Boston Scientific recently announced two separate deals that would combine its medical device offerings with partners solutions to enhance cardiovascular care outcomes and lower cost of care. The programs will be offered under Boston Scientific’s ADVANTICS solutions, which include performance optimization, capital financing, care pathway transformation, and patient management programs.
Under the agreement with cardiovascular consultancy firm MedAxiom, Boston Scientific will offer hospitals customized programs to improve cardiovascular care delivery to patients suffering from heart failure, atrial fibrillation, structural heart, and ischemic heart disease, according to a press release.
“This agreement brings together Boston Scientific’s strong expertise in lean practices, process improvement and supply chain optimization with MedAxiom’s deep experience in cardiovascular program leadership,” Boston Scientific stated in the release.
A separate partnership with healthcare data analytics company TogetherMD will integrate the firm’s analytics technology with Boston Scientific’s cardiovascular portfolio. TogetherMD’s platform gives providers with access to actionable data to lower operational costs and drive operational efficiency, according to the release. This includes the analyses of industry benchmarking data, as well as billing and coding accuracy. TogetherMD claims that the use of its platform in single hospital sites has resulted in up to $1.5 million in cost and operational savings.
“We are focused on addressing the many challenges healthcare systems are facing, and expanding our offerings to solutions that leverage our organizational competencies and complement our differentiated technology platforms,” said Mike Mahoney, president and CEO of Boston Scientific, in the release.
As hospital and health systems consolidation continues in the United States, medical device companies such as Boston Scientific are looking to offer more integrated, value-based solutions that would ease some of the pricing and regulatory compliance pressures providers are experiencing.
“Most hospital systems can benefit from the sharing of best practices — and methods to make this easier to do are welcome,” said David Hurrell, M.D., senior consulting cardiologist, Minneapolis Heart Institute, Allina Health System, in the release. “We are already seeing how our work with Boston Scientific can improve the quality and efficiencies of cardiovascular care.
Boston Scientific recently told investors that partnerships remain an integral part in their long-term growth and expansion strategy to push products that raise the quality of care while mitigating costs.
“We are focused on addressing the unmet needs of patients, physicians and healthcare systems through differentiated technologies and comprehensive portfolios within the market categories where we have deep expertise,” Mahoney said in a statement. “We are also employing a collaborative approach to offering value based solutions through new partnerships aimed at improving outcomes and reducing healthcare costs.”
Mahoney said many of the products Boston Scientific will introduce this year come with lower costs and improved engineering, according to Bloomberg. Cardiovascular devices such as the company’s S-ICD defibrillator, Synergy stent, and Watchman device, are some of the products expected to be key drivers for sales growth.