Hospital administrators and medical practice managers know just how challenging it is to reach that balance. Americans spent a staggering $3.2 trillion on healthcare in , and according to Modern Healthcare , medical supplies and equipment account for the most significant spike in healthcare spending. Hospitals are spending $93 billion per year on medical equipment lifecycle costs. And Becker&#;s CFO Report estimates hospitals are missing savings as much as 12% to 16% because of &#;lack of accurate information, internal resources, bandwidth and specialized expertise.&#;
Click here to get more.
That averages out to $12,000 per bed, per year. How can your healthcare organization effectively plan for and reduce the total cost of ownership (TCO)?
First, familiarize yourself with the factors that contribute to your TCO and the actual lifecycle process.
TCO Lifecycle:
Factors that Affect TCO:
You should carefully analyze each of these pieces of the lifecycle and the factors that affect it. For example:
Technology then adds a whole new dimension to medical equipment. One study estimates medical practices are spending $32,500 per year, per full-time physician to buy, maintain and manage health information technology.
Before equipment is purchased, managers must determine how IT will be affected:
Whether you are managing a medical practice or a large healthcare organization, you must delicately balance risk, cost and benefits. Is the TCO worth the return on investment?
This is at the top of the list because providing top care should be your biggest priority. Will the new equipment improve patient care or offer better overall outcomes? In addition to the ethical reasons involved, improving care may result in meeting new quality care measures laid out by the Centers for Medicare and Medicaid, as well as other insurers.
Technology has created equipment that is both faster and smarter. In addition, newer equipment is usually more user-friendly, lessening the learning curve for new employees and making it easier to integrate with electronic health records.
If a piece of equipment allows you to bring specific procedures in-house, a new revenue stream is likely possible. For example, bringing lab equipment in-house not only allows you to treat specific conditions quickly, but will bring in revenue that you were outsourcing.
Continually paying for repairs is expensive. If you are spending a lot maintaining old equipment, it often makes sense to invest in new.
For more information, please visit Newcentury.
Being an early adopter of new technology may attract patients simply because other offices or hospitals do not have the equipment needed to treat them. Investing in new equipment sends a message that your office is cutting edge and up-to-date on the latest trends and treatments.
Watch this on-demand webinar to learn how a major healthcare system reduced equipment expenditure with total lifecycle management.
The most significant part of the decision-making process is gathering the necessary information.
By collecting data from various sources, you can make the best procurement decision, including clinicians, facilities and construction, IT and telecoms, biomedical engineering, procurement, finance, vendors and system integrators.
Analyze your current asset base, maintenance history of the old equipment and projected maintenance on the new equipment. Carefully compare product specifications, installation requirements and gather price benchmarking data. And gather a robust database of sources, models, manufacturers, new and used equipment, as well as trade-in options.
It is critical to have a transparent information pool. While healthcare technology has grown exponentially, many parts of healthcare are not connected and still exist in isolated silos. Numerous healthcare functions are sophisticated and tech-savvy, but they often produce disconnected data streams, making decision making impossible.
You can ultimately decide by connecting your data streams. For example, RFQ capital (supply chain) provides your benchmarking data, project capital (facilities) includes product specifications, routine capital (finance) gives insight into your current asset base, replacement capital (clinical engineering) gives you data on maintenance history, and project capital (facilitators) provides installation requirements.
To remain competitive and provide the highest quality care, physicians and healthcare organizations must have a strategy for keeping their equipment up-to-date. Taking into consideration the total cost of medical equipment ownership, as well as cost-saving strategies, will help your organization save money, become more productive, attract new patients and possibly find new revenue sources.
Learn more about how to improve medical equipment planning processes at every stage of the capital equipment lifecycle.
Let&#;s dive into the topic of hospital bed costs, a crucial factor for healthcare providers, families, and individuals. You might be wondering why this is so important? Well, think about it this way: The type and quality of a patient&#;s bed can significantly impact their recovery process, not to mention comfort during what can be a challenging time. As someone who desires to serve others in the healthcare field or even as a concerned family member or individual seeking care, you need to understand the cost implications.
Hospital beds come with different features that influence their prices. For instance, electric beds with adjustable height and position controls are pricier than manual ones. Additionally, specialty beds designed for specific medical conditions such as bariatric or orthopedic beds tend to cost more due to their specialized design and feature set.
Moreover, brand reputation also plays its part in determining the price tag. Renowned brands known for high-quality products and excellent customer service may charge more than lesser-known manufacturers.
In essence, hospital bed costs aren&#;t just about providing a place for patients to rest; they&#;re about ensuring optimal care and recovery. And while balancing budgets is always important &#; particularly in healthcare &#; you should remember that sometimes investing in higher-quality equipment can lead to better patient outcomes.
Now that you&#;ve got an understanding of why hospital bed costs matter and what factors can affect them let&#;s delve deeper into exploring different types of hospital beds broken down by cost range.
The company is the world’s best medical bed manufacturer supplier. We are your one-stop shop for all needs. Our staff are highly-specialized and will help you find the product you need.