CHICAGO and BOSTON - GE HealthCare (NASDAQ: NASDAQ:GEHC) has teamed up with Biofourmis in a strategic collaboration to enhance care continuity post-hospitalization by offering care-at-home solutions. This move aims to address the increasing cost of care driven by workforce shortages and capacity constraints in hospitals.
The collaboration focuses on reducing hospital readmissions and length of stay, potentially lowering overall healthcare costs. Care-at-home programs, which often include virtual components, have been found effective in supporting patient recovery and safety, reducing risks such as falls and hospital-acquired infections. Additionally, remote care solutions have been associated with higher patient satisfaction rates.
GE HealthCare plans to integrate Biofourmis' care-at-home solutions, which include FDA-cleared AI-guided algorithms and clinical-grade wearable devices, into its patient monitoring portfolio. This integration is expected to facilitate the transition of patient care from hospital to home settings, providing a more comprehensive view of patient health over time.
Ashutosh Banerjee of GE HealthCare highlighted the partnership's potential to revolutionize patient care journeys and alleviate current health system challenges, such as hospital capacity issues and clinical staffing shortages. Biofourmis' technology, according to Ross Armstrong, General Manager of Biofourmis Care, will empower health systems and hospitals to utilize data and technology in crafting patient-centric solutions across the care continuum.
The distribution of Biofourmis solutions by GE HealthCare is set to commence in the United States starting Q1 2024.
The information in this article is based on a press release.
InvestingPro Insights
As GE HealthCare (NASDAQ: GEHC) forges ahead with its strategic partnership to expand care-at-home solutions, the company's financial health and market performance offer a reassuring backdrop for investors and stakeholders. With a robust market capitalization of $40.56 billion and a Price/Earnings (P/E) ratio holding steady at 29.3, GE HealthCare stands as a solid contender in the Healthcare Equipment & Supplies industry.
InvestingPro data reflects a positive revenue growth trajectory for GE HealthCare, with a 6.6% increase over the last twelve months as of Q4 2023. This growth is indicative of the company's ability to innovate and expand, aligning with its latest venture into home healthcare solutions. The Gross Profit Margin at a healthy 40.52% further underscores the company's financial stability and efficiency in operations.
An InvestingPro Tip points out that GE HealthCare is presently trading near its 52-week high, suggesting a strong market confidence that mirrors its recent price uptick. The company's stock performance has been impressive, with a 21.76% return over the last month and a 20.89% return over the last three months, reinforcing its status as a prominent player in its sector.
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