascular consultancy MedAxiom and another with healthcare data analytics company TogetherMD.
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| Boston Scientific President and CEO Michael Mahoney |
MedAxiom will work with Boston Scientific to introduce programs for its cardiovascular patients with conditions including heart failure, atrial fibrillation, structural heart and ischemic heart disease. The programs are intended to aid hospital and ambulatory care sites in the development of comprehensive clinical and operational strategies to improve efficiency across the care continuum for these patients.
The consultancy already works with several medical device companies including Medtronic ($MDT) and St. Jude Medical ($STJ).
"Most hospital systems can benefit from the sharing of best practices--and methods to make this easier to do are welcome," Dr. David Hurrell, senior consulting cardiologist at the Minneapolis Heart Institute of the Allina Health System, said in a statement. "We are already seeing how our work with Boston Scientific can improve the quality and efficiencies of cardiovascular care."
Under the TogetherMD deal, Boston Scientific will be able to offer its customers access to software and data that offer industry benchmarking, analysis of ongoing operational and financial performance as well as improved billing and coding accuracy. The healthcare data analytics software company claims that through improved reimbursement and cost savings, it has saved single hospitals about $1.5 million via similar initiatives.
Both of these partnered services will be offered under Boston Scientific's recently launched Advantics solutions brand, designed to offer programs include performance optimization, capital financing, care pathway transformation and patient management.
"We are focused on addressing the many challenges healthcare systems are facing, and expanding our offerings to solutions that leverage our organizational competencies and complement our differentiated technology platforms," said Boston Scientific President and CEO Mike Mahoney in a statement.
- here is the release