Total Cost of Ownership: What Medical Equipment is Really Costing Your Company
When making decisions, hospital procurement leaders must constantly weigh a broad range of factors against budget demands, while also seeking to eliminate unnecessary expenditures. The same goes for decisions about retiring older infusion pumps, telemetry systems, and other types of biomedical assets.
Calculating the total cost of ownership (TCO), a time-tested business tool, is the gold standard formula in capital asset planning. However, barriers to accuracy and over-emphasis on initial purchase costs can undermine the usefulness of TCO calculations, leading to missed cost-savings opportunities.
This guide offers leaders a comprehensive approach to calculating TCO for medical equipment. This approach addresses the unique nature of each healthcare organization, focusing on individual factors affecting current medical inventory and biomedical equipment utilization requirements.
Topics covered include:
- Examining barriers to TCO accuracy
- Gathering precise data from multiple stakeholders
- Uncovering hidden costs during the full device lifecycle
- Tips for reducing capital equipment costs
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