Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, and AMSUS, The Society of Federal Health Professionals, have announced that Philips has become a member of its Executive Advisory Board (EAB). Together, AMSUS and EAB members drive innovation in federal healthcare by creating a platform for public-private partnerships.
AMSUS serves as the voice for federal health professionals, promoting interagency collaboration among a diverse group of leaders from the Department of Defense (DoD), the U.S. Department of Veterans Affairs (VA), Health and Human Services, and Homeland Security. This collaborative approach allows the AMSUS EAB to tackle solving the government’s most difficult healthcare challenges. Composed of both federal government and industry leaders, the EAB serves as a dedicated advocate for the next generation of innovation and change across healthcare services in the United States.
“AMSUS is pleased and honored to welcome Philips and its thought leadership to the EAB,” said Dr. John M. Cho, AMSUS Executive Director/CEO. “Philips history of innovation and excellence makes the company well-positioned to contribute to our mission to advance and improve health for all Americans and international coalition partners’ citizens.”
Under current law, national health spending is projected to grow at an average rate of 5.5% per year from 2018-27 and to reach nearly $6.0 trillion by 2027.1 In 2018 alone, the federal government spent nearly $1.1 trillion on healthcare, of which Medicare claimed approximately $583 billion and Medicaid and the Children’s Health Insurance Program (CHIP) around $399 billion.2 Veterans’ healthcare accounted for only about $70 billion in comparison.3
As part of its commitment to better the lives of three billion people a year by 2030, Philips is working with the DoD and the VA to improve the health of service men and women. For over 45 years, Philips has worked closely with the U.S. military and over 50% of all VA Hospitals or VISNs use Philips imaging solutions. Additionally, over 35% use Philips critical care systems. Philips is also working closely with military and academic partners to drive innovations that support better care for troops, as well as telehealth technologies that can bring care closer to home for our nation’s veterans.
“While government legislation around U.S. healthcare reform evolves, the need for healthcare technology innovation and adoption continues to accelerate,” said Vitor Rocha, Chief Market Leader of Philips North America. “Change cannot happen in isolation, which is why Philips understands how important it is to team up with leading organizations in the public sector such as AMSUS. In doing so, we are better positioned to drive increased efficiency, as well as improve quality care and the patient experience for our active duty military, veterans and other federally funded programs. Our military personnel have given so much, this is our opportunity to give back and help take better care of them.”
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2018 sales of EUR 18.1 billion and employs approximately 80,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.
1 NHE Fact Sheet. (2019, April 26). Retrieved from https://www.cms.gov/research-statistics-data-and-systems/statistics-trends-and-reports/nationalhealthexpenddata/nhe-fact-sheet.html.
2 Congress of the United States Congressional Budget Office. (2018). The Budget and Economic Outlook: 2018 to 2028. The Budget and Economic Outlook: 2018 to 2028. Retrieved from https://www.cbo.gov/system/files/2019-04/53651-outlook-2.pdf