PROVIDENCE – GE Healthcare is collaborating with Lifespan Corp. to help the nonprofit hospital system save $182 million in organizational savings over the next six years in a shared-risk model pinning compensation to performance.
The partnership is GE Healthcare’s first risk-sharing model collaboration in Rhode Island and the fifth collaboration of its kind in the U.S. GE Healthcare most recently entered a similar agreement with Jefferson Health Care in Philadelphia in July.
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Prior to that, the company also entered collaborative agreements with Temple University in Philadelphia in 2016; Mission Health in Asheville, N.C., in 2016; and Hartford Healthcare in Hartford, Conn., in April.
Under the plan, GE Healthcare will assist Lifespan to improve patient flow, increase capacity for services, decrease wait times, pinpoint inefficiencies and reduce costs. Each organization has agreed to goals that must be achieved throughout the six-year relationship, with compensation for GE Healthcare based on their performance toward those goals.
“GE’s investment to deliver on the agreed-upon goals is in large part tied to the achievement of those goals. The goals are set as a combination of financial goals aligned to the mission and vision to the delivery of patient care and service to the community,” said Helen Stewart, managing principal, GE Healthcare Partners, the management consulting arm of GE Healthcare.
“We are excited to collaborate with Lifespan, the leading provider in Rhode Island and a critical contributor to the state’s health care ecosystem,” said Stewart. “This innovative collaboration will reshape how and when patients are treated and help overcome the challenges that exist within many health systems today.”
The system-wide initiative includes a capacity-management strategy that will better align departments and service lines, improve processes and optimize space. Lifespan and GE Healthcare will work together to assess Lifespan’s imaging needs and co-design a workforce-management system that meets increasing patient demand. Ultimately, the two organizations will ensure the health system has access to the most cutting-edge data analytics and tools to help streamline the patient experience and reduce costs.
“Our mission is ‘Delivering health with care.’ Therefore, our patients and their families are at the center of every decision we make,” said Dr. Timothy J. Babineau, president and CEO of Lifespan. “Today, our hospitals are at capacity and the emergency departments are full of patients seeking high-quality care. This collaboration with GE Healthcare will help meet these challenges by providing our health system with unparalleled access to resources, expertise and digital tools. This means our patients will receive care in the most appropriate and efficient setting, even as our volume increases.”
Rob Borkowski is a PBN staff writer. Email him at Borkowski@PBN.com.
