With the healthcare industry’s shift towards value-based care, enhancing the experience of care for patients, improving health and safety standards, and reducing the per capita costs of healthcare has become a high-priority for overall organizational performance. However, 54% of hospitals indicate they have insufficient data, benchmarking and reporting tools to support efforts to lower costs without compromising quality of care, according to Kaufman Hall’s 2020 Healthcare Financial Outlook.
To help our customers identify and manage equipment spend more efficiently and improve their delivery of care, Accruent is releasing Data Insights 3.0, an updated version of our simple-to-use web application that provides hospital executives information to assist in making the best capital planning, purchasing, maintenance and labor decisions for their biomedical equipment.
Data Insights is the only solution that provides total cost-of-ownership data for biomedical equipment, and enables hospitals to:
- Quickly obtain meaningful cost and reliability data in preparation for equipment buying decisions
- Plan and prioritize future capital spend for equipment and related parts
- Identify and manage maintenance cost reductions without adding resources
- Extend the life of assets using real world life expectancy data
Transformative New Data Insights Functionalities
Accruent Data Insights aggregates medical device data from more than 55% of U.S. hospitals and provides critical information to better inform purchase decisions for thousands of medical equipment items. For each medical device model, Data Insights documents the number and timing of device failures, shows the average maintenance hours required by device age, and estimates the probability of equipment lasting for a specified number of years. Accruent brings these measures together into the industry’s first unbiased reliability and life expectancy analysis.
After a full year of constant innovation since the initial launch of Data Insights in July 2019, we are excited to announce the following new features:
- My Institute Reports module
- 5x increase in models included in the catalog
- New data attributes
My Institution Reports
Everything from preventive maintenance to supply-chain efficiency and capital planning rely on accurate data that can be accessed and analyzed rapidly. Data Insights leverages aggregated and anonymous data from 287 million work orders and 17 million assets for data-driven reliability and operational cost comparisons.
My Institution Reports is a new module that combines your data with ours to improve management of your hospital’s medical devices for better capital planning, AEM analysis, benchmarking, risk management and parts budgeting.
An “easy button” for capital planning which provides a 5-10-year planning outlook for major capital placements of medical devices. The capital planning option features your inventory supplemented with enhanced life expectancy and price data.
Using benchmark data, this new report helps to identify where you can save the most on labor hours and costs with an alternative equipment maintenance program.
This feature improves maintenance procedures by comparing model level metrics such as MTBF and COSR to identify where your maintenance program is above or below the industry average.
This feature provides a full view of all models, along with their vulnerabilities recorded by CERT to manage security risks for your entire portfolio.
Helps forecast parts costs for the next five years customized to your portfolio of medical device models and ages.
To allow your institution to use Data Insights at scale across your organization, Data Insights 3.0 comes with an increased volume of models from 2,000 to 10,000 including high dollar value items such as fluoroscopic x-ray machines, gamma cameras, ventilators, and surgical robots.
New Data Attributes
Today, healthcare IT and finance departments must ensure that every technology investment produces the highest return on investment at the lowest cost. And better purchasing decisions, lifecycle decisions and biomedical management start with good data. To quickly evaluate total cost of ownership of similar devices and help with planning and management, several new data attributes were added to Data Insights, including:
- Annual parts costs in the Materials tab
- Average industry acquisition cost and a range of acquisition costs in the Lifecycle tab
- Parts cost, labor cost and acquisition costs in the Compare tab
- Acquisition Price and COSR in the Compare tab.
How Accruent Can Help?
Data Insights 3.0 is the first healthcare solution to deliver total cost of ownership and equipment reliability data for your healthcare organization. It can help your hospital’s purchasing executives and final-decision makers effectively negotiate and make data-driven equipment purchasing decisions, reduce spending on equipment lifecycle costs, optimize capital planning and improve operating margins with real-world data, benchmarking and reporting tools.
Let us start a conversation about how we can help you optimize your medical equipment spend with real-world data. Contact us today.