A strategic innovation collaboration with a medical technology firm will advance a health system’s strategy of providing healthcare in the home. On Tuesday, medical technology and automation solutions firm Masimo and Philadelphia-based Temple Health announced they are teaming up to find ways of transforming care delivery and increasing care value.
“Our commitment aligns with Masimo’s vision for achieving tomorrow’s outcomes and helping institutions like ours improve and automate the ways we monitor physiological status across more care areas than ever before, as well as extend high-quality care beyond the hospital and into the home,” Joseph DiMartino, MSN, RN, associate vice president of nursing at Temple University Hospital, said in a statement.
The companies began a collaboration back in 2008 on pulse oximetry and other technologies to help stream clinical workflows. The two firms said the new collaboration will enable Masimo to pilot technologies that may be rolled out later to other providers and investigate best practices in technology to minimize obsolescence in healthcare. It also could lead to the development of technologies that benefit home-based settings and help raise awareness of equity in healthcare by leveraging Temple’s expertise and influence with diverse patient populations in the Philadelphia region.
“We are delighted to expand our relationship with Temple Health through this innovation collaboration, and to work hand in hand to explore how Masimo’s monitoring, connectivity, and automation technologies, alongside Temple Health’s clinical expertise, can bring safe, easy-to-use, high-quality telehealth and remote patient monitoring services to their patients,” Masimo CEO Joe Kiani said in a statement.
Temple Health is a $2.4 billion academic health system that includes nearly a dozen hospitals, outpatient and academic facilities. Masimo is a global medical technology company that develops and produces a wide array of monitoring technologies, including measurements, sensors, patient monitors, and automation and connectivity solutions.
The COVID-19 pandemic and the expansion of acute care delivery at home have been propelling medical technology. The industry is expected to grow to $579 billion in revenues this year, according to Health Market Insights. The global remote patient monitoring market was valued at roughly $4.4 billion last year.
