Tech giants unite to bolster remote, chronic care services

General Electric and Intel on Monday announced a new partnership designed to deliver healthcare services remotely to the world's growing number of chronic illness sufferers.

The tech giants hope to apply telehealth technologies to promote the delivery of care in patients' homes or independent living centers. The strategy is designed to promote patient independence and cut healthcare costs by keeping patients out of hospitals and other expensive care settings.

"New models of care delivery are required to address some of the largest issues facing society today, including our aging population, increasing healthcare costs and a large number of people living with chronic conditions," Paul Otellini, Intel president and CEO, said in a statement announcing the 50/50 venture. 

"We must rethink models of care that go beyond hospital and clinic visits, to home and community-based care models that allow for prevention, early detection, behavior change and social support. The creation of this new company is aimed at accelerating just that."

The companies hope to launch their new venture by the end of the year. No financial details were disclosed.