In partnership with Right at Home, Koninklijke Philips N.V PHG declared the commercial beta launch of remote care services, powered by the new connected sensors platform, CareSensus.
Right at Home is a leading in-home senior care franchise network globally. With their flexible and cost-effective mix of in-home and remote care options, Philips and Right at Home are redefining the entire home care landscape.
Powered by potent data analytics and connected sensors, this distinctive high-touch, high-tech, "blended care" approach delivers insights and adjusts to a senior's needs to offer "always-on" home care.
Thus, the Philips CareSensus platform is offering seniors the advantages of the Internet of Things right in their homes, with its unique home care monitoring solution. The powerful analytics of the CareSensus platform will help detect behavioral changes in seniors through a perceptive online dashboard with several views. The family caregiver can also access the dashboard, to help periodically assess their loved one’s habits. This also allows them to potentially intervene before a more serious event can occur.
The solution leverages Philips’ profound knowledge of advanced analytics in patient and home monitoring.
The world has an ageing population, and this translates into increased demand for Right at Home's care services. Philips’ blended care approach and its innovative technology has the potential to set the future of home healthcare.
Philips' impressive portfolio of aging services, which includes Philips Lifeline medical alert services, post-acute and long-term care solutions, connected medication adherence solutions and referrals to home health services, is further expanded with CareSensus.
The Dutch conglomerate is striving to expand its lucrative and fast-growing health technology business, which competes with Siemens AG and General Electric Company GE. Its healthcare business is gaining rapid momentum with the rising demand for technology that enables hospitals to analyze clinical data and allow patients to monitor their health on smartphones.
However, the company has been facing tough times recently, with escalating taxes and restructuring charges burdening earnings. Also, challenging market conditions, coupled with mixed outlook in China, Russia and Latin America, continue to exert pressure on this Zacks Rank #5 (Strong Sell) stock.
Some better-ranked stocks from the same space include Jason Industries, Inc. JASN and Kopin Corporation KOPN, both holding a Zacks Rank #2 (Buy).
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