Skip to main content
Subscribe
  • Sign Up Free
  • Login
  • Subscribe
  • News
    • Current News
    • Providers
    • Insurance
    • Government
    • Finance
    • Technology
    • Safety & Quality
    • Digital Health
    • Transformation
    • ESG
    • People
    • Regional News
    • Digital Edition (Web Version)
    • Patients
    • Operations
    • Care Delivery
    • Payment
    • Midwest
    • Northeast
    • South
    • West
  • Blogs
    • AI
    • Deals
    • Layoff Tracker
    • HIMSS 2023
  • Opinion
    • Breaking Bias
    • Commentaries
    • Letters
    • From the Editor
  • Events & Awards
    • Awards
    • Conferences
    • Galas
    • Virtual Briefings
    • Webinars
    • Nominate/Eligibility
    • 100 Most Influential People
    • 50 Most Influential Clinical Executives
    • Best Places to Work in Healthcare
    • Excellence in Governance
    • Health Care Hall of Fame
    • Healthcare Marketing Impact Awards
    • Top 25 Emerging Leaders
    • Top Innovators
    • Diversity in Healthcare
      • - Luminaries
      • - Top 25 Diversity Leaders
      • - Leaders to Watch
    • Women in Healthcare
      • - Luminaries
      • - Top 25 Women Leaders
      • - Women to Watch
    • Digital Health Transformation Summit
    • ESG: The Implementation Imperative Summit
    • Leadership Symposium
    • Social Determinants of Health Symposium
    • Women Leaders in Healthcare Conference
    • Best Places to Work Awards Gala
    • Health Care Hall of Fame Gala
    • Top 25 Diversity Leaders Gala
    • Top 25 Women Leaders Gala
    • - Hospital of the Future
    • - Value Based Care
    • - Hospital at Home
    • - Workplace of the Future
    • - AI and Digital Health
    • - Future of Staffing
    • - Hospital of the Future (Fall)
  • Multimedia
    • Podcast - Beyond the Byline
    • Sponsored Podcast - Healthcare Insider
    • Sponsored Video Series - One on One
    • Sponsored Video Series - Checking In with Dan Peres
  • Data & Insights
    • Data & Insights Home
    • Hospital Financials
    • Staffing & Compensation
    • Quality & Safety
    • Mergers & Acquisitions
    • Data Archive
    • Resource Guide: By the Numbers
    • Surveys
    • Data Points
  • Newsletters
  • MORE+
    • Contact Us
    • Advertise
    • Media Kit
    • Jobs
    • People on the Move
    • Reprints & Licensing
MENU
Breadcrumb
  1. Home
  2. Medical Devices
Sponsored Content Provided By TRIMEDX
This content was created by and paid for by an advertiser. The Crain's editorial department was not involved in the creation of this content.
August 13, 2021 09:30 AM

Leveraging technology and informatics to drive financial health

Responding to increased financial pressures across health systems

  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    LeAnne Hester
    Chief Marketing and Product Officer
    TRIMEDX

    The face of healthcare and the delivery of care is changing at a rapid pace. These changes are placing increased pressure on health systems to find new and innovative ways to respond to these challenges. One often-overlooked opportunity lies in the strategic management of a health systems' medical device inventory.

    What healthcare trends are forcing health systems to find new ways to support their financial health?


    LH: Care continues to shift from acute care settings to alternate sites of care as patients shoulder more of the cost and are looking for more affordable options. Additionally, COVID-19 revealed that care can effectively be delivered in these alternate settings. Lowering reimbursement rates also support this transition. Health systems will continue to evaluate the impact these changes have on their financial health and resources needed to deliver care across all sites of care. 

    What financial “levers” can health systems pull in response to these challenges?


    LH: One area of untapped opportunity is the medical device inventory. A significant portion of budgets are allocated to acquiring new devices and to ongoing repair and maintenance. While these devices are critical for treating patients, they can also support an organization’s cost-effective care strategy. This can be achieved by asking: 

    1. Should I replace this device? 
    2. Is there something new or better on the market? 
    3. Is this device utilized in this care setting? 
    4. Do any devices need upgrades to reduce cybersecurity risk?
    5. Should I dispose of devices no longer needed?
    6. Should I reallocate devices to other sites of care where there is increased patient volume? 

    A comprehensive clinical asset management program transitions medical devices from an expense to a strategic financial lever, supporting care redesign strategies and cost transformation. Strategic decision-making can reduce OpEx and CapEx on medical devices and, in some cases, return dollars to the system by selling surplus devices. Instead of looking at clinical engineering as a break/fix response to medical device usage, health systems have an opportunity to take a holistic view of how they manage their inventory—what we refer to as comprehensive clinical asset management.

