Microsoft Corp. (NASDAQ: MSFT | MSFT Price Prediction) announced that it is working with Providence St. Joseph Health, a U.S. hospital chain, in an effort to build a new high-tech hospital. This move is part of Microsoft’s latest run at the health care business after previous efforts, such as its hospital IT software called Amalga, which failed to gain much traction.
These two companies have talked about their vision for a “hospital of the future” for months, including several one-on-ones between Microsoft CEO Satya Nadella and Providence St. Joseph CEO Rod Hochman.
The strategic priorities for this collaboration involve improving the electronic medical record so that it’s easier for doctors, nurses and other health providers to find and share information. The tech also will aid clinicians in the diagnosis and treatment of patients.
Note that the project is still in an early phase and many details are undecided.
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Hochman commented:
Between Apple, Google and Amazon, they all have their strengths. And it’s not to say that there won’t be projects with all three, but I’d make the distinction with Microsoft that they’re not trying to do health care themselves. They aren’t trying to be in the health-care business, but are trying to make it better.
He went on to say:
We have to evolve to become information centers, with sophisticated outpatient and inpatient care. It’ll be interesting to see how many (health systems) make it through that transition.
Shares of Microsoft traded at $136.87 on Tuesday, in a 52-week range of $93.96 to $138.40. The consensus price target is $144.06.
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