Enhancing Healthcare Services Through Enterprise Asset Management

Most hospitals and healthcare units today struggle with the challenge of managing assets.

Missing equipment, the inability to track available assets, and over-purchasing assets are

some common asset mismanagement scenarios that adversely affect the budget, productivity,

and efficiency of a hospital.

Consider a scenario where a nurse unable to track infusion pumps wastes time looking for it

while the patient is left waiting in discomfort, and the hospital to prevent such situations from

happening ends up purchasing a additional infusion pumps. According to an article published

in the nursingtimes.net, 33% of nurses in hospitals spend at least an hour searching for

equipment.

Technology, today, can deliver solutions to manage assets in different facilities, hospital units,

and departments at the same or different geographical locations. Managing assets is now

much easier using Enterprise Asset Management (EAM) applications. EAM uses efficient

techniques for optimization and also assists in planning, ordering, and replacing assets.

Some of the reasons why you should implement an EAM application in your hospital are:

Enhanced Productivity

Productivity of the hospital staff is adversely affected when time is spent by them searching

for equipment instead of attending to patients. Additionally, when such equipment is hard to

locate, especially during emergencies like major accident or trauma situations, this could have

undesirable consequences, including loss of revenue to the hospital.

This brings us to Enterprise Asset Management solutions and Digital Asset Management, that

can help in gaining control. With built-in technology such as RTLS, RFID, and GPS based

tracking, it can save time and assist in finding lost equipment and assets quickly.

Reduced Costs

Buying additional equipment that are already in stock at the hospital will unnecessarily

increase costs. Commonly used equipment or assets such as infusion pumps are often

underutilized in hospitals. Managing these assets and purchasing just in time helps efficiently

utilize funds.

Asset Management Systems provide high-level visibility into equipment and asset stock

availability. Setting thresholds allow healthcare facilities to place orders when required and

auto purchase when threshold limits are crossed.

Increased Visibility

When different departments and floors use different systems to track operations,

synchronizing throughout the healthcare facility becomes impossible. This often leads to a

mismatch in asset tracking, which leads to a drop in effective utilization.

Asset Management Software can help hospitals integrate all relevant data across the facility.

You can access this data in real-time and increase visibility over various channels. In fact, you

can analyse future risks, track performance, and reduce unnecessary expenditure more

effectively.

Ensure Regulatory Compliance

Compliance is of the utmost importance in the healthcare industry, where human lives are at

stake. Repairing, maintaining, and changing critical pieces of equipment are essential in

hospitals and healthcare centers. With manual processes, these scheduled maintenance

tasks could end up being missed, which can raise non-compliance implications.

Digital Asset Management tools can regularly monitor and track healthcare equipment,

ensuring timely repair and services, and scheduled maintenance tasks.

Conclusion

With healthcare centers and hospitals looking to increase security and tighten the budget,

eliminating avoidable risks and expenditures is imperative. Asset mismanagement is one such

avoidable issue. Apart from legal implications, loopholes in asset management can lead to

negative financial impact and reduced productivity.

Implementing an Enterprise Asset Management system, like Pycube’s Asset Management

platform aktivu™, is a solution to effectively managing assets.

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Posted on 2019-01-25 | pycube.admin

The Solution to Medical Inventory Shrinkage: Passive RFID

Today, hospitalsuse state of the art equipment to diagnose and treat patients. While some of these machines, like an MRI machine, are difficult to lose track of, there are numerous others that can be easily lost. One common example is telemetry devices which can be as small as a mobile handset. Telemetry devices are expensive, each piece costing up to as much as $5000, meaning hospitals can accrue huge losses simply due to either device misplacement or device loss. This loss of medical equipment is known as inventory shrinkage, and it is a huge problem for healthcare facilities. 

The Problem: Inventory Shrinkage

Telemetry devices, being small in size, often times get mixed with soiled bed linens and are mistakenly sent to laundry, or are, on rare occasion, stolen. Once lost, there is not much hospitals can do to trace these devices. While losing a single device may not cause a serious dent to a hospital’s finances, frequent losses can accumulate and cause major setbacks to a hospital\'s budget.