    How would a health system gather the data they need to support these types of decisions?


    LH: Start with a comprehensive medical device inventory, including accurate quantities, service metrics including downtime and cost to repair, location and actual device usage. Based on this information and a structured clinical asset informatics solution, health systems can drive intelligent decisions around asset acquisition and optimization. Benefits include avoiding unnecessary capital purchases, reducing repair and maintenance costs, and improving device availability. 

    How does informatics support increased visibility and enable assets as a financial lever?


    LH: While data visibility is the first step in moving from facility-level repairs to strategic systemwide asset lifecycle decisions, most organizations’ sheer quantity of devices require additional analytics. Analytics should benchmark data. Do you have the number of devices needed to support the volume of care, a cybersecurity profile and algorithms to identify if a device should be replaced, upgraded, dispositioned or reallocated? Understanding your devices at this level helps leverage data and marry the volume forecasts, the shift in care and the equipment you need to support care delivery to create an ideal situation for implementing your overall care strategy. 

    Can you share examples of how clients have realized success by pulling these financial levers?


    LH: One client recently leveraged their device location and utilization visibility for infusion pumps to move excess pumps from one care setting to another. This helped them immediately avoid unnecessary operational/rental expense and reduce capital expense by not purchasing more equipment for one location. 

    We understand this is no small undertaking. Some health systems choose to invest in technology to build their own informatics solution while another more cost- and time-efficient option is partnering with a provider who has the necessary infrastructure and technology to provide the data, when you need it, to effectively pull these key financial levers. Either way, an investment in gathering and leveraging informatics will support your response to market challenges now and in the future.
     

    Sponsored by:


    trimedx logo

    To learn more, click here. 

    Most Popular
    1
    CMS tries luring providers to revamped Medicare ACOs
    2
    Oregon joins other states in setting ratios for nurse staffing
    3
    Blue Shield CA taps Amazon, Mark Cuban, CVS for new PBM model
    4
    A health innovation hub grows in Lake Nona Medical City
    5
    Hospital-at-home providers push for Medicaid coverage
    Sponsored Content
    Get Newsletters

    Sign up for enewsletters and alerts to receive breaking news and in-depth coverage of healthcare events and trends, as they happen, right to your inbox.

    Subscribe Today
    MH Magazine Cover

    MH magazine offers content that sheds light on healthcare leaders’ complex choices and touch points—from strategy, governance, leadership development and finance to operations, clinical care, and marketing.

    Subscribe
    Connect with Us
    • LinkedIn
    • Twitter
    • Facebook
    • RSS

    Our Mission

    Modern Healthcare empowers industry leaders to succeed by providing unbiased reporting of the news, insights, analysis and data.

    Contact Us

    (877) 812-1581

    Email us

     

    Resources
    • Contact Us
    • Help Center
    • Advertise with Us
    • Ad Choices
    • Sitemap
    Editorial Dept
    • Submission Guidelines
    • Code of Ethics
    • Awards
    • About Us
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Modern Healthcare
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • News
      • Current News
      • Providers
      • Insurance
      • Government
      • Finance
      • Technology
      • Safety & Quality
      • Digital Health
      • Transformation
        • Patients
        • Operations
        • Care Delivery
        • Payment
      • ESG
      • People
      • Regional News
        • Midwest
        • Northeast
        • South
        • West
      • Digital Edition (Web Version)
    • Blogs
      • AI
      • Deals
      • Layoff Tracker
      • HIMSS 2023
    • Opinion
      • Breaking Bias
      • Commentaries
      • Letters
      • From the Editor
    • Events & Awards
      • Awards
        • Nominate/Eligibility
        • 100 Most Influential People
        • 50 Most Influential Clinical Executives
        • Best Places to Work in Healthcare
        • Excellence in Governance
        • Health Care Hall of Fame
        • Healthcare Marketing Impact Awards
        • Top 25 Emerging Leaders
        • Top Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - AI and Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
    • Multimedia
      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Sponsored Video Series - One on One
      • Sponsored Video Series - Checking In with Dan Peres
    • Data & Insights
      • Data & Insights Home
      • Hospital Financials
      • Staffing & Compensation
      • Quality & Safety
      • Mergers & Acquisitions
      • Data Archive
      • Resource Guide: By the Numbers
      • Surveys
      • Data Points
    • Newsletters
    • MORE+
      • Contact Us
      • Advertise
      • Media Kit
      • Jobs
      • People on the Move
      • Reprints & Licensing