This is the final installment in a 4-part series on hospital administrator IGT challenges and solutions. Part 1 offered an overview of IGT in the modern hospital. Part 2 discussed how hospitals can meet increasing demand for IGT procedures. Part 3 offered tips for choosing the right IGT equipment. In Part 4, we’ll reveal how administrators can find funding for image-guided therapy.
Despite its clear benefits, hospital administrators can find it challenging to justify and fund IGT investments. That shouldn’t discourage them from seeking funding, however, as logic, timing and creativity can help administrators get the equipment they need to improve patient care, staff productivity and hospital ROI.
Justifying IGT
Justifying investment in image-guided therapy often hinges on three key points.
1. Hospitals need IGT to perform procedures
Cath labs, interventional radiology suites and other departments cannot treat patients without IGT equipment. Modern patients are savvy and often compare options before seeking healthcare. If a facility doesn’t offer the procedure they need, they’ll choose a competitor.
2. Hospitals need IGT for reimbursement
Insurers will not reimburse for procedures without justification. IGT enables hospitals to defend recommended procedures to insurance companies. If a procedure is performed without first obtaining the proper imaging, hospitals risk reimbursement denial.
3. IGT key performance indicators
Administrators can point to improved patient outcomes, staff efficiency and ROI, and back it up with metrics such as:
- More same-day discharges
- Reduced lab time
- Reduced average interventional time
For example, one hospital administrator was able to show that their new cardio mapping system decreased procedure time by 15 minutes per case. Multiply that by “X” number of cases over a year and translate it to dollars, and it represented a significant savings for the hospital.
Funding IGT
Once IGT is justified, administrators still need funding to acquire new equipment. Here are three ways to get it.
1. Emergency funding
Emergency funding is almost always available with proper justification. If an IGT device goes down, the department goes down with it, so hospital administrators can request emergency funding to replace it.
Note that emergency funding is typically only available for replacement equipment, not new devices that expand a hospital’s capabilities.
2. Large projects
Timing is often key to getting IGT in the budget. For example, there are almost always “extra” capital dollars available when hospitals invest in large projects such as building new hybrid ORs, converting labs or adding interventional suites.
Large projects, then, represent a good time for hospital admins to request IGT equipment and associated accessories, and a good time for their input to be heard when planning new IGT suites.
3. Creative funding
Sometimes, hospital administrators need to get creative to get the equipment they need. Creative funding opportunities include:
- Risk-sharing agreements and managed equipment services contracts, which can help hospitals obtain equipment at reduced annual fees
- Incentives: Vendors may provide significant discounts on equipment or free software upgrades when hospitals agree to buy disposable supplies from them
- Foundations: Private foundations often raise and donate funds for hospital equipment
- Volunteer groups: Volunteer groups can hold fundraisers and allocate the proceeds to go toward IGT equipment
No matter which funding opportunities – or combination of opportunities – you seek, it’s a good idea to promote IGT outcomes rather than just the idea of having the equipment. Hospitals are more likely to be receptive to the promise of results such as:
- Expanded capabilities, which allow hospitals to serve more patients through new procedures
- Outpacing the competition, which allows hospitals to serve more patients than competitors
- Improved health outcomes, patient experiences and staff productivity
- Greater ROI
Next step
Identify your current IGT needs and challenges, then follow the tips in this series to acquire the equipment your hospital needs to deliver the highest quality of care efficiently while driving excellent ROI.
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