1. Data-Driven Decision Making
Forward-thinking ASCs are harnessing the power of data analytics to drive cost-saving decisions. This isn't about big data – it's about smart data.
Action Step: Start by tracking your equipment repair histories and utilization rates. This data can inform more strategic decisions about when to repair, replace, or upgrade equipment, potentially extending equipment life and reducing capital expenditures.
2. Predictive Maintenance
The old reactive approach to equipment maintenance is giving way to more proactive strategies. Leading ASCs are exploring ways to anticipate equipment failures before they occur.
Key Insight: While the initial investment in predictive maintenance technologies may be an unbudgeted expense, the short-term savings from reduced downtime and fewer emergency repairs can often be substantial.
3. Collaborative Purchasing Networks
ASCs are finding strength in numbers, joining purchasing networks to negotiate better rates for equipment, supplies, and services.
Insider Tip: Look beyond just supplies. Collaborative negotiation on service contracts can yield significant savings on equipment maintenance, an often-overlooked area for cost reduction.
4. Lean Management in Equipment Lifecycles
Principles of lean management, long used in manufacturing, are making their way into ASC operations. This approach focuses on eliminating waste and maximizing value throughout the equipment lifecycle.
Application: Consider implementing a standardized process for evaluating whether to repair or replace equipment. This can prevent costly overreaction to equipment failures and ensure more consistent, cost-effective decisions.
5. Alternative Equipment Maintenance (AEM) Programs
ASCs are increasingly exploring Alternative Equipment Maintenance programs, moving away from rigid manufacturer-recommended schedules to more flexible, risk-based approaches.
Regulatory Note: The Centers for Medicare & Medicaid Services (CMS) now recognizes AEM programs as a valid approach to equipment maintenance, opening doors for potential cost savings without compromising patient safety.
Capturing These Savings with Equips
These trends point to a clear need: ASCs need better data and more flexible approaches to equipment management. Equips addresses these trends for you by:
- Providing market rate data for repair costs, enabling informed negotiations
- Offering insights to help prevent costly equipment failures
- Negotiating maintenance contracts in bulk for immediate savings and more maintenance provider options
- Facilitating more strategic approaches to equipment lifecycle management
- Supporting the implementation of customized maintenance programs
The Bottom Line
The difference between average and top-performing ASCs often comes down to how they manage costs that, when ignored, can eat away at their bottom line. This is often true of their equipment management costs. By adopting these trends, ASCs can not only cut costs but also free up capital for growth and innovation.
Ready to see where you stand? Our assessment can help benchmark your equipment management practices and identify areas for improvement.
Book Your Free ASC Cost Control Assessment
Don't leave potential savings on the table. Use our assessment to identify your biggest opportunities for equipment cost optimization.