A New Way to Save
The economic pressures of declining hospital profits and margins and constrained budgets has hospital leaders seeking new ways to save money without sacrificing the quality of patient care. The pandemic is only increasing these pressures with 50% of health systems deferring capital expenditures, according to a recent McKinsey survey.
One option that has been growing in popularity to address this is ‘functional service’ ownership of high cost medical equipment. Manufacturers and/or retailers retain ownership of their products and act as service providers, selling the use of their products. Many healthcare providers that have made the decision to utilize the ‘functional service’ model rather than purchase their equipment are discovering the following benefits:
Saves Capital – ‘Functional service’ does not require a large initial investment allowing you to invest capital resources into other programs and services.
Easy Upgrades – Through a ‘functional service’ agreement, it is easy to upgrade existing equipment to the newest technology. This can save you money by allowing you the ability to optimize your asset’s technology and provide improved patient outcomes.
Increased Flexibility – An asset management program allows you to choose equipment from a variety of OEMs. By working with a ‘functional service’ provider you get the benefit of a full suite of new, previously owned, or refurbished systems from all of the major OEMs.
Budget and Planning Friendly – “Functional service” contracts provide you with a steady payment for a set length of time.
Utilizing the functional service model allows for the customization of diagnostic imaging services to achieve the best possible clinical, operational and financial outcomes. Working with a strategic partner that oversees the life cycle of imaging systems from procurement to disposal maximizes the use of existing assets, streamlines workflow and leads to improved care delivery.