Cohealo, a healthcare IT company for equipment sharing and planning, today launched Cohealo Track, a SaaS-based solution that leverages case information from a hospital system’s EHR to provide actionable insights into medical equipment utilization. On average, a health system’s medical equipment will sit idle for 58 percent of its lifespan, tying up finite capital planning budgets in redundant purchases that are estimated to be as high as 25 percent of a single hospital’s inventory. With Cohealo Track, hospitals can tackle this problem head on and reduce capital expenditures, decrease rental costs and improve efficiency.
Cohealo Track is the foundational analytics engine that powers Cohealo’s award-winning equipment sharing technology. By knowing where, when and how often medical equipment is used, Cohealo Track finds opportunities to optimize these assets and drive greater returns on a hospital’s capital investment.
Additionally, Cohealo Track solution enables health systems to:
– Identify assets that can be shared between facilities to improve surgeons’ access to equipment and maximize the usage of existing resources
– Pinpoint underutilized equipment and free up working capital by selling redundant equipment
– Find equipment that is being overused to prevent unplanned equipment downtime and lost revenue from equipment-related procedure delays
– Compare equipment utilization between service lines and facilities to benchmark performance and drive increased procedure volume
– Enhance current real-time location system (RTLS) programs by reducing the time required for clinical staff to manually locate and schedule equipment for their cases, all on a single dashboard
“Existing solutions to measure and improve equipment utilization, such as RFID chips and leasing services, fall short for addressing the needs of a large health system,” said Michael Kerner, former CEO at Bon Secours Hampton Roads. “Without a solution like Cohealo Track that provides valuable and accurate data on equipment utilization, executives are operating in a vacuum when it comes to making significant purchasing decisions.”