What is Asset Management in Healthcare?
Asset management is critical for any Healthcare organization. An effective asset management system can help to ensure that all assets are accounted for and that they are being used in the most efficient way possible.
According to market and research “The Healthcare asset management market is expected to reach USD 35.19 billion by 2023 from USD 6.89 billion in 2017, at a CAGR of 31.4%.
How to Deploy a Healthcare Asset Management System?
There are several factors to consider when deploying a healthcare asset management system.
Firstly, choosing a system that integrates with existing systems and processes is essential.
Secondly, the system should be flexible enough to accommodate future growth and change.
Finally, the deployment process should be planned and tested to ensure a smooth transition.
As the Healthcare industry rapidly adopts new medical technologies, the management of physical assets has become increasingly complex. Implementing a Healthcare asset management system can help organizations keep track of their assets, schedule maintenance and repairs, and optimize utilization.
Benefits of Asset Management in Healthcare
Here are five benefits of deploying a Healthcare asset management system:
1. Improve Asset Utilization
One way to improve asset utilization in Healthcare asset management systems is by right-sizing your inventory. In other words, keep only the amount of assets on hand that you need to meet patient demand.
This may seem like a no-brainer, but according to a study by the Institute for Healthcare Improvement, nearly 30% of medical equipment is underutilized, while another 30% is unused. That’s a lot of wasted resources!
Another way to improve asset utilization is by centralizing your inventory. Having a centralized system makes it easier to track assets and prevents duplication of effort.
Finally, regular maintenance and calibration of assets can help to prolong their life and prevent unexpected downtime.
2. Reduce Operational Costs
In the United States, healthcare spending accounted for 17.9% of the Gross Domestic Product (GDP) in 2017 and is projected to reach 19.4% by 2026.
With Healthcare costs rising, it is increasingly important for Healthcare organizations to find ways to reduce operational costs. One way to do this is through efficient asset management. Asset management tracks and manages physical assets, such as medical equipment and supplies.
An effective asset management system can help Healthcare organizations save money in several ways.
- It can help to reduce inventory costs by ensuring that only the necessary assets are purchased, and those surplus assets are sold or donated.
- It can help to reduce maintenance and repair costs by ensuring that assets are correctly calibrated and maintained.
- It can help to reduce replacement costs by ensuring that assets are not lost or stolen.
Healthcare organizations can save significant money annually by investing in an effective asset management system. One study found that hospitals using an asset management system could reduce their annual operating expenses by an average of 2.3%. Given the high cost of Healthcare, even a small reduction in operational expenses can make a big difference.
3. Increase Transparency and Accountability
It is no secret that the Healthcare industry is in flux. With rising costs and increasing scrutiny from regulatory agencies, it is more important than ever to ensure that Healthcare organizations operate as efficiently as possible.
One area where there is room for improvement is asset management. Healthcare organizations need to be able to track and manage their assets in a transparent and accountable manner.
Unfortunately, many Healthcare asset management systems are lacking in transparency and accountability. It can lead to waste, fraud, and abuse. One study found that nearly $30 billion was lost yearly due to waste and fraud in the U.S. Healthcare system. This is a huge problem that needs to be addressed.
- One way to increase transparency and accountability in Healthcare asset management systems is to implement a blockchain-based solution.
- Blockchain technology can provide a decentralized and secure way to track and manage assets.
- Additionally, it can help to prevent fraud and abuse by providing an immutable record of all transactions. Implementing a blockchain-based asset management system would be a significant step forward for the Healthcare industry.
4. Improve Patient Healthcare
Hospitals are one of the most commonly used Healthcare asset management systems. To ensure that patients receive the best care possible, hospitals need an effective asset management system.
- One way to improve hospital patient care is to implement a real-time location tracking system. This system would allow hospital staff to quickly and easily locate patients and identify which rooms they are in.
- Additionally, the tracking system could be used to monitor the movements of hospital staff, providing valuable data that could improve efficiency.
- Another way to improve patient care is to ensure that hospital equipment is appropriately maintained. You can do this by implementing a preventative maintenance program that includes regular inspections and servicing of all equipment.
5. Reduce Regulatory Compliance Risks
It is estimated that Healthcare organizations spend anywhere from $15 million to $45 million annually on regulatory compliance.
Despite this significant investment, a recent study found that nearly 60% of surveyed organizations feel they are only somewhat prepared to meet current compliance regulations, and less than half feel ready for future regulations.
However, there are some steps you can take to reduce the risks associated with regulatory compliance.
- Make sure you clearly understand all the regulations that apply to your system.
- Develop a process for regularly reviewing and updating your system to ensure it remains compliant.
- Work with your legal team to create a comprehensive compliance plan that covers all aspects of your system.
Healthcare organizations looking to improve asset management should consider deploying a Healthcare asset management system. This solution can help improve asset utilization, reduce operational costs, increase transparency and accountability, improve patient care, and reduce regulatory compliance risks.