The Solution: Passive RFID

Being able to track these medical devices can help hospitals not only reduce such losses but can also help them recover lost equipment. One way to reduce shrinkage of telemetry devices in hospitals is to use passive RFID. When a passive RFID tag is attached to a telemetry device, it is possible to trace its location without having the hospital staff sift through loads of laundry looking for such equipment before sending the linen for wash.

With such an RFID enabled asset management solution, hospital staff can be alerted whenever a telemetry device passes through a laundry or linen collection point. This helps hospitals reduce loses and makes managing these assets much easier.

Why Passive RFID

Passive RFID tags are a preferred solution due to their small size. Passive RFID tags come in various sizes , enabling hospitals to tag equipment of different sizes, from small IV pumps to larger equipment like EKG or patient monitors. Additionally, passive RFID is more affordable for hospitals, allowing them to tag and manage more equipment and devices, and be better positioned to deliver an asset management solution at any hospital.

Hospital Asset Management Solution

A good asset management solution is extremely important to a hospital’s operations and so it is crucial for hospitals to invest in a solution that can deliver value in a cost effective manner. This can only be accomplished if a hospital shares information on the type and quantity of equipment and devices that need to be tagged to manage inventory shrinkage and inventory losses. Additionally, hospital staff will need to be trained on handling all tagged equipment and devices, and have knowledge of the asset management process.

Enterprise asset management solutions from Pycube can help hospitals track and maintain all medical and non-medical equipment and devices in a hospital. Pycube works with hospitals to deliver them the capability to tag, track and manage all their equipment and devices using a computer or a mobile device so that their asset information is available to them at all times.

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Posted on 2019-01-25 | pycube.admin

Managing Healthcare Assets in a Cost Effective & Time Efficient Manner

Hospital personnel deal with a variety of medical equipment, devices and tools everyday. The criticality of the nature of patient care requires a nurse or a doctor to be quick and alert when dealing with patients. The ability to quickly locate healthcare assets is an important factor in the delivery of quality patient care and assist with timely diagnosis, treatment and recovery of a patient.

The lack of a good Asset Management System leaves scope for human error like misplacement of important medical equipment and devices. Research shows that hospitals spend a part of their budget replacing misplaced or lost assets, a situation that can be easily avoided.

Enterprise Asset Management Systems are an integral component of any healthcare facility operations, helping staff quickly locate assets and manage their budgets efficiently by cutting back on unnecessary costs.

Some of the key features of an Enterprise Asset Management System are:

Process Automation

An enterprise asset management system that provides hospital facilities the ability to automate their key repetitive processes can help manage the entire asset life cycle, right from purchase to disposal, service, upgrade and replenishment can also be automated through workflows.

Real-Time Visibility

Healthcare organizations deal with a large number of equipment and consumables, most of which have an expiration date. For safety and compliance, it is important for hospitals to keep track of medications and equipment to ensure optimal utilization. An effective Asset Management System, like Pycube’s aktivu™ platform, allows hospital staff to keep track of these assets in real time, right from their point of entry into the hospital to their disposal, tracking and documenting the entire lifecycle.

Time Efficiency

An Enterprise Asset Management System assumes responsibility of tracking and locating assets minimizing the chances of human error, reducing the time spent searching for assets or locating misplaced assets. Periodic tasks like scheduled maintenances and tracking purchase orders can be automated to run at specific times eliminating chances of delays and misses. The entire process of asset management can be better organized to allow healthcare staff to utilize their time on what they do best, delivering patient care.

Cost Effectiveness

Overbuying assets and consumables, and spending on replacing misplaced equipment are two factors that can affect the cost and can be completely avoided. This savings can be utilized for delivering better patient care. An Enterprise Asset Management System can help hospitals track and document all assets that are purchased, used or disposed by a facility. This high-level of visibility into equipment and consumables lets staff and management take effective decisions on usage and purchase. An automated Enterprise Asset Management System saves time spent searching for equipment, loss of expensive devices resulting in lower operational costs.

Asset related problems can thus be mitigated to contribute to improving quality of patient care delivered as manual processes always leave room for human errors, making technology-oriented solutions an effective alternative.

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Posted on 2019-01-25 | pycube.admin