Unprecedented Visibility into Asset Data from Over 1,700 Hospitals to Provide Leading Healthcare Organization with More Efficient Capital Planning and Improved Spend Management
Austin, TX, October 15th, 2020 – Accruent, the leading provider of solutions to manage the built environment, today announced that Southeastern Health, a non-profit healthcare organization, has chosen Accruent’s Data Insights software to gain visibility into its asset data and broader purchasing decisions. By compiling asset information from more than 1,700 hospitals, Data Insights will provide Southeastern Health with unprecedented insight about its most critical clinical equipment, including total cost of ownership, real-world asset performance and estimated asset lifespan. Southeastern Health plans to use this visibility and transparency to better allocate capital and manage spend.
According to Kaufman Hall’s July 2020 National Hospital Report, healthcare organizations are noting a challenging financial outlook in 2020 and beyond: 76% of hospitals indicate that they lack the resources for effective financial planning and management, while 87% indicate that cost reduction is a priority and 54% note that they have insufficient data to effectively lower costs. What’s more, the COVID-19 pandemic has pushed median hospital operating margins from 1.7% to -3%. In this context, it is crucial for healthcare organizations to better budget their capital dollars, 70% of which go toward asset spend.
Southeastern Health is a non-profit, comprehensive healthcare system that offers a wide array of healthcare services through its affiliated divisions. The company is licensed for 452 beds and includes Southeastern Regional Medical Center, a DNV GL – Healthcare accredited hospital which offers a combination of acute care, intensive care and psychiatric services to more than 15,000 inpatients and 61,000 emergency patients annually.
Like many healthcare facilities in the U.S, Southeastern Health has dealt with incomplete information regarding the true cost of ownership regarding its capital equipment. Data Insights’ comprehensive data and analysis will provide Southeastern Health with valuable visibility into:
Asset reliability insights, failure rates and mean time between failure
Equipment’s life expectancy and annual maintenance costs
Detailed analysis to help plan corrective and preventive labor
Device overview including FDA and recall information
Comparison features to see side-by-side reliability metrics across products
Data from thousands of hospitals around the nation
This actionable information will allow Southeastern Health to better evaluate existing equipment, plan for new equipment and execute more efficient capital planning to effectively budget and lower operating costs.
“I have never seen this level of detail,” says Justin Bynum, Chief Financial Officer at Southeastern Health. “People tap dance around asset life expectancy, but this is the first time I’m seeing objective, true-to-life data. Accruent’s Data Insights offers the collective real-world data we’ve always wanted to inform our purchasing decisions, but never thought we could compile in healthcare. Not only will we now know means and averages, but we’ll also know our equipment’s true cost of ownership, its reliability and life expectancy, and how much downtime to expect in a year. I have never seen information like this available in healthcare before.”
Accruent serves more than 10,000 customers worldwide in markets including retail, manufacturing, corporate facilities and real estate, healthcare, higher education, public sector, utilities and telecommunications, providing comprehensive software solutions for the built environment. Powered by data from 289 million work orders in 55% of U.S. hospitals, Data Insights can provide independent reliability insights to help organizations like Southeastern Health build confidence in their capital plans and improve their operations.
“At Accruent, we are focused on innovation,” says Andy Ruse, President of Accruent. “We’re using the power of data to drive innovation and transforming how hospitals do business. Using the operational data that we have compiled in our 20 plus years in healthcare, industry leaders can now better allocate their capital programs and streamline their financial operations. Today, this is more necessary than ever, and we are leading the charge.”