The Medical Equipment Rental Industry

“VH must find a best solution on controlling its medical equipment maintenance costs, improving operation efficiency, reducing the operating total costs, thus, making the most of the government funds in order to improve patients’ satisfaction?

Finally, if any end-user customers were to adopt the activity-based pricing (ABP) system proposed by O&M, O&M could help hospitals better understand their costs and analyze their processes. This would improve efficiency and reduce waste due to loss, theft and expiration of sensitive medical supplies. O&M would reduce its costs by delivering only what is needed, and the hospitals would be buying fewer unutilized supplies.

In the healthcare industry, services provided by the healthcare staff are converted mainly by the inputs such as: Doctors, nurses, hospitals, medical supplies, equipment and laboratories. The processing involved in the healthcare industry includes: examination, surgery, monitoring, medication, and therapy. The output of the mentioned process would of course be healthy patients (Operations Management, 2004, p.6). Healthcare workers have a higher degree of customer contacts, for the customers are our patients that we provide comprehensive care to. Services, such as providing healthcare have a variable amount of inputs for a specific case. For instance, a critical care patient may need several nurses that need to attend to all of the needs for that patients, whereas, a telemetry patient may only need one nurse to provide care for. The measurement of productivity in healthcare services is also more difficult than the manufacturing of goods. In healthcare, it is rather difficult to measure the productivity of healthcare providers because healthcare is not quantitative. Less inventory is needed on hand in providing services (Operations Management, 2004, p.6 & 7). The scope of operations management in healthcare requires several different activities performed. Forecasting in healthcare may include ordering sufficient amounts of flu vaccines half a year ahead of time

Due to the technological advances in the medical industry, the clinic has decided on advanced medical equipment to provide quality care to the patients. The equipment that will be purchased is a High- Speed CT Scanner, X-Ray Machine, and an Ultrasound Machine. This equipment will allow more quick and efficient test and treatment. The options that can be made include: buying new or refurbished equipment with an option of a loan, acquiring on capital or operating lease. During this phase, I chose the most cost effective option to acquire the equipment. To acquire the equipment, I chose the operating lease. Since there are always potential advances in technology, buying the equipment may not be a good idea. In the long term, the equipment that was purchased will likely be replaced by newer technology in a few years. Due to the decisions of acquiring new equipment, the clinic is now doing well and the profits are growing which allowed growth for the clinic.

To acquire the equipment, I chose the operating lease. Since there are always potential advances in technology, buying the equipment may not be a good idea. In the long term, the equipment that was purchased will likely be replaced by newer technology in a few years. Due to the decisions of acquiring new equipment, the clinic is now doing well and the profits are growing which allowed growth for the clinic.

Competition between providers has caused physicians and hospitals to offer the most current healthcare technologies and modern, eye-catching settings has contributed to increasing healthcare costs, as well as providing unwarranted highly technical services (Shi & Singh, 2015). Renovations of the physical settings and the acquisition of expensive technologies elevated healthcare services prices to cover the additional costs of providing high technical services and attracting clients.

The supply and demand in the healthcare industry has its impacts daily with all health care organizations. The health care industry is continuously growing with high strides and demands in several areas; such as the following the growing demand of the population, health care professional, technology supplies and materials, marketing efforts, as well the caregivers, and organizations themselves. All of these items come also with the production process and producing them, From century to century we have to pick out battels in ways to improve the health care industry with the supply and demands.

As it relates to the textbook, this describes some of the scope of the hospitals; which refers to the range of activities which the firm performs internally, the breadth of its product and service offerings, the extent of its geographic market and its mix of businesses. But unlike with the electric company, no regulator caps hospital profits. To the extent that author Steven Brill found any consistency among hospital charge-master practices, this is one of them: hospitals routinely seem to charge 2V2 times what expensive implantable devices cost them, which produces that 150% profit margin.

This software is easy to use; it has preloaded templets that are easy to customize in minutes. It also has preloaded commonly used terminology, medical phrases and forms so you can begin charting from the beginning.

Due to the fact our industry deals with medical supplies, the healthcare sector, as a whole, tends to be our main focus area. Health care is traditionally funded through contributions paid by individuals as a percentage of their salaried income. There are, however, some countries that also provide a free public medical service funded by a national budget. Regardless of the coverage it is the quality of the medical supplies and medical personnel when dealing with preventive and corrective medicine that is determined by the below mentioned macroeconomic indicators:1

The hospital industry consist of privately and publicly owned and operated hospitals and medical facilities. The financial backgrounds of these assorted categories of organizations are sizeable and contrasted. Therefore, industry ratios are to be considered and evaluated from a greater proportion in order to identify with the financial data involving the industry as a whole (Dunn & Becker, 2013). Based on analysis and evaluation of the financial ratios gained from Nasdaq and Google Finance, it is apparent that the hospital industry is gradually rising and supports increase in profitability. These ratios are divided into several categories: Growth rates, financial strength, valuation, profitability, efficiency, dividends, and management effectiveness.

Quality is a major concern for hospitals and other stake holders but with all the financial concerns and bills have led the employers offering their company staff cheaper medical insurance which greatly impacts the quality of the service. Cost are rising and quality of the equipment is decreasing.

The purpose of this article is to inform readers about the best equipment rental services in the San Jose, California area. Before you look for a place to rent tools, you need to look at similar options in the area before you make your decision. It 's important to know about a company before doing business with them. This guide will include valuable and reliable information to help you find the best equipment rental services in San Jose.

1.Identify the sources of internal and external data for all three (3) types of customers.

Hospital equipment falls into an extremely wide spectrum ranging right from a hi-tech MRI and CT scanner to a simple patient trolley. All these account for a major part of any hospital project cost, which could go up to almost 60 per cent. Keeping this in view it is essential to ensure maximum utilisation of the equipment with minimum downtime.