Asset management compliance for healthcare facilities
Healthcare facilities depend on their assets, which range from scanners and surgical devices to trolleys, hospital beds and HVAC units.
In the UK, the value of the NHS’s assets exceeds £23bn, while replacing them would cost some £72bn, according to a 2021 report. We expect similar statistics for healthcare providers worldwide, which are at least partly dependent on technology up to 50 years old in some cases.
Failing to manage assets effectively comes with compliance risks and can ultimately jeopardise patients and staff.
To respond to these challenges, the discipline of asset management has evolved to take advantage of new technologies. The US healthcare asset management market is predicted to grow from $7.59bn to $50bn in 2027, reflecting increasing demand.
Here, we’ll investigate how healthcare facilities can enhance asset management to remain efficient and compliant.
How important is compliance in healthcare and medical facilities?
The importance of compliance in healthcare and medical facilities cannot be overstated, as it directly impacts the quality of patient care, staff safety, and the overall efficiency of operations.
Key aspects of compliance in healthcare settings include:
Ensuring that medical equipment and facilities are well-maintained is crucial for accurate diagnosis, effective treatment, and overall patient safety. Compliance helps prevent complications, injuries, or fatalities caused by malfunctioning equipment or substandard facilities.
The NHS directly alludes to this in their 2021 policy document Assets in Action, stating managers require “recognition that the quality of the physical environment plays a key role in the well-being and recovery of patients”.
Asset management ensures that healthcare professionals work in a safe environment with properly functioning equipment, reducing the risk of accidents, injuries, or occupational hazards.
Adhering to industry standards and regulations improves the efficiency and effectiveness of healthcare processes, minimising downtime, reducing costs, and enhancing patient outcomes.
Meeting regulatory requirements is essential to avoid fines, penalties, or even the closure of a healthcare facility. In addition, compliance with these regulations ensures that healthcare providers maintain their accreditations and safeguard their reputations.
The escalating costs of ill-maintained healthcare assets are well-documented. While replacing old assets would be ideal, many healthcare providers simply can’t afford it.
Optimising existing maintenance processes is cost-effective and ensures older assets last as long as possible.
The NHS directly highlights the potential of effective asset management in reducing ongoing costs, stating asset management should not be the “sole preserve of technical specialists, but a major area of resource with which general managers should concern themselves.”
What are the biggest challenges to compliance in healthcare and medical facilities?
Healthcare and medical facilities face several challenges in achieving and maintaining compliance in asset management:
- Supplier management: Managing multiple suppliers and ensuring they adhere to industry standards can be complex and time-consuming. Implementing service level agreements (SLAs) can help mitigate this challenge by defining performance indicators, service quality expectations, and penalties for non-compliance.
- Lack of human resources: Healthcare facilities often struggle with a shortage of skilled maintenance staff, leading to suboptimal maintenance and increased non-compliance. Attracting and retaining skilled technicians is crucial for maintaining high standards of care and compliance.
- Constantly evolving technology: As technology advances, regulations and industry standards are continually updated. Healthcare professionals and technicians must stay abreast of these changes to ensure their facilities remain compliant.
- Investment in compliance: Investing in compliance measures, including technology and human resources, can be a significant financial challenge for healthcare facilities.
How does technology transform asset management for healthcare?
Implementing technology in healthcare asset management enhances compliance by improving asset management outcomes.
Enhanced control
Digital systems provide real-time access to asset information, enabling healthcare providers to monitor and manage their assets more effectively.
For example, the NHS encourages healthcare managers to perform condition surveys on assets and log the details in a centrally controllable platform.
Maintenance schedules can be managed from the platform with notifications and work order management.
In addition, breakdown rates and other data can inform when replacing an asset is the most economical course of action as opposed to repairing it.
Data-driven intelligence
Assets create a huge range of data points pertaining to conditions reports, inspection dates, scheduled maintenance, breakdowns and issues.
By digitising information and using sensors to automatically record data, healthcare facilities can reduce human error, streamline asset management processes, and make informed decisions based on accurate data.
Asset visibility
Advanced asset management software provides visibility of assets, which benefits both managers and technicians.
Healthcare providers can use asset management tools to track equipment life cycles, anticipate maintenance requirements and manage inventory effectively.
Compliance monitoring
Assets are often tied to laws and regulations governing their management.
For example, certain medical devices or assets like HVAC units may require regular maintenance to meet infection control regulations.
A digital system can facilitate compliance monitoring by generating reports and ensuring all requirements are met, helping prevent protocol breaches.
Moreover, non-compliance alerts enable managers to prioritise maintenance and repairs.
Automated audits
Asset management software can automate audits, allowing healthcare facilities to detect non-conformities and trigger measures to address issues quickly.
This enables health facilities managers to effectively deliver on compliance responsibilities.
Predictive and preventive maintenance
Timely maintenance is considerably more cost-effective than waiting until units break down, which may also pose a hazard to patients and staff.
This is correct for both newer and older assets. For instance, a study by Istanbul University found that preventive and predictive maintenance vastly reduced breakdown rates in older equipment.
Managing healthcare assets from a central platform
Managing healthcare assets from a central platform is crucial for optimising maintenance operations, ensuring compliance, and improving patient care.
Infraspeak is the ideal solution as an Intelligent Maintenance Management Platform (IMMP) with a user-friendly interface that streamlines asset management across any medical facility.
Its adaptability, integration capabilities, and artificial intelligence-driven insights empower healthcare organisations to make data-driven decisions about their assets. That leads to enhanced safety, performance, and compliance with laws and regulations.
To learn more about how Infraspeak can augment your asset management responsibilities, schedule a demo here.
