Clinical Asset Management

MAKE SMARTER DECISIONS
WITH CAPITAL RESOURCES

Like many health systems, you may be dealing with decreasing reimbursement, shrinking operating margins, staffing challenges, and cybersecurity vulnerabilities. Amidst these pressures, your medical devices and support expenses could be seen as a necessary but substantial cost. By transforming medical devices and the teams that support them into strategic assets, you can drive greater financial savings while maximizing device availability to better support patient care and your providers.

50%

of health systems are currently deferring capital expenditures to offset long-term financial impact of the pandemic1

Clinical assets account for more than 25% of health system capital expenses on average. This substantial investment demands finding new ways to deliver value beyond day-to-day operations. With visibility to comprehensive data and analytics, health systems can leverage their inventories as strategic resources to meet operational and financial goals.

25-35%

CapEx savings2

15-25%

CapEx avoidance2

47-50%

increase in nursing satisfaction with MME program2

TRIMEDX’s technology-enabled clinical engineering provides objective data to a next-generation clinical asset informatics platform. Health systems use these tools to uncover data-driven, actionable insights that optimize the utilization of clinical asset inventories and improve their overall performance. With a TRIMEDX partnership built on robust, visible data and expert service, these health systems can achieve essential outcomes.

Objective clinical asset insights can even be used to support strategic capital planning decisions. A comprehensive clinical asset management solution can help answer these challenging questions:

  • How many clinical assets do I actually own?
  • Where are my clinical assets located?
  • Are my clinical assets being used?
  • How much am I spending on rental equipment?
  • Do I have enough medical equipment to meet patient demands?
  • When should I replace my clinical assets?
  • How many medical devices do I actually need?

1 McKinsey & Company, The Financial Impact of COVID-19 on Health Systems and How CFOs Are Responding, June 2020
2TRIMEDX data based on typical client results.

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LEVERAGING A CLINICAL ASSET MANAGEMENT SOLUTION TO OPTIMIZE CAPITAL PLANNING

A nationally recognized academic medical center was looking to improve its capital planning process to optimize its clinical asset inventory and drive savings. They turned to their clinical engineering provider, TRIMEDX, for help to implement a comprehensive clinical asset management solution. As a result, the health system was able to save millions of dollars, implement a sustainable capital planning process, and improve communication between administration and clinicians. Learn more.

The TRIMEDX database of over 4 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 can help health systems take a comprehensive approach to clinical asset management.

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 national benchmarking reveals clinical asset inventory levels at hospitals are 50-60% higher than national benchmarks on average. Identifying these often easily missed surpluses can lead to improved utilization and generate even greater cost savings.

Monitor utilization in real-time
Knowing and understanding how clinical assets are used is key to strategic clinical asset management. Through a partnership with Medigate, a leading healthcare IoT security platform, you can use TRIMEDX to monitor network-connected medical devices in real-time and analyze true utilization. On average, medical devices are only used 40-50% of the time. By making this data visible, health systems have a huge opportunity to optimize their clinical asset resources.

TRIMEDX RUDR Score®
The TRIMEDX national database of medical device benchmarks is combined with client-specific utilization data and other factors such as device-specific repair events, parts availability, and more. This data is integrated through a proprietary algorithm into the TRIMEDX RUDR Score®, an action-oriented score for each device in inventory that is displayed through TRIMEDX Clinical Asset Informatics. This score helps you determine which medical devices are ready for Replacement, Upgrade, Disposition, or Reallocation to alternate sites.

Click on each to learn more

Determine if and when clinical assets should be replaced by comparing clinical asset inventory, device utilization, and service history against national benchmarks.

Extend the useful life of your clinical assets by analyzing device age, condition, performance, and options for software and hardware upgrades.

Maximize the return on your clinical assets by identifying underutilized or retired clinical assets that have remaining market value.

Ensure your clinical assets are available at the right place at the right time by analyzing demand and utilization of clinical assets across all sites of care within your health system.

 

Strategic advisors
Establishing governance that leverages objective data and recommendations as part of the clinical asset management process results in sustainable long-term optimization and financial success. TRIMEDX’s team of expert strategic advisors works alongside health system leadership and capital planning committees to help them enhance data analysis, optimize processes, and implement strategic clinical asset management decisions.

