Clinical Asset Management Technology

Clinical Asset Management Technology

drive better performance and savings with clinical asset management technology

Medical device technology is growing increasingly complex, and health system’s inventories are growing year over year. At the same time, hospital operating margins are narrower than ever, and these inventories are spread across expanding geographic footprints and expanding non-acute care sites. 

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0 -50%

Average device utilization rate without a clinical asset management program¹

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$ 0 -100K
Annual operating expense for every $1M in capital purchases

Elevating Medical Device Visibility and Optimization

Given these challenges, it is more important than ever to maximize the visibility of your medical devices to make sure they deliver value to your health system. The TRIMEDX Clinical Asset Management (CAM) Advanced solution brings state-of-the-art technology to medical device visibility and optimization. With CAM tools, you can go beyond monitoring your device inventories and capitalize on data-driven insights to make better strategic decisions that maximize the value of your investments.

Combined with the in-depth data analytics of TRIMEDX’s Clinical Asset Informatics, CAM Advanced offers unparalleled visibility into your complete medical device inventory. Data on over 5M clinical assets combined with organization-specific patient volume metrics, cybersecurity intelligence, and real-time utilization measurements is leveraged to create national and peer benchmarks, and provide insight, recommendations, and action plans to optimize medical device inventories, improve device availability, reduce risk, and drive savings.
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Get Prescriptive Analytics with the TRIMEDX RUDR Score®

When managing medical devices, the most common capital planning decisions are related to when to replace aging equipment or make new purchases. Yet this can often leave untapped value within a health system's current inventory. Replacement also requires capital spending at a time when budgets are tighter and more heavily scrutinized than ever.
RUDR Score
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Gain Insight into Your Clinical Assets with Your TRIMEDX RUDR Score®

The TRIMEDX RUDR Score®, available through Clinical Asset Informatics, is a proprietary scoring algorithm that automatically and continuously evaluates your clinical assets for cost savings and generates prescriptive recommendations identifying which medical devices are ready for:  

  • Replace assets that have reached the end of their useful life and are highly utilized
  • Upgrade equipment to extend its useful life and defer replacement costs
  • Dispose of underutilized or obsolete equipment by selling through an auction platform that generates a cash return
  • Reallocate underutilized assets to other sites of care instead of purchasing new
The TRIMEDX RUDR Score® is powered by data collected across our clinical engineering and cybersecurity solutions such as parts availability, device service history, device utilization, dynamic cybersecurity risk elements, and more. These prescriptive recommendations take key financial information into consideration for estimated equipment replacement costs and current market estimates of residual sales value to help you make the most financially sound decisions for your health system — while also optimizing medical device inventories and reducing organizational risk.

Access National Inventory Benchmarking Insights

Most health systems have more clinical assets than needed. Benchmarking clinical asset inventory levels and trends across all sites within the system against national averages provides insight into how the organization compares to top-performing health systems across the country. TRIMEDX benchmarking data is made even more actionable with insights that take each care site’s unique patient volumes and characteristics such as trauma or stroke centers. 

The TRIMEDX database of over 5 million medical devices provides unmatched intelligence on clinical asset performance. Advanced analysis of data collected through our clinical engineering program is integrated with a variety of industry information sources to generate prescriptive and actionable insights that help health systems take a comprehensive approach to clinical asset management. 

TRIMEDX national benchmarking reveals that hospitals with excess clinical asset inventory for essential equipment like infusion pumps, physiologic monitors, ventilators, and patient beds range from 23 to 43 percent¹ higher than national averages. Identifying these often easily missed surpluses can lead to improved utilization and generate even greater cost savings. 

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Infusion pumps are 47 percent higher than national benchmarks
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Physiologic monitors are 40 percent higher than national benchmarks
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Ventilators are 43 percent higher than national benchmarks

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Patient beds are 32 percent higher than national benchmarks

Act with Online Reallocation

Reallocating medical devices within a health system can both increase the utilization of current assets and address equipment needs without major capital investment. However, visibility to available devices has often been one of the major hurdles to effective reallocation strategies. 

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THE FULL POTENTIAL OF YOUR CLINICAL ASSETS?

Reducing expenses and increasing patient care through device reallocation

hospital-bedThe TRIMEDX Reallocation Platform applies the user experience of online marketplaces and eCommerce to bridge this gap. The platform automatically lists approved devices for the entire health system to be able to browse, search, compare, and request. By reallocating underutilized devices, health systems can avoid unnecessary capital purchases of new equipment and prevent increases in operating expenses to manage additional devices.

Reallocating devices based on patient demand drives financial efficiency and enhances device availability and the patient care experience. Devices not chosen to be reallocated within a client-specified time frame can be sent to auction through our full-service disposition program.

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Case Study:
Leveraging Technology to Drive $1M in Savings

reallocationProblem:  Grappling with the financial shock waves of the COVID-19 pandemic, health systems needed creative solutions to reduce capital and operating expenses. Two large integrated health systems looked to optimize their clinical asset inventory to provide a significant source of hidden financial savings. 

Solution:  Over a 10-week period, TRIMEDX's national benchmarking and TRIMEDX RUDR Score® automatically identified 888 devices that were underutilized at their current site of care and could be reallocated to other sites of care with higher patient demand. By leveraging TRIMEDX's fully integrated Reallocation Platform, the health system listed the devices that were available for other sites within the health system to request instead of purchasing new equipment. 

The Reallocation Platform provided a reliable and scalable technology solution that:  

  • Reallocated 43 devices to another site of care including infusion pumps, physiologic monitors, patient beds, and more
  • Avoided $1M in capital expense by using equipment already in inventory vs. purchasing new
  • Prevented $60K in operational expense annually from increased inventory counts
  • Supported health system sustainability efforts by optimizing use of equipment and preventing excess waste disposal 

Explore How TRIMEDX's Clinical Asset Management Solution Can Help Drive Financial Savings While Maximizing Device Availability

Clinical Engineering

Clinical Engineering

Reduce operational expenses while empowering your technicians

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Clinical Asset Management

Clinical Asset Management

Make objective, data-driven capital planning decisions

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Device Safety And Security

Device Safety And Security

Improve your medical device security posture

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FOOTNOTES

¹ TRIMEDX internal data