{"id":5590,"date":"2019-12-12T16:21:19","date_gmt":"2019-12-12T21:21:19","guid":{"rendered":"https:\/\/8c3be46f82.nxcli.io\/?p=5590"},"modified":"2020-07-07T16:15:39","modified_gmt":"2020-07-07T20:15:39","slug":"the-dichotomy-of-medical-device-disposition-and-revenue-generation","status":"publish","type":"post","link":"https:\/\/relinkmedical.com\/es\/2019\/12\/the-dichotomy-of-medical-device-disposition-and-revenue-generation\/","title":{"rendered":"The Dichotomy of Medical Device Disposition and Revenue Generation"},"content":{"rendered":"
[et_pb_section fb_built=”1″ _builder_version=”3.22″][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]Medical Device Cost $$$.<\/strong> Hospital Supply Chain Spend $$$. Added Complexity. Finding Solutions. I\u2019ll leave you with this.\u00a0 I\u2019ve worked in the medical device industry for 20 years and have been at both ends of the device lifecycle.\u00a0 I\u2019ve worked with surgeons to develop their dreams into life-improving devices and helped hospitals solve challenging problems on what to do once those devices have lost their usefulness.\u00a0 I welcome what\u2019s ahead, and I know I\u2019m with the right team. \u00a0Together we\u2019ll help hospitals and suppliers build a process to reduce costs, increase revenue, and most importantly take care of people.<\/p>\n Contact reLink Medical<\/a> to learn how we can help your hospital reduce costs and better manage the disposition of your medical equipment.<\/p>\n Author: Scott Leube, Director of Business Development at reLink Medical[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>","protected":false},"excerpt":{"rendered":" Medical Device Cost $$$. Every medical device that passes the FDA seal of approval exists to achieve the benefit of making someone who is ill achieve wellness.\u00a0 The average cost to market a device under the FDA 510(k) process is $31M.\u00a0 A lot of time and energy goes into making up that margin and many […]<\/p>","protected":false},"author":9,"featured_media":6121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"Medical Device Cost $$$.<\/strong>\r\nEvery medical device that passes the FDA seal of approval exists to achieve the benefit of making someone who is ill achieve wellness.\u00a0 The average cost to market a device under the FDA 510(k) process is $31M.\u00a0 A lot of time and energy goes into making up that margin and many lives benefit from it.\u00a0 But what happens after a medical device is no longer needed by the end-user, the hospital?\r\n\r\nHospital Supply Chain Spend $$$.\r\n<\/strong>I recently read a study that showed the average supply cost for a patient admission is around $4,500 while the average overspend per hospital is $11M per year.\u00a0 As Supply Chain Managers respond to pressures from CFOs, the drive for hospitals to reduce the amount of waste in their Supply Chain will continue to dictate their purchasing decisions.\u00a0 Now factor in operational margins of only 2-3% and you can see why it is critical to understand the value of every piece of equipment used to care for patients.\r\n\r\nAdded Complexity.\r\n<\/strong>Often, hospitals experience changes in reimbursement, technology, and service providers.\u00a0 All these changes pose a threat to how their current medical devices are used.\u00a0 If a new surgeon is recruited to a hospital, they often demand specific equipment that allows them to perform at their best.\u00a0 On the other hand, when a surgeon leaves, the equipment once used can become an item tucked away into a storage room for months or even years.\u00a0 There lies the question: Do you decide to keep the device and wait for another surgeon to need it, or dispose of it?\u00a0 Often overlooked is the value of the device in the secondary market.\u00a0 Selling it means it\u2019s gone but holding onto it long past its tangible usability does nothing more than waste its value.\r\n\r\nFinding Solutions.\r\n<\/strong>Consider what it would be like to manage both the front-end and the back-end of a device\u2019s lifecycle.\u00a0 It\u2019s 100% possible to create a workflow that maximizes the value of assets where the result can make an immediate impact on operational revenue.\u00a0 For example, a hospital with an operational margin of 3% needs $3.3M in revenue to equal $100,000 gained.\u00a0 A hospital with a reproducible equipment disposition program can generate the equivalent of $3.3M in revenue by effectively managing the sale of unwanted medical equipment worth $100K.\u00a0 Why not maximize the back-end revenue by planning for it on the front-end?\r\n\r\nI\u2019ll leave you with this.\u00a0 I\u2019ve worked in the medical device industry for 20 years and have been at both ends of the device lifecycle.\u00a0 I\u2019ve worked with surgeons to develop their dreams into life-improving devices and helped hospitals solve challenging problems on what to do once those devices have lost their usefulness.\u00a0 I welcome what\u2019s ahead, and I know I\u2019m with the right team. \u00a0Together we\u2019ll help hospitals and suppliers build a process to reduce costs, increase revenue, and most importantly take care of people.\r\n\r\nContact reLink Medical<\/a> to learn how we can help your hospital reduce costs and better manage the disposition of your medical equipment.\r\n\r\nAuthor: Scott Leube, Director of Business Development at reLink Medical","_et_gb_content_width":"","footnotes":""},"categories":[192],"tags":[],"class_list":["post-5590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blogs"],"yoast_head":"\n
\nEvery medical device that passes the FDA seal of approval exists to achieve the benefit of making someone who is ill achieve wellness.\u00a0 The average cost to market a device under the FDA 510(k) process is $31M.\u00a0 A lot of time and energy goes into making up that margin and many lives benefit from it.\u00a0 But what happens after a medical device is no longer needed by the end-user, the hospital?<\/p>\n
\n<\/strong>I recently read a study that showed the average supply cost for a patient admission is around $4,500 while the average overspend per hospital is $11M per year.\u00a0 As Supply Chain Managers respond to pressures from CFOs, the drive for hospitals to reduce the amount of waste in their Supply Chain will continue to dictate their purchasing decisions.\u00a0 Now factor in operational margins of only 2-3% and you can see why it is critical to understand the value of every piece of equipment used to care for patients.<\/p>\n
\n<\/strong>Often, hospitals experience changes in reimbursement, technology, and service providers.\u00a0 All these changes pose a threat to how their current medical devices are used.\u00a0 If a new surgeon is recruited to a hospital, they often demand specific equipment that allows them to perform at their best.\u00a0 On the other hand, when a surgeon leaves, the equipment once used can become an item tucked away into a storage room for months or even years.\u00a0 There lies the question: Do you decide to keep the device and wait for another surgeon to need it, or dispose of it?\u00a0 Often overlooked is the value of the device in the secondary market.\u00a0 Selling it means it\u2019s gone but holding onto it long past its tangible usability does nothing more than waste its value.<\/p>\n
\n<\/strong>Consider what it would be like to manage both the front-end and the back-end of a device\u2019s lifecycle.\u00a0 It\u2019s 100% possible to create a workflow that maximizes the value of assets where the result can make an immediate impact on operational revenue.\u00a0 For example, a hospital with an operational margin of 3% needs $3.3M in revenue to equal $100,000 gained.\u00a0 A hospital with a reproducible equipment disposition program can generate the equivalent of $3.3M in revenue by effectively managing the sale of unwanted medical equipment worth $100K.\u00a0 Why not maximize the back-end revenue by planning for it on the front-end?<\/p>\n