Tell me more about BioTelemetry…
As a leader in wearable cardiac diagnostic monitoring, BioTelemetry focuses on the diagnosis and monitoring of heart rhythm disorders. The company’s offering in this area - which represent 85% of the company sales - comprises solutions for cardiac diagnostics and hospital- to-home monitoring through wearable sensors and AI-based data analytics and services. With over 30,000 unique referring physicians per month, BioTelemetry provides cardiac monitoring and reporting services for over one million patients per year. Additionally, BioTelemetry has a nascent clinical trials testing service for research. Leveraging our collective expertise, we will be in an optimal position to improve patient care across care settings for multiple diseases and medical conditions.
Where will BioTelemetry fit organizationally into Philips?
Once BioTelemetry is a part of Philips at the close of the transaction, it will form a new business in the Connected Care cluster, reporting directly to me. I will share more details on the new business at the close.
When will the transaction close and what is the plan to integrate BioTelemetry into Philips?
BioTelemetry is a publicly traded company. With this, Philips has tendered an offer to acquire all the issued and outstanding shares of BioTelemetry. The board of directors of BioTelemetry has approved the transaction and the next step is to recommend the offer to its shareholders. This process, including customary closing conditions and certain regulatory clearances, can take several weeks and we anticipate the transaction will close in the first quarter of 2021.
Who will lead the integration of BioTelemetry into Philips?
To help guide the process of integration at close, we have appointed Nick Wilson to serve as the Business Integration Leader (BIL) for the transition. In time, Nick will form an Integration Management office (IMO) to bring our two organizations together. More to come at the close!
Is there overlap between the BioTelemetry solutions / offerings and Philips?
BioTelemetry’s leading remote cardiac monitoring portfolio for the home is highly complementary to Philips’ integrated patient care management portfolio comprising real-time monitoring, therapeutic devices, telehealth and informatics in the hospital, as well as Philips’ cardiac care portfolio. The combination of Philips and BioTelemetry is expected to accelerate Philips’ sales growth in remote patient monitoring across care settings driven by channel cross- selling, geo expansion and portfolio and innovation.
Why are we acquiring BioTelemetry in the midst of COVID-19?
As we are all acutely aware, COVID-19 has acted as catalyst to the much-needed transformation of delivery of the healthcare system in the hospital and in the home. Our customers are now asking for and embracing more digital and disruptive innovation, such as care management and telehealth to drive better outcomes across care settings. BioTelemetry leadership in the ambulatory cardiac monitoring space will strengthen Philips’ offering and accelerate the development of a scalable out-of-hospital monitoring services. Leveraging our collective expertise, we will be in an optimal position to address the key healthcare need of extending patient care in and beyond the hospital care setting, at a time when telehealth and virtual care are becoming the standard in improving care across the health continuum.
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