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How Does Asset Management Help the Hospital and Pharmaceutical Industry?

Author: Jimmy Barron
Published:March 12, 2024
3 mins 47 secs

An effective and efficient asset management system is crucial for general laboratories and pharmaceutical manufacturers, especially in the aftermath of the COVID pandemic. Asset management allows laboratory managers and scientists to deliver quality services and solutions at the right time. 

But how exactly does asset management help hospitals, laboratories, and pharmaceutical industries?

Here are explanations from LUP asset management specialists to help us understand. 

What Is Asset Management?

Asset management includes the acquisition, allotment, and maintenance of equipment, machinery, and other physical aspects.

In the healthcare and pharmaceutical setting, asset management allows the person to focus more on the medicine production, analysis, or the process because they do not have to worry about other details, such as ventilation, electricity, and security. Asset management, services, and replaces all necessary tools and equipment on time.

Here’s how the hospital and pharmaceutical industry benefits from  asset management

1. Keep Track Of Your Facility’s Most Essential Equipment

Asset management teams are in charge of the assets within and outside their facilities. An effective asset management system enables facilities to create a systematic inventory of serviceable or replaceable assets that need routine maintenance or replacement.

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Any technologies, equipment, and devices that would create great stress if they failed are likewise managed by asset management plans. Your organisation will be able to offer an atmosphere of service that consistently satisfies the demands of patients, employees, and hospital visitors if mission-critical devices and systems are kept fully operational at all times.

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2. Ensure Compliance With Safety Standards Via Timely Audits

Public health depends on compliance with safety rules and regulations in a high-risk business such as healthcare. Compliance may even save your business or organisation from litigation, expensive penalties, and licence revocation.

A comprehensive asset management programme can help facilities streamline inspection cycles, consolidate inspection data into a single source for information, and even generate repair orders for anything and everything that misses inspection.

3. Improves Treatment Quality

Every healthcare organisation, including laboratories and pharmaceutical industries,  aim to provide the best care and treatment possible for all patients in whatever ways they can. However, healthcare and pharmaceutical professionals cannot give their best as they become distracted by unrelated tasks. These may include dealing with faulty equipment and tracking down assets. Issues like these can delay services, affecting the delivery of patient care as a whole.

An asset management system ensures that healthcare professionals and patients can access assets when needed. 

“Reliable tools and equipment can help your operations run smoothly. You do not have to manually and frequently check on machines, equipment, etc.—which means more time for patient care.” shared startup lending expert Shane Perry of Max Funding.

4. Increase In Productivity

If there is a system, it is easier for healthcare and pharmaceutical professionals to locate assets. The result would be an increase in productivity and on-time maintenance. Random disruptions are less likely to happen.

Asset management also helps facilities identify inventory discrepancies, allowing them to address errors in operations or possible theft incidents.

5. Reduce Expenses In The Long Run

An asset management system is quite an investment. Many might be hesitant to purchase the system because the return on investment isn’t evident right away. But if you think about it, you can save a considerable amount in the long run. 

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Effective asset management can analyse data so that you can plan future expenditures. You can take advantage of specific opportunities, such as buying in bulk, when planning procurement, maintenance, and other activities. Furthermore, you can reduce costs when assets are well-maintained.

An asset management system is probably one of the essential tools in today’s healthcare and pharmaceutical industry. It enables hospitals and pharmacies to maintain assets at peak performance, maximise returns, and maintain quality. 

6. Improve Medical Waste Disposal

Healthcare professionals and workers must dispose of medical waste in the most environmentally friendly manner feasible by healthcare institutions, notably hospitals and pharmaceutical laboratories. They should dispose of waste securely and safely. Pharmaceuticals, biologicals, disposable surgical assets, chemicals, and radioactive materials are examples.

You can systematise your waste management practices by using the appropriate asset management platform, ascertaining that your waste disposal meets regulatory requirements.

Furthermore, an audit trail will be created whenever you or your employees dispose of medical waste. It will be simpler to record what’s been discarded, when, and where with asset management.

Implement Compliance-Driven Asset Management In Your Facility Today! 

Clinical governance and compliance are the foundations of healthcare excellence. Asset management can help your facility achieve facility operational excellence and ensure compliance.