The Benefits of Healthcare Asset Management

The Benefits of Healthcare Asset Management


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An effective healthcare asset management system is an essential application that allows for patients to get the right care and treatment, at the right time.

Many hospitals and healthcare providers are moving towards a digital asset management process, mainly to admin time. But, also to develop solutions to the challenges of asset management, like effective asset tracking.

We’ve outlined some of the ways that hospital asset management software can significantly benefit both healthcare providers and its patients.

5 Benefits of Healthcare Asset Management in Hospitals

5 Benefits of Healthcare Asset Management in Hospitals

1. Healthcare Asset Management can Improve Patient Care

The goal of any healthcare organisation is to provide an excellent standard of care for all patients. Unfortunately this excellent standard can be at risk, as trained healthcare professionals often become waylaid with unrelated tasks.

For example, tracking down missing assets and dealing with unplanned maintenance. These issues can impact patient care, waiting times and even the number of beds available.

But, an asset management system helps to ensure that assets are where they should be, which means they can be used by both patients and healthcare professionals when needed.

Having a system in place also means that inventory and ordering can be easier to manage. This can be a lot less time-consuming than a manual stock take and allows healthcare professionals to spend more time with their patients.

2. Effective Hospital Asset Management can Lead to Higher Productivity

According to a survey by NursingTimes.net, over 30% of NHS nurses in the UK said that they spent around an hour looking for equipment on each shift. Not only does that cost around £900 million in pay each year, it also takes nurses away from caring for patients.

With a system in place, assets can be easily located. This allows doctors and nurses to spend less time tracking down the equipment they need.

Read more: Best Hospital Asset Tracking Technologies and Practices

Another benefit, in terms of productivity, is that maintenance and asset down time is planned for much more efficiently. This can minimise disruption and allows maintenance to be carried out in quieter periods.

3. An Effective System will Reduce Costs in the Long Run

With a healthcare asset management system in place, there can be a substantial reduction in expenditures. For example, effective management can analyse data and trends that allow for future expenditures to be planned.

Effective Hospital Asset Management will Reduce Costs in the Long Run

Through maintenance planning, you’re also able to co-ordinate orders and inventory more easily. This can lead to cost saving through economies of scale and bulk buying opportunities.

There can also be a great reduction in costs when it comes to asset loss prevention. Some healthcare asset management solutions give the option for you to be alerted to this, which can reduce the risk of theft and also reduces the cost of having to replace stolen equipment.

4. Generate Detailed and Accurate Reports

Healthcare Asset management software can come with a variety of different functionalities.

Most systems have a focus on compliance and reporting, making it easier to keep track of audits and data. This makes it much easier to make informed decisions on asset lifecycles, maintenance and regulations. It also makes it easier to provide data as required for inspections and management meetings.

With manual recording and management systems, the information is only as good as what someone has remembered to write down. Whereas it can be more effective to record accurate information automatically, leading to much more accurate information.

5. Effectively Manage the Disposal of Medical Waste

Finally, hospitals have a huge responsibility to dispose of their medical waste. This waste must be disposed of safely and securely to avoid damage to humans or the environment.

This waste could be pharmaceutical, biological, disposable medical equipment, chemicals or even radioactive waste.

Healthcare asset management can ensure that hospitals are able to standardise waste management procedures and ensure that their waste disposal is compliant. Most asset management systems will also include an audit trail to make this even easier.

Where do you go from here?

There is already a large amount of high quality asset management software and tools in place for all types of businesses.

So, the next step is to search, compare and shortlist the right asset management software for your business needs with our free software search tool!

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