5 Benefits of Deploying a Healthcare Asset Management System

Asset Management / October 2019

A lack of asset management poses multiple risks to any asset-intensive operation, particularly those in the healthcare sector. Risks can most likely occur when using outdated systems or managing equipment with spreadsheets. But, having the right tools in place to help maintain and manage your healthcare assets is the perfect solution.

When requiring greater asset visibility, a dedicated asset management system is the right course of action. Among other elements, such as assessing risks and reducing costs, Asset Management Software lets you get the most from your equipment and machinery.

Ultimately, the advantages of healthcare asset management can seem endless. But, essentially, there are five benefits that stand out the most for medical facilities.

5 Benefits of Asset Management in Hospitals

1. Improve Overall Patient Healthcare

The goal of a healthcare operation is to provide an excellent standard of care for all patients. Unfortunately, this isn’t always the case.

There can be several reasons for the standard of patient healthcare to slip. But one common factor is that healthcare professionals often become waylaid with other tasks. Such as tracking down missing assets and dealing with unplanned equipment maintenance.

These issues can have a direct impact on your patient care. Including prolonging waiting times and a lack of beds to accommodate patients.

To avoid these issues, asset visibility is key. Twined with asset tracking technologies, you can ensure assets are where they’re supposed to be. Meaning they can be used by patients, doctors, and nurses when needed.

Having a dedicated asset management system also helps to keep track of your medical inventory. Allowing you to build a detailed asset register that includes data such as quantity and costs. This reduces manual stock takes and means staff can spend more time with their patients.

2. Increase Staff Productivity in Your Healthcare Facility

Over 30% of NHS nurses said they spend an hour looking for equipment on each shift. This equates to around £900 million in wasted nursing time each year. It also means nurses are being less productive in looking after their patients.

Luckily, an asset management system can help staff locate equipment in no time. Meaning they’re spending less time tracking down the tools they need.

Another benefit, in terms of productivity, is that maintenance can be planned for. This minimises disruption and allows repairs or upgrades to be carried out in quieter periods.

3. Reduce Your Long-Term Costs

Asset management tools are notorious for reducing expenditures. Whether that be operating costs, repair costs, or costs associated with lost items. They also help accountancy teams to analyse data and improve budgeting forecasts.

With detailed maintenance planning, you can easily coordinate work orders and inventory. This can lead to cost-saving through economies of scale and bulk buying opportunities.

You can also see a significant reduction in costs when it comes to asset loss prevention. Some asset management healthcare systems provide asset theft alerts, too. This can help reduce the risk of theft and the cost of having to replace stolen assets.

4. Gain Insights With Healthcare Asset Management Reports

Asset management systems provide the ability to analyse, monitor, and report on your healthcare assets. Having a focus on compliance and asset reporting makes it easier to track equipment data. Helping you to make better-informed decisions on asset lifecycles, maintenance, and regulations.

If you’re still using whiteboards or notepads to report on your assets, keep in mind; that the information is only as good as what you remember to write down.

5. Improve Your Medical Waste Disposal

Healthcare facilities, particularly hospitals, have an obligation to dispose of their medical waste in the most environmentally-friendly way possible. Waste must be disposed of safely and securely. Whether pharmaceutical, biological, disposable medical assets, chemicals, or radioactive.

With the right asset management tool, you can standardise your waste management procedures. Ensuring your waste disposal is compliant with regulatory standards.

Whenever you or your staff dispose of waste, there will also be an audit trail. Making it easier to keep track of what has been disposed of, when, and where.

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