One might think that an industry projected to reach more than $407 billion wouldn’t have to worry about losing money, but they should. The United States alone accounts for 40% of the revenue in medical equipment sales. With all of that income, it’s easy to miss things that may end up costing your company millions in the long run.
Out-of-Service Medical Equipment is Not Earning You Revenue
Your aging medical equipment is serving no purpose sitting in a storage room. In fact, it could be posing multiple safety risks for your facility. Reselling your used medical equipment is the sustainable way to generate revenue, while rerouting your equipment from a landfill and avoiding possible data breaches.
Mismanaged Medical Devices are a Risky Business
It happens in hospitals all across the country. Equipment gets misplaced, forgotten, improperly marked and sometimes just taken when we aren’t looking. The best way to combat this is to make sure your department heads are completing regular equipment audits and inventory reviews. Equipment is less likely to be lost or stolen when a managed process is consistently executed.
Used Medical Equipment is Being Stored or Discarded with ePHI
This happens more frequently than you think, and when it happens it leaves you vulnerable to HIPAA violations and costly fines. In 2019, there were 6 million incidents of ePHI exposure due to theft and improper disposal in the US, with the average HIPAA penalty costing $1.2 million per event. This is easily remedied with a simple medical disposition plan that includes a managed process and the certified destruction of any found ePHI events.
Too many healthcare organizations are putting themselves at financial risk by improperly managing their out-of-service and used medical equipment. With a comprehensive disposition program, you can mitigate your risk of ePHI exposure and generate additional revenue for your facility. Let us show you how.
reLink Medical works with more than 2,000 hospital facilities throughout the nation. We properly manage their used medical equipment to mitigate the risk of improper disposal and decrease their overall cost of ownership on these devices.
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Sources:
Retrieved 5 November 2020 from HIPAA Journal, The National Academy of Medicine