Painchek has been selected to participate in the Philips HealthWorks 2019 Global Program.
Who are Philips? https://www.philips.com/a-w/about/company.html 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 generated 2018 sales of EUR 18.1 billion and employs approximately 78,000 employees with sales and services in more than 100 countries.
Patient Monitoring and Patient Care Analytics Philips HealthWorks is excited to welcome a talented pool of entrepreneurial companies to our 2019 Global Program focused on accelerating breakthrough innovation in Patient Monitoring and Patient Care Analytics!15 top companies from around the world were selected to join our exclusive and intense 12-week program taking place simultaneously in our four Innovation Hubs – Eindhoven (Netherlands), Cambridge (USA), Shanghai (China) and Bangalore (India). The Program kicked off in September and will culminate in December with Breakthrough Day, a major event with on-stage pitches by the graduating startups in front of key business stakeholders, program sponsors and members of our wider innovation ecosystem. Program goals and benefits Throughout the Program, we aim to identify, validate and shape collaboration opportunities between the selected companies and Philips.To achieve this goal, during the next few weeks, the teams will gain access to unrivaled expertise and support from our internal and external experts, as well as our wider innovation ecosystem partners. Shaping the future of healthcare together - A focus on patient monitoring and analytics Our Programs are themed on health technology areas where together with startups and small businesses we can make a difference. For this year’s Global Program, we identified Patient Monitoring and Patient Care Analytics. Read our Manifesto for Innovation in Patient Monitoring to learn more about why we believe it is so important to accelerate innovation in this field.
What is the Manifesto for Innovation in Patient Monitoring? https://www.healthworks.philips.com/pages/ManifestoForInnovationInPatientMonitoring/ (excerpts) Philips approach to innovation in healthcare Philips believes that finding a balance between these forces requires dynamic partnerships between large companies and entrepreneurial startups that share a vision for driving major change across the health continuum – from the moment a person enters the hospital to their transition home. That is why Philips HealthWorks has created the Global Collaboration Program with early-stage companies, a collaboration framework approach that connects innovators around the world with a trusted health tech brand, to develop breakthrough solutions together. Through innovation and collaboration, Philips aims to build a healthier and more sustainable future, with a goal to improve the lives of 3 billion people a year by 2030. “The entire notion of what it means to be a patient is changing. The idea of a patient being in a hospital bed with bedside monitors no longer holds true. It’s transitioning to local care settings with real-time monitors. Allowing providers to monitor along the continuum and deliver care outside of the hospital has a massive impact on the patient experience.”—Alberto Prado, Head of Philips HealthWorks Patient monitoring as a gateway to innovation Patient monitoring is fertile ground for exciting partnerships. A powerful patient monitoring solution has the capacity to confront all this. At its most basic, a patient monitoring system is designed to acquire patient data, aggregate it and display it in a format that is meaningful and actionable. It can capture a steady stream of patient data from monitors and other medical devices, then feed it securely to an Electronic Medical Record (EMR) for virtually gap-free patient records from admission to discharge – even during transport. Patient monitoring solutions can also deliver vital signs, waveforms and alarms directly to caregivers on the move throughout the hospital and provide clinical decision support tools and advanced algorithms to help identify patient deterioration early. It can foster communication between networks and allow IT and biomed staff to remotely access the system to quickly diagnose issues, update software, manage inventory and performance. And it can all be presented with intuitive user interfaces that look and feel more like consumer electronic devices. Pairing innovators with industry leaders: Philips areas of strength As wearables, telehealth and patient engagement gain traction, the patient monitoring market is expected to be worth more than $350 billion by 2025.1 Philips HealthWorks hopes to harness this opportunity by tapping into the entrepreneurial spirit of startups and pairing them with Philips, a health tech leader with a proven track record of breakthrough innovations. Philips has demonstrated 100+ years of experience in healthcare. With a global footprint and presence in thousands of hospitals worldwide, our patient monitoring solutions monitor more than 275 million people every year. Some of our most noteworthy contributions in Patient Monitoring solutions include: Leadership in telehealth technology. Our critical care program is driven by Philips eICU Research Institute, a platform built from a repository of anonymous critical and acute care data from 400+ ICUs.2 The database is used for benchmarking analytics and informs clinical decision support tools. AI as encompassing big data, machine learning, and predictive analytics. Philips has been active in advanced data science, data analytics and AI to improve solutions for health management and healthcare, with data science and AI teams creating solutions since early 2000. Industry trends By all accounts, we are at an inflection point, as powerful trends are shaping the field. New AI capabilities: AI, related to data analytics, is at an apex in terms of current market interests, yet, in reality, AI is still emerging on an integrated and extensive market scale. Regulatory changes: In the United States, the value of patient monitoring is recognized at the federal level. Centers for Medicare and Medicaid Services have called for expansion of reimbursement for remote care, seeking to “make sure home health agencies can leverage innovation to provide state-of-the-art care.”3 Transforming business models: There is a need for technology providers to take a solutions-focused approach. Instead of being a B2B provider of products, the industry is transitioning to become service providers through strategic partnerships. The demand for benchmarking: International benchmarking of performance is an increasingly sought-after capability. Health systems are also looking for opportunities to work with international groups to do collaborative research, and to help them pull together robust clinical data elements. Philips HealthWorks Patient Monitoring cohort: areas of focus At HealthWorks we know that to address some of the biggest healthcare challenges it takes partnering, knowledge, and access. Therefore, we have built proprietary methodologies that are designed to create a roadmap for collaboration between a startup and Philips. During the intensive 12-week Patient Monitoring and Patient Care Analytics global program, Philips HealthWorks will simultaneously engage with startups and small businesses spread across the world, with the aim of validating their propositions, helping to build, test and scale their ideas, and exploring possible collaborations. In addition to benefiting from Philips’ know-how and experience in the professional healthcare domain, the selected startups will have access to expertise in the company’s innovation ecosystem, which comprises hospital, academic, industry and financial partners.
Imperatives for startup partnerships Thousands of startups eager to embrace open innovation have applied to become one of the handful of companies to go through our Program. As part of the application process, Philips HealthWorks carefully evaluates proposals to make sure the right conditions are met, including: * High-quality data to support that the innovation works as it is intended to * Demonstrated customer traction * Use of algorithms/measurements that align with Philips rigorous standards * Applicability in global markets * Integration with Philips existing solutions, and interoperable with others as well * Can meet rigorous privacy and data security standards
Philips HealthWorks is eager to make Philips leadership available to small businesses and project teams the world over, to support the acceleration and go-to-market of breakthrough patient monitoring solutions. Together we may just be able to solve some of the challenges facing healthcare today and in doing so, impact the lives of billions of people.
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