General Electric Company (GE) To Invest $2 Billion Into Healthcare Software
The Healthcare division at General Electric Company (NYSE:GE) is going to invest $2 billion over the next 5 years to accelerate their software development. GE is going to work closely with their GE Software Center of Excellence on the initiative. GE put in $1 billion to develop the Software Center of Excellence in San Ramon, California along with the company’s other R&D hubs recently.
GE Healthcare said that they are going to focus on a new development strategy to maximize asset performance and improve hospital operations management. GE Healthcare has plans to improve clinical effectiveness and optimize care across large populations.
“GE is investing in software and analytics to better help our customers manage the operational complexity of the healthcare system,” stated GE Healthcare President and CEO John Dineen. “These new software solutions will look to connect caregivers in a meaningful way to the systems upon which they rely, enabling them to deliver better informed diagnoses and improved care.”
GE Healthcare has plans to increase productivity through scheduling efficiencies, faster data entry, and clinical decision support. They will be able to reduce costs by optimizing workflow and eliminating waste. The new technology will also make it possible to minimize rework and redundancies by enhancing collaboration and improving access to information. GE Healthcare said that the investment decision was motivated by the amount of waste and the low productivity in healthcare.
One of the initiatives that will benefit from the investment is the Caradigm joint venture owned by GE and Microsoft. Caradigm has an application that assigns a risk factor to each patient at discharge. Nurses and discharge planners can decide how a patient should be cared for during the two months after discharge so hospitals can avoid readmissions. Using the software can help staff reengineer their processes. Some of the applications will be exported to Caradigm.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry