Medtronic (NYSE:MDT) said today that it inked a five-year value-based healthcare partnership deal with the Medical University of South Carolina, looking to improve health outcomes, patient care experiences and reduce costs.
Fridley, Minn.-based Medtronic said the partnership will initially focus on addressing chronic disease and acute conditions prevalent in the region.
An initial program involves standardizing a vascular disease care pathway across the continuum of patient care and implementing a model for identifying, diagnosing, treating and follow-up care for patients with vascular disease.
The two groups also plan to implement a standardized care pathway program for joint replacement patients addressing the bundled payment methodology used by the Centers for Medicare and Medicaid Services.
“This strategic partnership with Medtronic is based on our shared vision and drive to lead the transformation of health care delivery. It’s about providing what’s best for our patients. The mutual goal of our organizations is to deliver the best patient outcomes at the lowest cost possible. That’s the true meaning of value-based health care. Through our collaborative partnership, we plan to combat chronic disease and address community health needs in South Carolina and beyond. We look forward to an innovative and productive relationship with Medtronic and will share tangible results of our efforts as our strategic partnership evolves,” MUSC prez Dr. David Cole said in a press release.
“Together with MUSC, we are committed to fundamentally improving the way patient care is delivered. Medtronic has a long history of collaboration with health care providers to invent and develop new markets to solve a variety of clinical problems. The partnership with MUSC is an extension of that collaboration, as we look to systematically work together to develop scalable programs aimed at improving patient outcomes while reducing the cost of care,” CEO Omar Ishrak said in a prepared statement.
Last week, Medtronic said that it won expanded FDA approval for its Pipeline Flex embolization device.
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