AquinaOctober 30, 2020

Three Ways Healthcare Providers Can Replace Equipment Efficiently

Three Ways Healthcare Providers Can Replace Equipment Efficiently

With technology moving as quickly as it is, the need to replace outdated equipment or medical devices has perhaps never been greater than it is today. But when trying to balance the future needs of the practice with today’s financial realities, those decisions are rarely cut and dry. Today we look at three different ways healthcare providers can make their capital investments go farther.

Bundling equipment purchases.

For larger hospital systems, in particular, bundling new equipment purchases across the system rather than individual locations or departments is an easy way to minimize costs. Placing fewer, larger orders instead of smaller ones can increase purchasing power within an organization. In addition, given economies of scale, having multiple divisions of a single hospital system using the same technology platforms can also be more efficient in running operations, as it reduces training time, and can eliminate organizational silos. Norman Regional Health System in Oklahoma went through this process in 2017, using software to help with procuring new technology and equipment purchases.

Leasing versus buying.

While not a new option, the pace of rapid change in technology has made leasing potentially a more attractive option for many providers. Particularly as healthcare is now in the midst of significant change, uncertainty over what the medical office may look like in just a few years has many looking more closely at maintaining flexibility over ownership of equipment. One needs to only look at the business world to see this approach in action – the proliferation of software-as-a-service, or SaaS, applications have changed the way many companies view technology ownership. Healthcare brings with it a different set of conditions and nuances but is seeing a similar trend, particularly on the administrative front.

Partnerships based on specialties.

Particularly as healthcare has become very specialized and fragmented, providers need to be precise about practice areas they want to focus on versus ones they don’t. Deciding what services are core is critical to decision-making around not just equipment and technology, but also has impacts on staffing, physical locations, and more. One way to extend yourself with less risk is to consider partnering with other healthcare organizations. Recently, the University of New Mexico Health Sciences Center partnered with nearby Presbyterian Healthcare Services to offer a combined effort aimed at improving pediatric specialty care. Partnerships like these can help expand services, without shouldering all the risk or investment alone.

As you grapple with the questions and issues outlined above, is your practice in need of funding to grow? Offering funding programs for both operating and capital expenditures, Aquina Health can provide the dollars you need at a reasonable cost to you. Contact Us today for more information on both our Via and Praxis solutions, and get started immediately.