Value-Based Health Care Partnership Will Target
Acute Conditions and Chronic Diseases in South Carolina
DUBLIN and CHARLESTON, S.C. - February 14, 2019 - Medtronic plc (NYSE:MDT) and the Medical University of South Carolina (MUSC) today announced a five-year value-based health care partnership intended to transform and improve care for patients in South Carolina. The collaboration will focus on developing solutions that improve the health outcomes and care experiences for patients while also reducing costs.
More than three million South Carolinians have at least one chronic disease such as cardiovascular disease, and the projected total cost of chronic disease between 2016-2030 in South Carolina is $687 billion1. The initial focus of the partnership will be on addressing chronic diseases and acute conditions prevalent in South Carolina.
"Together with MUSC, we are committed to fundamentally improving the way patient care is delivered," said Omar Ishrak, Medtronic chairman and chief executive officer. "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."
In one initial program, the two organizations plan to standardize a comprehensive vascular disease care pathway across the entire continuum of patient care, ultimately implementing a model for the identification, diagnosis, treatment and follow-up care of patients with vascular disease who can benefit most from medical intervention. This evidence-based model is designed to help clinicians identify and treat patients earlier in their disease progression.
Medtronic and MUSC also plan to implement a standardized care pathway program for joint replacement patients that addresses the bundled payment methodology implemented by the Centers for Medicare and Medicaid Services (CMS). The episodic care pathway intends to establish best practices and streamline processes to improve the quality of care for patients while reducing costs. Similarly, Medtronic and MUSC also plan to standardize care pathways designed to reduce adverse events and optimize care for patients who can benefit from enhanced respiratory monitoring, or who need a tracheostomy procedure for breathing assistance.
The partnership also creates a unique opportunity for MUSC to build upon existing curriculum to educate future health care professionals about value-based health care.
"This strategic partnership with Medtronic is based on our shared vision and drive to lead the transformation of health care delivery," said MUSC President David J. Cole, M.D., FACS. "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."
Both MUSC and Medtronic have networks of like-minded partners focused on advancing value-based health care in the United States. This month, Medtronic is celebrating its one-year anniversary of a partnership with Lehigh Valley Health Network in Allentown, Pennsylvania, designed to find ways to improve patient care across more than 70 major medical conditions, focusing on value. The partnership progress at Lehigh Valley Health Network is generating models to help implement and scale value-based programs at MUSC.
In August 2018, MUSC announced a strategic partnership with Siemens Healthineers designed to create a blueprint of a transformed health care system that provides safe, equitable, timely, effective, efficient and patient-centered care.
MUSC and Medtronic will explore opportunities to cross-share learnings with their respective partners and collaborate to improve patient outcomes while reducing costs.
About Medical University of South Carolina (MUSC)
Founded in 1824 in Charleston, The Medical University of South Carolina is the oldest medical school in the South. Today, MUSC continues the tradition of excellence in education, research, and patient care. MUSC educates and trains more than 3,000 students and 750 residents in six colleges (Dental Medicine, Graduate Studies, Health Professions, Medicine, Nursing, and Pharmacy), and has more than 14,000 employees, including approximately 1,500 faculty members. As the largest non-federal employer in Charleston, the university and its affiliates have collective annual budgets in excess of $2.6 billion, with an annual economic impact of more than $3.8 billion and annual research funding in excess of $275 million. MUSC operates an 800-bed medical center, which includes a nationally recognized children's hospital, the Ashley River Tower (cardiovascular, digestive disease, and surgical oncology), Hollings Cancer Center (a National Cancer Institute-designated center), Level I trauma center, Institute of Psychiatry, and the state's only transplant center. In 2018, for the fourth consecutive year, U.S. News & World Report named MUSC Health the number one hospital in South Carolina. For more information on academic programs or clinical services, visit musc.edu. For more information on hospital patient services, visit muschealth.org.
Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world's largest medical technology, services and solutions companies - alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 86,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The company is focused on collaborating with stakeholders around the world to take health care Further, Together.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.
1 Partnership to Fight Chronic Disease: https://www.fightchronicdisease.org/states/south-carolina
Heather M. Woolwine, M.A.
Medical University of South Carolina
Public Affairs and Media Relations