The TRIMEDX clinical asset planning resources provide data and tools to drive cost-saving opportunities across healthcare organizations. The high window of transparency to metrics and historical trends provides healthcare leaders insight into:

  • How much ​equipment is owned across the system, by manufacturers, functional areas, or site of care?
  • What are my inventory trends over time when comparing devices added versus retired?
  • How does my clinical asset inventory compare to other sites within my healthcare system and against national benchmarks?
  • Which devices should I consider for replacement and how can I strategically plan my capital budgets over the next five years?

Benefits

With a foundational understanding of their medical device inventory and application of the TRIMEDX RUDR Score®, health systems can start to make better-informed decisions around:

  • Optimize inventory: Which assets should you prioritize for replacement, upgrade, disposition, and reallocation
  • Benchmark performance: Which sites have too much equipment that could be better utilized in other sites of care
  • Maximize utilization: How devices are being used and which devices aren’t being utilized in their current site
  • Enhance capital planning process: How to leverage data and technology to support strategic capital planning decisions
$ 890 M+

CapEx avoidance and deferral

$ 520 M+

OpEx savings

25-35 %

Annual CapEx avoidance and deferral

Capitalize on prescriptive savings opportunities
TRIMEDX makes it easy to realize the financial savings discovered through our clinical asset management solutions. Powered by innovative and prescriptive clinical asset analytics, TRIMEDX’s Clinical Asset Informatics has built-in automated workflows that proactively identify, aggregate, and expose major opportunities for financial and operational improvement within your clinical asset install base. With the click of a button, these opportunities are transformed into active projects with prescribed action plans that monitor the progress through completion and track measurable outcomes against savings goals.

Reallocate devices where they have the greatest impact
Take action to realize financial savings with TRIMEDX’s sophisticated analysis of device performance data. Identify which devices are underutilized or in excess through our RUDR Score®. A fully integrated clinical asset reallocation 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.

Efficiently disposition surplus equipment
Just because a medical device has reached the end of its useful life doesn’t mean it doesn’t have residual value. Instead of throwing it out to make room for new equipment, maximize the return on your investment through clinical asset disposition.

Through an online auction platform with Centurion Service Group: A TRIMEDX Company, surplus equipment can be disposed of or sold, removing unnecessary equipment expenses, maximizing the return on clinical asset investments, and freeing up precious financial resources. Centurion Service Group is an industry-leading, full-service surplus medical equipment

Benefits

  • Realize operational expense savings: Remove excess devices from clinical asset inventory to reduce clinical engineering bill and overall operating expenses
  • Avoid wasting capital budgets: Avoid unnecessary purchases of new clinical assets
  • Improve patient care: Ensure devices are available for patient care with clinical asset reallocation based on patient volume trends
  • Maximize asset ROI: Get the best possible cash return for surplus clinical assets
10-20 %

Annual OpEx savings

25-35 %

Annual CapEx avoidance and deferral

20-50 %

Higher returns over trade-in value

Accounting for up to 90% of a health system’s clinical assets, mobile medical equipment like infusion pumps and patient monitors are vital to patient care. As these devices are moved around the facility, they can be hard to locate when needed creating perceived equipment shortages. Additionally, mobile medical equipment that travels from patient to patient poses a significant risk for transmission of Hospital Acquired Infections (HAIs).

The TRIMEDX Mobile Medical Equipment (MME) management program is built on best-in-class lean processes for the cleaning and management of mobile equipment through technology enablement and an on-site team of experts. The TRIMEDX MME team works with health system leadership and nursing staff to establish appropriate par levels, redesign storage areas, track device usage, and implement sustainable management processes to ensure clinicians have access to patient-ready equipment.

Innovative technology allows the TRIMEDX MME program to track all activity related to mobile medical equipment―device availability, cleaning records, location transfer, and more. This data is analyzed to help drive operational performance and to deliver client insights for more informed decision making.

Benefits

  • Improve patient safety: Mobile medical equipment is cleaned and sanitized using OEM protocols and validated with advanced ATP testing
  • Time optimization: Reduce time spent looking for equipment and create standardized and reliable mobile equipment workflows
  • Enhance clinician satisfaction: Current clients experience an average increase from <2 to >4 on a five-point scale in nursing satisfaction
  • Financial savings: Optimize mobile medical equipment inventory usage to reduce rental and operating expenses
72-75 %

Reduction in time spent looking for mobile medical equipment

57-60 %

Improvement in device cleanliness

47-50 %

Increase in nursing satisfaction

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