Consider the Total Cost of Medical Equipment When Making Purchasing Decisions
Over the last decade, since the passing of the Affordable Care Act, much attention has been given to lowering healthcare costs while improving the overall quality of care. Hospital administrators and medical practice managers well know just how challenging it is to reach that balance. Americans spent a staggering $3.2 trillion on healthcare in 2016. According to Modern Healthcare, medical supplies and equipment account for the biggest spike in healthcare spending. Hospitals are spending $93 billion per year on medical equipment lifecycle costs. Becker’s CFO Report estimates hospitals are missing savings as much as 12 to 16 percent due to “lack of accurate information, internal resources, bandwidth, and specialized expertise.” 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)? Consider these four tips.