A year like no other - GE Healthcare in Q4 and 2020
Published by Kieran Murphy - President and CEO at GE Healthcare
COVID-19 forced change in nearly every aspect of the way healthcare is delivered. What it didn’t change is the necessity - and our ability - to innovate.
In a year like no other, I feel proud that we maintained our spirit of innovation and commitment to patient care – empowering clinicians and launching more than 40 new products and digital solutions. Through it all, we improved commercial and operational execution, which led to a solid financial performance in the fourth quarter, with revenue rising 6 percent and the resiliency to carry us through 2021 and beyond.
While few could have predicted the pandemic, we did anticipate the healthcare system’s need for increased productivity and digital solutions. AI and analytics help to minimize staff burden, maximize hospital resources, manage capacity, and treat as many patients as possible. In our view, digital tools and AI will only become more central to health systems moving forward. This is why we built our intelligence platform Edison, and why we are supporting digital health start-ups to develop AI applications for healthcare.
We introduced a new Edge computing technology alongside our Edison intelligence platform to give clinicians rapid access to critical data, and launched clinical offerings such as Mural Virtual Care Solution to power a first-of-its-kind virtual intensive care unit. In the medical imaging space, we showcased AI-enhanced solutions like Air Recon DL with deep-learning technology to cut MR scan times by as much as a third, AI-powered Critical Care Suite 2.0 that helps assess placement of endotracheal tubes, and two new AI-based ultrasound offerings, Voluson SWIFT (Women’s Health) with industry-first auto recognition tools, and Vivid Ultra Edition (Cardiovascular).
One clear example of where AI and analytics can improve operational efficiency is our command center technology which is used in more than 200 hospitals around the world. In its first year, Tampa General’s CareComm command center has saved the system $40 million and created the equivalent of 30 beds in additional capacity.
While most of the 2020 discussion was focused on COVID-19, cardiovascular disease and cancer are still the leading causes of death globally. For this reason, we took a major leap forward toward radiology’s future by acquiring Prismatic Sensors AB with photon-counting technology – increasing our commitment to expanding the clinical capabilities of traditional CT to enhance image quality and diagnostic benefits across multiple care areas. We also partnered with GenesisCare to deliver improved cancer and cardiovascular care to patients around the world, and in our Pharmaceutical Diagnostics business we began going direct to market in Japan.
In 2021 the circumstances in healthcare will change once again. But our commitment and drive to innovate for clinicians and their patients will not. We will continue investing in the research and development of new product platforms to help health systems integrate data and apply analytics to enhance operational efficiency, clinical productivity, and improve value capture.
Thank you to all our employees who have gone the extra mile in often trying circumstances this past year, living our purpose and values, and supporting lives in moments that matter. I’d also like to thank our customers for their trust and continued partnership. We’re looking forward to working further to enhance healthcare in 2021.