Why is Asset Management Important in Healthcare?

Healthcare organisations own a variety of different equipment and devices. Efficient management and tracking of these assets not only ensures patient safety but also plays a big role in cost efficiency and regulatory compliance.

In this blog text, we will explore the top six reasons why asset management is vital in the healthcare industry.

1. Enhanced Patient Safety

It can easily be ignored that asset management plays a pivotal role in patient safety. With healthcare-specific asset management, you ensure that all medical equipment is functioning correctly to prevent any incidents. In the worst case, one malfunction can be life-threatening for your patients. Without a well-defined asset management strategy or asset management software, it’s almost impossible to properly monitor your devices’ condition.

2. Improved Equipment Availability

Effective healthcare asset management also ensures that medical equipment is available when needed and where needed. This not only enhances patient safety but also aids in understanding usage patterns, ensuring more efficient and effective utilisation of resources.

3. Cost Efficiency

Asset management, when implemented correctly, serves as a valuable tool for strategic cost planning. When you have up-to-date information about your healthcare devices, you can identify underutilised devices, prevent overstocking, and reduce redundant equipment purchases.

4. Regulatory Compliance

Asset management is crucial for ensuring compliance with regulatory standards like the IVDR (EU) and CAPA (US). IVDR sets strict safety and performance rules for diagnostic devices, which need careful tracking throughout their lifecycle.

5. Optimised Maintenance Schedules

Having a clear plan for maintenance will prevent medical equipment failures, improve medical equipment availability, and extend their lifespan. Preventive scheduled maintenance also leads to cost savings by reducing unexpected repairs and downtime.

6. Increased Staff Productivity

When the location and availability of the medical equipment are known, your staff can spend less time tracking down equipment and more time focusing on providing care. As mentioned above, this also allows relocation of unused medical devices to locations where they are needed.

Make healthcare asset management easy with asset management software made for healthcare industry

Asset management in healthcare does not need to be difficult or manual. Forget about outdated Excels and upgrade your medical equipment asset management.

With modern healthcare asset management software, you can automate processes, monitor your medical devices according to EU legislation, improve patient safety, and help procurement to create cost savings.