Minneapolis-based Fairview Health Services sees a new partnership with the University of Minnesota, also in Minneapolis, as an opportunity to cut medical expenses through new technologies and research, according to the Twin Cities Pioneer Press.
Fairview Health President and CEO James Hereford said the health system is looking at using artificial intelligence, telemedicine and automation to deliver medical services to patients at a lower cost. Mr. Hereford said doing so is a top priority of its partnership with the university.
Under the deal, Fairview Health agreed to give at least $40 million each year to the University of Minnesota to fund clinical research. Mr. Hereford added that in addition to research funding, Fairview Health will be working with the university to get patients into clinical trials.
"If you're going to be effective in experiments and clinical trials, etc., you need to have a large body of patients to work from," Mr. Hereford told the Pioneer Press. "You can't simply do it as the stand-alone ivory tower on the hill, which is where many academics were."