Medtronic and Allentown, Pa.-based Lehigh Valley Health Network entered into a five-year partnership to cut costs and improve outcomes for more than 70 conditions using Medtronic's equipment, CNBC reports.
Here's what you should know.
1. The health system and medical device maker will implement the value-based partnership in eight LVHN Pennsylvania hospitals. For some treatments, Medtronic will receive payment based on the results.
2. The agreement is centered specifically on improving clinical and financial results.
3. Medtronic wants to help the health system discover signs of respiratory compromise earlier for some conditions, to reduce related adverse events by 20 percent.
4. The partnership hopes to reach 500,000 patients in Northeast Pennsylvania and aims to cut $100 million in costs.
5. Medtronic will benefit by receiving patient insights it normally wouldn't have access to. Specifically, Medtronic will be able to use the patient data to establish baselines and monitor long-term outcomes.
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