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GEHC Expands HealthCare Alliance Through 2030 with Hartford

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GE HealthCare Technologies Inc. GEHC and Hartford Healthcare announced an extension of their seven-year partnership – The Care Alliance, which commenced in 2016. According to the renewed agreement, this collaboration will now run through 2030.

The extension of The Care Alliance until 2030 demonstrates a commitment to innovation, enhancing patient and staff experiences, and advancing imaging capabilities. The goal remains to enable Hartford HealthCare to broaden access to innovation, ultimately reducing overall patient care costs.

Positive Stock Performance

GEHC’s shares have surged by 41.3% in the last six months, outperforming the industry’s increase of 19.0%. During the same period, the S&P 500 rose by 20.4%.

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Exploring the Extended Partnership

Building on a successful initial seven years, the expanded Care Alliance incorporates new elements to ensure that Hartford HealthCare remains at the forefront of the latest GE HealthCare technologies. This approach aims to minimize technology obsolescence, optimize clinical capabilities, and enhance overall patient care.

The alliance will involve GE HealthCare’s patient monitoring, anesthesia, maternal infant care, and diagnostic cardiology technologies. Additionally, it will facilitate enhanced patient access to cutting-edge imaging technology. Benefits include reduced scan and wait times, as well as improved diagnostic precision for clinicians.

As part of the renewed collaboration, GE HealthCare experts will provide maintenance and repair services under an extended service agreement. Hartford HealthCare’s imaging technology fleet will be constantly updated with the latest tools and technologies, ensuring optimal performance and enhanced patient safety.

The ongoing commitment to optimize Hartford HealthCare’s equipment performance and durability underlines the alliance’s focus on patient safety. The collaboration involves close coordination between facilities, operations, clinical engineering, and GE HealthCare’s service teams to ensure seamless operations.

In addition to updating existing MRI, CT, PET/CT, and X-ray systems, GE HealthCare and Hartford HealthCare will undertake in-situ upgrades to modernize outdated systems at lower costs and reduced disruption to patient care.

Many of the new imaging systems will incorporate tested AI and machine learning software to complement clinical expertise. Examples include Critical Care Suit 2.0, designed to expedite diagnostics and treatment decisions, and AIR Recon DL, which leverages AI for improved image reconstruction in MRI scans.

Market Projections

According to a report by MarketsandMarkets, the global AI in healthcare market is expected to grow from $20.9 billion in 2024 to $148.4 billion by 2029, representing a compound annual growth rate of 48.1%.

The increasing adoption of AI in the healthcare sector is fueled by the need to manage large healthcare datasets, reduce costs, improve computing capabilities, and foster collaborations across various healthcare domains.

Given the substantial market potential for AI in healthcare, GE Healthcare’s integration of AI technologies is poised to drive business growth and revenue.

Recent Collaborations

GE Healthcare has entered into a strategic alliance with OSF HealthCare and Pointcore to enhance clinical efficiencies, standardize care delivery models, and improve patient outcomes across OSF HealthCare. This collaboration aims to leverage GE HealthCare’s innovative technology alongside Pointcore’s expertise in hospital and clinic management.

Furthermore, the company has partnered with MedQuest Associates to bolster multi-site outpatient imaging networks. This collaboration is expected to optimize imaging solutions and support Theranostics using GE Healthcare’s advanced technologies in conjunction with MedQuest’s imaging facilities.

GEHC Price

GE HealthCare Technologies Inc. Price

GE HealthCare Technologies Inc. price | GE HealthCare Technologies Inc. Quote

Zacks Rank & Top Medical Stocks

Currently, GEHC holds a Zacks Rank #3 (Hold).

Other notable stocks in the broader medical sector include DaVita Inc. (DVA), Cardinal Health, Inc. (CAH), and Cencora, Inc.(COR).

DaVita, with a Zacks Rank #1 (Strong Buy), has a projected long-term growth rate of 12.1%. The company has consistently surpassed earnings estimates in the past four quarters, with an average surprise of 35.6%. DaVita’s stock has surged by 58.3% in the last year, outperforming the industry’s 18.9% rise.

Cardinal Health, sporting a Zacks Rank #1, boasts an estimated long-term growth rate of 14.2%. With earnings beats in each of the trailing four quarters and an average surprise of 15.6%, the company’s shares have climbed by 51.9% in the past year, surpassing the industry’s 3.2% increase.

Cencora, holding a Zacks Rank #2, anticipates long-term growth of 9.8%. The company has exceeded earnings expectations in each of the past four quarters, with an average surprise of 6.7%. Cencora’s stock has rallied by 51.5% compared to the

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For investors seeking in-depth analysis and insights into specific companies within the medical services industry, Zacks Investment Research offers free stock analysis reports. Delve into the financial prospects of companies such as DaVita Inc. (DVA), Cardinal Health, Inc. (CAH), Cencora, Inc. (COR), and GE HealthCare Technologies Inc. (GEHC) to make well-informed investment decisions.

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Renewed Healthcare Alliances

One of the latest developments in the industry is the healthcare alliance renewal between GE HealthCare and Hartford. This strategic partnership signifies a commitment to advancing healthcare services and leveraging technology for improved patient care.

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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