Hello everyone! My name is Jeffrey Morris Jr and today I will be presenting my company report on GE Healthcare.
GE Healthcare is a subsidiary of GE (General Electric) that provides transformational medical technologies and services helping to deliver patient care to people around the world. There are five primary business units within GE Healthcare: Healthcare IT & Solutions, Healthcare Systems, Healthcare Services, Surgery, and Life Sciences. Healthcare IT & Solutions offer clinical software systems, consulting services, and support to advance workflows for organizations of any size. This business goal is to deliver solutions that will influence improved outcomes, productivity, and quality. An example of a product that this business would produce is the Centricity products, which some are listed on the slides. The whole idea behind Centricity is cloud sharing so for example Centricity 360 is a cloud sharing program that allows a patient’s information to be easily accessible for doctors, radiologists, primary physicians, etc. from anywhere at anytime. Centricity is also a product of Healthcare Services because they work hand-in-hand with the Healthcare IT & Solutions business. Healthcare Services is primarily responsible for providing a broad range of solutions and offerings to meet customers operational and productivity challenges including equipment services, support services, education solutions, and asset management offerings. So for example Centricity Business and Group Management are designed to automate the revenue cycle by helping billing services centers to enhance billing efficiencies while reducing the amount of administrative effort. The Electronic Medical Records Review (EMR) gave the Centricity Product a 9.57/10 which shows you that healthcare administrators are loving this product. Moving on to Healthcare Systems which main purpose is to advance different phases of patient care, from diagnostic imaging to routine testing to life-critical care by providing different forms of medical technology: Ultrasounds, MRIs, PET/CT scans, etc. The names of some of these types of machines are listed above. Surgery is the business responsible for producing C-Arms (the types are listed above) which are technologies that actually look like a C and that help the surgeon see inside the body. The last business Life Sciences deals with research so no products evolve from that business just knowledge.
Finances, as you can see from the graph GE Healthcare has been growing continuously growing from a $4.6 billion dollar company in 1998 to now a $18.3 billion dollar company in 2014. GE is consistently investing into different campaigns and research that will better help it live out its goal. Therefore GE has three strategic areas of focus: MIND (Make an Impact on Neurological Disorders), Tackling Cancer, and Industrial Internet. Between 2010 and 2020, the MIND campaign will have $500 million invested on research on neurological disorders. The target areas include diagnosing post-traumatic stress disorder, Alzhemier’s disease, Parkinson’s disease, concussions and traumatic brain injury. When the campaign first started, the Alzheimer’s Disease International listed that approximately 36 million people were living with dementia including Alzheimer’s and that by 2050 the number of cases will more than triple which lets me know that GE made the right decision in investing more money into learning about neurological disorders because if they can improve the technology to fight those diseases that would be huge for the company. In 2011, GE Healthcare decided to invest $1 billion of its total R&D budget over the next five years to expand its cancer diagnostic and molecular imaging capabilities, another big move made by GE. And lastly GE has decided to invest $2 billion on software development for healthcare systems so that caregivers are able to spend less time navigating the system and more time on caring for the patients.
So how did GE Healthcare come into existence? Well it started in 1926, when a company called Victor Electric who at the time was leading maker in X-rays merged with GE. By 1930 GE renamed itself to GE X-Ray Corporation, which continued to grow thanks to the effects of World War II which helped see x-rays as a medical tool for military services. In 1961 GE again renamed itself to GE Medical Systems because it began to diversify its medical business by expanding into pacemakers, patient monitoring equipment, surgical packages, and in 1973 the first ever CT. By 1975 GE was the world leader of diagnostic imaging equipment and in 1983 started investing heavily in Medical Resonance Imaging (MRI). During the 21st century GE Medical Systems was consistently finding companies to acquire such as Imatron, Millbrook Corporation, Medica Logic, and in 2004 Amersham plc which is when GE Medical Systems decided to change its name one more time to GE Healthcare. So the name GE Healthcare was originally founded in 2004 although the company has been around a lot longer than that.
So What’s Hot? These are two game changing products that GE Healthcare has to offer:
Silent MR: GE is consistently trying to humanize the MR as much as possible to change how patients feel, see, and hear when receiving an MR. So one part of that goal dealt with the amount of noise that MR scans create. Typical MR scans can reach over 100 decibels which is almost equivalent to the sound of a jackhammer. Thus this noise can add to patient anxiety and for newcomers cause them to stress about the source of the noise which might make the MR take longer than it should. To help make patients comfortable, the Silent Scan was made that allows the sound of an MR scan to be as silent as whisper.
Revolution CT: allows doctors to get a high-definition view of the innards in your body. Before images would be blurry if a patient moved even a little but now the images are better in quality and give finer details. All of this occurs while giving low doses of radiation to the patient compared to earlier CT models.
$6 billion strategy to revolutionize the world’s health Strategy involves 4 items: Corporate Venture Capital, Incubations, Collaboration, and Walking the Talk Corporate Venture Capital: investing in new technologies and business models by partnering with start-ups to accelerate growth and commercialize innovative ideas in healthcare. Incubations: driving GE growth by testing and developing market-shaping business platforms. 2013 started working with middle market companies to help address problems associated with management of health costs. Collaboration: working to build strong partnerships with customers, governments, universities and industry leaders all over the world to help drive responses to the world’s biggest healthcare challenge. Partnership with NFL to create MR technology Walking the Talk: getting GE employees to live healthier lives Goal is to lower cost, improve quality and increase access by 15% And they understand that technology, people, and partnerships is how that change is going to happen
Just list the competitors
History Has been around for 60+ years the company has always been a pioneer in the field their achievements and the progress in the field of healthcare and their common goal: to create innovative, useful products and services for people worldwide. “Changing approach from reactive to proactive” Mike Harsh, GE Vice President and GE Healthcare Chief Technology Officer said this Smart because that is how the healthcare industry is changing, so GE is adapting to the change Understand that software is key Like Soloway says its all about the software Technology will help improve patient healthcare
Ge healthcare presentation
Jeffrey Morris Jr
• Centricity 360
• Centricity Cardio
• Centricity Imaging
• LOGIQ e (Ultrasound)
• Brivo MR355 (MRI)
• Discovery IQ (PET/CT)
• Centricity Business
• Centricity EDI Services
• Centricity Group
• OEC Brivo Plus
• OEC 9900 Elite
1998 2009 2014
Revenue in $Billions
• Research on Neurological Disorders
• Expanding Cancer Diagnostic and
Molecular Imaging Capabilities ($1
• Software development for
healthcare systems ($2 billion)
• $6 billion strategy to
revolutionize the world’s
• Lowering costs, improving
quality and increasing
• Technology, people, and
partnerships – this is how
TELL A STORY…
• Customer Remote Console (CRC)
• Remotely Access MRIs/PETs/CTs
• Software Testing and Query Development
• Aligns with healthymagination
• Technology is key
• Saves GE and the healthcare
• Improves healthcare for patient