New Solution Aggregates Market Data on Asset Life and Cost of Upkeep
Austin, TX /PRNewswire/ - Accruent, the leading provider of healthcare technology (HTM) and facilities management (HFM) solutions that optimize asset and maintenance management, has launched its Data Insights solution to the healthcare market. Accruent Data Insights is the first solution on the market that can provide objective equipment performance and reliability data for thousands of equipment models to help healthcare organizations reduce costs and ensure the highest level of patient care.
An estimated $93 billion is spent annually in the United States on medical equipment lifecycle (MELC) management. A lack of accurate information, specialized knowledge and staff bandwidth reduce the average hospital's ability to save money on MELC by up to $12,000 per bed. Although the cost of healthcare is rising, hospital revenues are not keeping pace and hospitals need new tools to optimize equipment spend to control these costs.
Accruent Data Insights aggregates asset ownership data from more than 55% of U.S. hospitals and provides critical information to better inform purchase decisions for thousands of medical equipment items. For each model, Data Insights documents the number and timing of asset failures, shows the average maintenance hours required by asset age and estimates the probability of equipment lasting for a specified number of years. Accruent brings these measures together into the industry's first unbiased reliability and life expectancy analysis. Equipment models with a higher Reliability Index are likely to last longer and cost less to operate.
"Data Insights eliminates intuition and bias. It's pure data. When you want to know how reliable a piece of equipment is, you have real timelines, real actions and real dollars, not just unquantifiable opinions of people whose experiences may or may not be typical," says Matthew Clark, Manager, HTM Support Operations, Advocate Aurora Health. "In addition, we now have access to an industry-wide data set, which allows us to measure how we are performing compared to other hospitals. Better decisions impact our internal customers, our finances and our ability to deliver the best patient care."
Data Insights also includes functionality to assist with operations, including:
- Device overviews that include FDA and recall information to aid in risk avoidance
- Reliability insights, failure rates and mean time between failures
- Commonly used periodic maintenance (PM) schedules and corrective/periodic maintenance comparison charts to help optimize PM processes, guide alternative equipment maintenance (AEM) decisions and reduce costs
- Life expectancy analysis based on three distinct survival analysis artificial intelligence (AI) algorithms
- Comparison features that allow users to see reliability metrics across multiple products side-by-side
Accruent Data Insights overcomes one of the most significant challenges to delivering asset reliability data, namely standardization of asset naming and data integrity. According to HITInfrastructure, more than half of healthcare CIOs lack strong trust in their data integrity. Accruent's standardization of equipment brands, classes and model numbers allows for better aggregation of data and objective comparison of the reliability of healthcare equipment in a manner that was not previously available.
Powered by data from 233 million work orders on thousands of equipment models in more than 55% of U.S. hospitals, Accruent Data Insights helps healthcare purchasing executives and final decision-makers:
- Make better MELC decisions and negotiate favorable purchase agreements by providing access to unbiased reliability data during critical capital purchasing decision cycles
- Increase confidence in their capital plans by allowing them to project equipment lifecycles based on real-world life expectancy data
- Improve maintenance processes by modeling processes most favorable to extending the useful lives of assets, and allowing them to quickly evaluate AEM decisions
- Optimize labor or select the best service contract for their organization
"Accruent Data Insights offers organizations the ability to get the most from their equipment by making decisions based on the combined experiences of thousands of asset owners," adds Greg Rivera, Accruent's Chief Product and Strategy Officer. "By starting with the healthcare market, we hope to assist hospitals in cutting their operating costs to improve their financial outcomes and deliver the best patient care possible."
Accruent is a global software company that empowers people to unlock the full potential of their physical assets. Through intelligent software and services, Accruent enables organizations to monitor and maximize the performance of their investments across the built environment, from capital planning, to workflow management, to IoT-based monitoring and control. More than 10,000 global customers trust Accruent to eliminate operational friction, drive out hidden costs, extend asset lifecycles, ensure compliance and offer deeper insights to drive business forward. Headquartered in Austin, Texas, Accruent serves a wide range of industries in more than 150 countries around the world.