The healthcare sector is a complex environment where social, political, and economic factors have an undue impact. But healthcare organizations must continue to serve their patients in sophisticated and equitable ways—no matter what complications or widespread disruptions arise.
Hospitals can meet many of the identifiable and evolving needs of modern consumers with next-generation technology investments. But they must overcome budgetary roadblocks to meet these identifiable needs.
Fortunately, integrated and customized financing concepts help organizations optimize their technical infrastructure, even as they introduce new capabilities to their patients and staff for the very first time. Organizations can begin with virtually no budget and scale critical technologies successfully, gradually increasing then decreasing their payments as they put those technologies to use.
The rapid adoption of connected, consumer-facing technologies has aided healthcare professionals in providing their services, even in moments of great upheaval. The medical device sector, now an integral part of the healthcare industry, has helped reduce patient recovery times and lower the costs of life-saving technologies. The global telemedicine market, an increasingly important segment, reached an estimated USD$4.5 billion in 2019 and continues its rapid growth.
But while hospital administrators remain open-minded in terms of new technologies that improve patient experiences and outcomes, they often lack the financial means to invest in the tools they need—even if that need is immediate and they are confident in the long-term value of those investments. This has become especially apparent as global disruptions accelerate the need for telemedicine and advanced capabilities that will enhance home-care experiences well into the future.
When disaster strikes and people are confined to their homes, the need for connected technologies rises abruptly. But in terms of even essential, life-saving medical equipment, “Health industry experts cite cost and uncertainty as disincentives to stocking up,” The Washington Post reports, “leaving a potential life-and-death gap in treatment options for patients” during a crisis.
But while this response arose amidst a temporary crisis, experts believe this sudden necessity was simply the continuation of emerging trends in education technology adoption and demand. Telemedicine technologies make access to healthcare more affordable and manageable for everyday care. This is true during crises that prevent patients from commuting to medical facilities, but even during times of relative stability among patients who don’t have regular, easy access to facilities or patients who ultimately needn’t take up time and space in medical facilities at all.
For example, remote diagnostic devices with Internet of Things (IoT) connectivity transmit vital patient data. This allows world-class physicians to work with countless new patients, even at long distance. “Patients can also use IoT devices directly (think connected glucometers or heart rate monitors) to help keep their doctors up-to-date on their status or illness,” Forbes reports.
But while there are countless needs and clear financial incentives for these medical technologies, investment dollars often are not forthcoming. Healthcare organizations need to bridge the gap between identifying these growing needs and achieving the widespread technology adoption that will meet them, even at peak requirements.
Fortunately, flexible equipment financing options allow healthcare organizations to shape their digital transformation sustainably along the entire technology lifecycle. Intelligent financing options allow organizations—even those with virtually no budget it all—to start on only small, regular payments and increase payment volumes gradually, even as their new technology performs.
As that technology performs and payments increase, the technology will have proven its viability and financial justification. If the technology does not perform, organizations have options to cancel their investment—rather than become encumbered with unwanted, idle equipment. In this way, costs and lack of budget are no longer barriers to modernization and digitalization of hospitals.
CHG-MERIDIAN provides transparent and flexible financing options to public sector organizations to make this possible. What’s more, we provide technology lifecycle management support that adds measurable value to organizations’ technology investments, including a customized billing model to meet their needs. Organizations enjoy simple, cost-center-specific charging, lower total costs, and minimized risks.