Upgrading Medical Equipment
The Benefits and Risks

Written By: Bryce Ray

Are you a hospital utilizing old or outdated medical equipment? Here are some risks that a hospital might encounter by not upgrading to better technology:

1) Equipment issues
2) Medical negligence
3) Decreased productivity & inefficiencies
4) Compliance
5) Security gaps
6) The potential reputational risk of not creating the very best outcome for patients

Above, I outlined six high-level hospital risks for utilizing old and outdated medical equipment. Each hospital must evaluate the risks mentioned above and find a balance of the amount of risk they can tolerate and/or mitigate.

There is not a one-size-fits-all winning formula for upgrading medical equipment. Among hospitals and care facilities safety is the priority, but supply chain managers must also consider the age and serviceability of the equipment, the costs to service, the cost to repair and the cost to replace. There are obvious benefits to buying and using the newest equipment in the market. Newer equipment is created with extra safety features in mind. For example, the upgrade from an infusion pump to a smart infusion pump can help ensure the appropriate amount of medication is administered. There are checks and balances built into the new technology. The real question is, if hospitals know they have dated equipment, why are they not upgrading?

Based on my many years of healthcare lending experience, the answer is generally funding. Many hospitals do not consider the many creative and simple options available to them to upgrade. At Med One Group, we provide solutions for hospitals to upgrade to new medical equipment of the hospital’s choice. With nearly 30 years in business, Med One has served over half of the nation’s acute care hospitals and many other healthcare facilities with leasing, rental, sales, and service solutions. Because Med One provides both financing and rentals for medical equipment, we are an excellent resource for materials management and supply chain professionals. With multiple locations across the country, Med One Group offers custom leasing and rental solutions that work best within any facility’s budget. Bottom line, if you’re a hospital, medical practice, or a medical device vendor let Med One Group help you and your customers upgrade. You have options to mitigate old and outdated equipment and improve patient care.

$3 TRILLION
is the amount the United States spends on Healthcare each year. Medical supplies and equipment account for the biggest spike in healthcare spending.

70%
of physicians and staff members are initially resistant to change due to perceived impact on workflow and unwillingness to learn new skills.

71%
of decision makers in hospitals and healthcare facilities initiate purchasing decisions when replacing used or outdated technology.