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Philips: Redefining Telehealth
As one of the world's largest healthcare companies, Philips sought to reach beyond the walls of the hospital and expand its hospital-to-home program to gain future competitive advantage through technology solutions combining predictive analytics with care delivery. By its estimation, 40% of hospital admissions could be avoided, and its variety of home-based resources could be delivered at 30% less cost than the same level of care in a hospital. This tremendous potential left the chief executives at Philips wondering how best to commercialize these solutions. Should they position themselves as a technology-commercializer relying on clinical partnerships to capture value through data insights; or should they own the patient care experience as a clinical enterprise or as a cost-reducer?