Telehealth technology will help seniors and save billions!

The partnership of two of the biggest companies worldwide could have major implications for healthcare in the future, particularly for those living in rural or remote communities.

The partnering of giant General Electric and micro chip maker Intel to develop hi-tech health care could be lucrative for both and also mean hi-tech health care products that will allow patients to possibly be treated at home.

The home-based health technologies are intended to assist seniors and other patients to live independently within the comfort of their own home.

The two companies plan to invest $250m in the project for the research and development of home based health technologies over the next five years.

GE already provides health care products to hospitals and insurance companies and Intel clearly sees healthcare as a potentially lucrative market. Intel known as the world's largest micro chip maker has been keen to develop a new business venture in health care and despite the global economic downturn, which has affected both companies, they are confident that this could be a hugely profitable enterprise.

GE's chief executive Jeff Immelt, GE's chief executive has spoken with optimism for the project and says the intention on the part of Intel and GE is to create small create a 'big business'.

A special computer by Intel - the Intel Health Guide - a care management tool designed for healthcare professionals to manage patients with chronic conditions - enables doctors to monitor, diagnose and consult with patients at home - the technology which could save hundreds of people from making repeated trips to hospital and also save billions of dollars.

Intel's chief executive Paul Otellini,says as much as 80% of health care budgets is spent on chronic care patients and the technology has the potential to dramatically reduce that amount because a day at home costs far less than a day in hospital.

With aging populations in the U.S., the UK, Australia and other countries on the increase, the two companies expect the market for using such technology to manage chronic diseases, to grow from $3bn a year to $7.7bn by 2012.

The National Health Service (NHS) in the UK is already piloting Intel's Personal Health System in some areas and other countries are also aiming to improve the efficiency and delivery of health care while lowering the cost.

Mr Otellini has suggested that business companies as well as governments have an obligation to take part when new technology, new ideas and new market opportunities are presented, and to be aware of what technology can achieve.