How smart clinical asset optimization can cut costs and increase cash flow – 5 takeaways
Economic pressures are driving healthcare system leaders to manage clinical assets more effectively.
Many organizations are leveraging innovative clinical asset management solutions to achieve this goal.
During a recent Becker Hospital Examination webinar, sponsored by TRIMEDX, David Klumpe, PharmD, President of the Company’s Clinical Asset Management, and Murphy McGraw, Director of Product Management, described the challenges of clinical assets and summarized TRIMEDX’s solutions and benefits financial.
Five takeaway meals:
- Economic pressures are driving healthcare leaders to seek clinical asset management solutions. These pressures include declining hospital profits and margins, limited budgets and a greater shift of care to alternative sites. The COVID-19 pandemic is only increasing those pressures, with 50% of healthcare systems postponing capital spending, Klumpe said, citing data from McKinsey. “Clinical assets represent about a quarter of the annual capital expenditure of a typical hospital,” he said.
- Due to the large excess inventory, clinical assets must be managed more efficiently. Amidst these financial pressures, health systems have excess equipment that is not being used in acute care settings. “Our data shows that a typical acute care hospital only uses 40 to 50 percent of the devices in its inventory on any given day,” Klumpe said. As patients increasingly seek care in non-active settings, the demand for medical equipment is also changing. This creates an opportunity to redistribute equipment to match shift patient demands.
- Healthcare system leaders are looking for specific functionality in clinical asset management solutions. Among the 100 healthcare executives surveyed by TRIMEDX, the most important characteristics of a clinical asset management solution are: 1) the ability to proactively identify cost savings opportunities; 2) translate these opportunities into specific and actionable recommendations for inventory optimization and 3) be able to operate devices at other care sites, which is especially important as the volume of acute care shifts out of the way. of the hospital environment.
- TRIMEDX helps healthcare systems unlock the full potential of their clinical assets. TRIMEDX’s complete solution includes a world-class clinical engineering program that delivers operational savings through standardized workflows and equipment maintenance; device safety and security focused on cybersecurity quality, regulation and excellence; as well as a comprehensive clinical asset management program to optimize inventory and generate financial savings. TRIMEDX helps healthcare systems answer the following questions:
- How much equipment do we have?
- Where is our equipment located?
- Is our medical equipment being used?
- How much do we spend on rental equipment?
- Do we have enough equipment to meet patient demand?
TRIMEDX’s RUDR Score is a proprietary algorithm that analyzes a variety of device data points to proactively offer recommendations for replacement, upgrade, disposition or reassignment on each device. “This allows us to evolve the conversation about clinical asset management beyond just capital planning,” said McGraw, “into real optimization opportunities with different actions based on the data we collect. “. These prescriptive recommendations typically produce 10-20% operating savings through inventory optimization, 25-35% CapEx avoidance or deferral through strategic replacement planning and a 20-50 return. % above trade-in value of used surplus sales. devices.
5. Devi reassignmentThis care from the acute to non-acute care setting can generate significant savings. TRIMEDX’s advanced analyzes provide an accurate inventory of all clinical assets in the healthcare system, benchmarking of the number of national assets to identify areas of overshoot, and RUDR scores that highlight specific devices recommended for reallocation. Many healthcare systems have taken advantage of these powerful tools to move or transfer underused equipment to higher demand healthcare sites. Reallocating clinical assets can help healthcare systems save on capital budgets and operating expenses by maximizing the use of devices they already own instead of purchasing additional equipment.
TRIMEDX provides practical information that reveals significant financial savings, often totaling millions of dollars per year for healthcare systems, while improving device uptime and patient safety.
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