Mount Sinai expands global reach in new partnership with China-based health system
New York-based Mount Sinai Health System announced on Friday what it is calling a "historical agreement" with Taikang Healthcare in China to provide clinical and management knowledge transfer services.
Under the agreement, Mount Sinai will also provide education and training programs for Taikang’s Xianlin Drum Tower Hospital in Nanjing, the capital of Jiangsu Province in east-central China. Officials said Mount Sinai will also provide guidance in implementing medical care delivery standards, as well as developing clinical centers of excellence and best practices in hospital management.
“Our mission is to enable our international partners to raise the standards of healthcare delivery in their communities by leveraging Mount Sinai’s repository of medical knowledge, cutting-edge clinical innovations, and educational resources,” said Arthur Klein, M.D., president of Mount Sinai Health Network, in a statement.
The terms of the deal were not released. But as the Wall Street Journal reported earlier this year, U.S. hospitals are increasingly seeking opportunities in international markets, particularly in the world's second-largest economy, to increase the reach and depth of their brands. Last year, the Cleveland Clinic signed a management consulting agreement with an entity that plans to open a hospital in Shanghai. UCLA Health and Stanford University Medical Center have looked at the potential for consulting and training providers in Asia and the Middle East, partly in response to the number of foreign patients who come to the U.S. to seek care. Johns Hopkins, UPMC and Mayo Clinic have pursued similar strategies.
Taikang Healthcare is a wholly owned subsidiary of Taikang Insurance Group, which has been expanding its healthcare footprint in recent years including investments in retirement care in China. (It has other interests as well, notably acquiring a major stake in New York auction house Sotheby's in 2016.)
Taikang acquired its stake in Taikang’s Xianlin Drum Tower Hospital and reportedly entered into an agreement to buy a $1 billion stake in U.S.-based NorthStar Realty Finance's healthcare portfolio in 2015. Taikang also picked up a nearly 30% stake that same year with IHH Healthcare's China portfolio of primary care clinics and greenfield hospital projects in 2015, breaking ground on a new $200 million hospital with IHH Healthcare in Shanghai New Hongqiao International Medical Center last year, according to The Business Times. It acquired a $168 million stake in Harmonicare Medical Holdings Limited, the largest private obstetrics and gynecology specialty hospital group in China, in 2016.
Already, Mount Sinai has been collaborating with the Taikang Xianlin Drum Hospital, which is affiliated with Nanjing University Medical School and is the only tertiary hospital on the east end of Nanjing, according to Shanghai Daily. According to them, the hospital signed a cooperation deal with Mount Sinai in areas of hospital construction, clinical instruction, international conference, and talent development in June 2017.
Szabi Dorotovics, M.D., president of Mount Sinai International, said Taikang stood out among health systems seeking to transform healthcare in China: “Taikang is focused on the health and wellness of the communities it serves and prioritizing access and care excellence first."