As an information-driven industry; healthcare has the potential to be propelled forward by advances in information technology and management.
The pace of change has accelerated impressively since the end of the last century.
The 1980s, for example, saw the digitalisation of basic measuring devices, such as the in-ear thermometer, glucose metres, and blood pressure metres.
Today, patients, physicians, and healthcare institutions can all benefit from significant advances of digital processes and technologies across the board
Today, patients, physicians, and healthcare institutions can all benefit from significant advances of digital processes and technologies across the board.
For instance, advances in digital imaging have developed substantially since the introduction of picture archiving and communications systems (PACS) radiology in the 1970s.
PACS is the mainstay of modern imaging departments and such systems help eliminate interdepartmental and inter-facility barriers and enable improved workflow and productivity.
Digitised records help ensure hospitals have access to up-to-date medical information about their patients
Alongside the use of digital modalities such as X-ray, MRI, CT and ultrasound, these advanced medical imaging systems streamline processes by allowing access to more-accurate information, faster processors, as a well as 3D capabilities. All of these efficiency gains directly impact patient throughput and the quality of healthcare delivery.
The healthcare sector faces a range of challenges including serving an ageing population and coping with changing regulations.
Digital technology can contribute to meeting these challenges. For example, via digitalisation patient records become more-readily accessible.
Digitised patient data can be retrieved immediately and then analysed, compared and combined in moments, a task that formerly would have been inconceivable. As such, clinicians can use this information to determine the best responses in the face of emerging challenges and trends. This helps to improve patient throughput, and therefore cope with the growing demands of an ageing population. Additionally, changing regulations have allowed patients to choose where they will receive hospital treatment.
By spreading the cost of equipment over its useful lifetime, healthcare organisations can gain immediate access to the latest digital technology without a large initial capital outlay while keeping their lines of credit intact
Digitised records help ensure hospitals have access to up-to-date medical information about their patients.
The acquisition of digital medical technology can be a costly undertaking and the relatively-limited availability of traditional sources of funding has made equipment, technology and software acquisitions and upgrades increasingly difficult for many healthcare providers.
Against this backdrop, asset financing techniques, such as leasing, are emerging as increasingly-popular investment enablers.
Payment profiles can be arranged to align to an understanding of expected patient throughput and reimbursement rates and ultimately translated into a cost per patient and/or cost per scan or treatment. This allows healthcare providers to manage costs more precisely.
By spreading the cost of equipment over its useful lifetime, healthcare organisations can gain immediate access to the latest digital technology without a large initial capital outlay while keeping their lines of credit intact.
Without access to these new digital technologies, it is increasingly difficult for healthcare organisations to meet the rising tide of pressures they face in an effective way
Asset finance packages can also bundle equipment, technology, and modest installation costs into a fixed payment for the financing period, thereby providing a reliable and transparent financing method which helps to manage the financial outlay and avoid hidden cost escalation.
Moreover, financing arrangements can include the option to upgrade to newer, more-efficient medical equipment, enabling healthcare providers to harness technological advances to improve patient outcomes.
Such tailored financing packages tend to be offered by specialist financiers who have an indepth understanding of medical technology and its applications. They are, therefore, able to create customised financing packages that fit the specific requirements of a hospital and the use of the technology in situ.
Digitalisation is enabling radical change in a number of healthcare areas ranging from e-Patient record systems to refined diagnostic imaging and much more.
Without digitalisation, new ways of delivering healthcare remain outside the reach of many healthcare organisations
Without access to these new digital technologies, it is increasingly difficult for healthcare organisations to meet the rising tide of pressures they face in an effective way.
Without digitalisation, new ways of delivering healthcare remain outside the reach of many healthcare organisations. Nevertheless, asset financing techniques can help healthcare organisations realise digital investments without delay.