How are you cutting equipment costs?

Focus on the quality of care is the order of the day, but you need top-notch equipment to do it, which has a huge price tag. At the same time, you have to hold the line on costs. Most hospitals have tightened their belts in this area. Is it possible to do anything more about the high costs of equipment replacement? Yes, according to the Healthcare Value Wire (Issue 14-1), which quotes an article in Hospitals & Health Networks Daily.

One idea: Conducting an annual inventory can uncover more assets than you think you have—15% or more, the article notes. One health system discovered through an inventory that some equipment did not need replacing, so it was able to reallocate $84 million in funds.

What is your organization doing to rein in these costs? Share your ideas below.

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