Home Healthcare Solutions named recipient of the 2008 Frost & Sullivan Growth Strategy Leadership Award
15 September, 2008
Recognition of Strategic Leadership and Foresight in the Remote Patient Monitoring Market Earns Philips Top Honors
Andover, Mass, USA – Philips Home Healthcare Solutions has received Frost & Sullivan’s “2008 North American Growth Strategy Leadership Award” in recognition of its strategic leadership and foresight into the North American remote monitoring market. Philips Home Healthcare Solutions is part of Royal Philips Electronics, a leading provider of medical diagnostic imaging, cardiac care and patient monitoring systems, as well as energy efficient lighting solutions, personal care and consumer electronics.
Each year, Frost & Sullivan recognizes a company that has demonstrated an exceptional long-term growth strategy within its industry. “Through a series of strategic acquisitions, Philips now maintains an unprecedented breadth of services across the home health space and many closely related sectors,” explains Zachary Bujnoch, industry analyst at Frost & Sullivan. “Philips’ portfolio of remote monitoring products and services has given the company a solid foothold in the home healthcare market, extending care beyond the traditional hospital or clinic setting, on which they can leverage their cross-market capabilities.”
As a result of several key acquisitions, including Lifeline Systems, Raytel Cardiac Services and Respironics, Philips now covers all aspects of the remote patient monitoring market, providing cross-industry coverage that no other competitor in North America can rival. By having strong positioning in home telehealth solutions and telemonitoring technology for home healthcare and disease management; medical alert services (PERS) from the Lifeline acquisition; ambulatory cardiac ECG, implanted device follow-up and anticoagulation clinical monitoring services from the Raytel acquisition, and products for respiratory and sleep monitoring from the Respironics acquisition, Philips has cross-market growth opportunities unique to the company.
"We are very pleased that Frost and Sullivan has validated the success of Philips' efforts in the home healthcare space over the past several years and our focus on delivering products and services to improve patient outcomes,” says Mike Lemnitzer, senior director at Philips Home Healthcare Solutions. “The recently published study, North American Home Health Care and Disease Management Markets for Remote Monitoring, reinforces that home telehealth is a valuable tool to help manage patients with chronic disease and will soon become a standard of care for home health providers. Customers using Philips Telehealth Solutions have proven to be very successful in generating improvements in quality metrics and cost savings, and our unique business models are flexible enough to meet most financial and operating scenarios. We want to thank Frost and Sullivan for publishing such a comprehensive report, and for recognizing Philips with this prestigious award."
Though Philips is a relative newcomer to the home healthcare market, Frost & Sullivan estimates that Philips already has 10 percent share of the telehealth market by revenues, which it holds by leveraging its multi-industry and international presence in the home healthcare market. In 2007, Frost & Sullivan estimated total revenues for the telehealth market (combining home healthcare and disease management) were $82.5 million, growing by more than 20 percent over the previous year. In fact, revenues in the telehealth market are expected to reach $337 million in 2014.
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About Philips
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a global leader in healthcare, lighting and consumer lifestyle, delivering people-centric, innovative products, services and solutions through the brand promise of “sense and simplicity.” Headquartered in the Netherlands, Philips employs approximately 134,200 employees in more than 60 countries worldwide. With sales of USD 42.5 billion (EUR 27 billion) in 2007, the company is a market leader in medical diagnostic imaging and patient monitoring systems, energy efficient lighting solutions, as well as lifestyle solutions for personal well-being. For more information, visit www.philips.com.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company’s industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. To learn more about Frost & Sullivan’s Best Practices Awards, go to www.awards.frost.com.
About Philips Telehealth Solutions
Philips has been active in telehealth for more than seven years, first in disease management and now in home care. Philips offers comprehensive telehealth solutions: wireless telemonitoring measurement devices, robust clinical content—including patient education, validated health surveys and patient stratification tools—as well as wide-ranging implementation support to help agencies build their telehealth program. For more information, visit telemonitoring.