Philips Inks USD 50M Long-Term Strategic Partnership With New Jersey Hospital

Royal Philips announced this week that it’s inked a $50 million, five-year partnership with Inspira Health to help the New Jersey hospital system find more stability and predictability in its imaging strategy.

With the agreement, the hospital network plans to standardized diagnostic technology across its dozen-plus facilities, including three hospitals. In an announcement, Philips noted that such “long-term strategic partners” are becoming more common among hospitals as they aim to better manage their technology costs while also gaining access to the latest advancements.

“By working closely with Philips, we have an opportunity to stay at the cutting edge of imaging and patient monitoring,” John DiAngelo, president and CEO of Inspira, said in a statement. “This partnership will bring countless benefits to our patients, physicians and clinical teams. It comes down to ensuring that each individual community within our broader community is taken care of.”

The agreement comes as the hospital system works to open a state-of-the-art new hospital this month alongside a new cancer center in January. Those involved noted that signing such an agreement will also help with data integration and access across its more than 150 healthcare access points. Philips, meanwhile, gets the benefit of working more closely with a provider to understand their challenges and imaging needs.