Koninklijke Philips N.V. (PHG - Free Report) announced its participation in two programs which will attempt to improve medication adherence rates among at-risk, high-cost patient populations.
Leveraging the Philips Medication Adherence Solution (PMAS), Lynn Community Health Center of Lynn, Mass will work with Partners Connected Health of Partners HealthCare to implement a Philips connected in-home medication dispensing solution to help improve treatment plan compliance among patients with mental illness. Triad HealthCare Network of Greensboro, N.C. will also incorporate Philips medication dispensing device in a program designed to improve patient medication adherence among chronic disease patients within the Medicare Advantage population.
PMAS aims to achieve the quadruple aim of healthcare — better clinical outcome, lower cost, improved patient and staff satisfaction through integrated solutions to help provide high quality care and manage cost and utilization while improving outcomes and revenues.
Medication non-adherence costs the U.S. health system more than $310 billion every year and results in hundreds of thousands of preventable deaths annually. Through this program, the company aims to discover an effective method to give complex patients with a history of non-adherence, the ability to stay on track easily. This is likely to reduce unnecessary emergency transports and hospitalizations while effectively manage the cost of care.
Health systems work to better manage high-risk, high-cost patients to deliver value-based care successfully. So, it is important for the company to have access to the right data with actionable insights. PMAS offers care providers data-driven insights to help optimize medication management and increase patient engagement.
Thus, Philips’ data aggregation platforms provide continuous and seamless availability of data and their interpretation to help improve patient outcomes and financial results. By partnering with spencer Health Solutions, Philips offers a connected ecosystem, a monitored in-home dispensing device, pre-packaged, unit-dose medications from mail order and specialty pharmacies, a clinician portal and a caregiver app.
Philips’ Healthcare segment has been showing impressive momentum in recent quarters and the company believes that increased spending on healthcare and fitness will continue to act as a meaningful growth driver.
Philips shares have outperformed the industry in the last three months, having gained 1.8% compared with a growth of 0.9% for the latter. Philips has a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include SMC Corporation (SMCAY - Free Report) , Cisco Systems, Inc. CSCO and Intuit Inc. INTU, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
SMC Corporation has an expected long-term earnings growth rate of 12.9%.
Cisco Systems exceeded estimates thrice in the trailing four quarters with an average beat of 3%.
Intuit surpassed estimates in each of the four trailing quarters, the average being 37.2%.
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