Masimo Corporation (MASI) and UCHealth have partnered to elevate the quality of patient care by integrating cutting-edge telehealth and virtual care technologies in clinical monitoring.
This collaboration leverages the distinct strengths of both organizations, focusing on advancing technology-driven care, particularly in virtual and remote settings. The primary goals are to enhance patient outcomes, reduce care expenses and revolutionize care delivery models both within hospital settings and beyond.
Masimo is a multinational medtech firm specializing in developing and manufacturing a diverse array of state-of-the-art sensors, patient monitors, automation, connectivity solutions and other innovative monitoring technologies.
UCHealth is a non-profit healthcare institution committed to delivering exceptional medical services alongside unparalleled patient satisfaction. With a network of 14 acute-care hospitals, a workforce of 33,000 individuals and hundreds of clinicians serving communities across Western Nebraska, Southern Wyoming and Colorado, UCHealth strives to provide top-quality healthcare to all.
The partnership aims to capitalize on the unique expertise of both organizations and work toward their shared objectives of improving care. The emphasis is on developing technology-enabled care, including virtual and remote care solutions.
“We are grateful for the opportunity to collaborate with world-class organizations like UCHealth. By combining our technological expertise and their clinical expertise, together we can foster a new generation of healthcare solutions that improve the lives of patients and clinicians alike — ultimately advancing the forefront of care,” said Joe Kiani, founder and CEO of Masimo, in the news release.
Masimo aims to integrate its virtual care technologies with UCHealth’s evidence-based clinical workflow expertise. Additionally, the companies plan to join forces to introduce cutting-edge provider-to-provider and direct-to-consumer services, focusing on virtual healthcare solutions tailored to managing both chronic and episodic care.
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Other Leading Telehealth Companies to Increase the Reach of Clinical Monitoring
Other leading telehealth companies are expanding their sphere of influence. Major telehealth providers are announcing collaborations and partnerships among industry leaders to increase the reach of virtual care and clinical monitoring.
Teladoc, one of the foremost telehealth providers, announced several collaborations in the past year and reported an eight percent revenue increase in 2023. Their portfolio caters to individuals of all ages and supports organizations and healthcare providers.
Another notable telehealth company, MDLIVE (part of Evernorth Health Services), offers Urgent Care, Primary Care, Mental Health and Dermatology in its growing portfolio. MDLIVE recently acquired Bright.md, which will add asynchronous care, triage and navigation capabilities to Evernorth’s MDLIVE virtual care platform, providing a more convenient, on-demand experience for patients and clinicians starting in 2024.
Telehealth and Virtual Care Market Prospects
The global telehealth and telemedicine market was valued at $120.4 billion in 2023 and is projected to reach $285.7 billion by 2028, growing at a compound annual growth rate (CAGR) of 23.2 percent from 2024 to 2028.
Market expansion is driven by technological advancements such as AI, machine learning and data analytics; the rising demand for online consultations; and government investments in telecommunication solutions to connect patients with healthcare experts online. These factors enhance the growth of telehealth by improving accessibility and convenience for patients seeking healthcare services.
Additionally, the increasing demand for remote healthcare services, primarily spurred by the COVID-19 pandemic, underscores the necessity for virtual consultations and remote monitoring, further driving market growth.
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