Boost Efficiency and Preserve Assets: Streamlining Repairs with Outsourcing and Tracking
on September 26, 2023
By Elliot Campbell, EVP and Chief Commercial Officer, Trace Medical
Respiratory devices play a crucial role in healthcare, but they are not immune to wear and tear, occasional malfunctions, and the need for maintenance. Beyond that, on higher dollar respiratory devices, the average provider is unable to retrieve 8%-10% of their high value inventory per year. As a provider, you’re probably not shocked by these statements. Your business can alleviate the burden of maintenance and repairs on respiratory equipment and also substantially reduce the loss of high value assets each year through outsourcing.
Alleviate Repair and Maintenance Woes
It’s no secret that patients are hard on providers’ assets or that respiratory devices are intricate and occasionally fail. Hence the reason very few providers repair their own advanced respiratory equipment. Whether you offer ventilators, CPAPs, or oxygen equipment, you probably know that there is no reimbursement on service work on these products. Outsourcing your biomed services is a common solution that helps alleviate asset downtime while increasing revenue from already owned products.
If your company is a full-service respiratory provider, keeping up with all updates on every make and model of every piece of respiratory equipment is time consuming, laborious, and nearly impossible. Outsourcing repairs and maintenance may make better financial sense. Let your service and delivery department focus on revenue generation and delivering product, rather than on repairs that impact your ability to support your patients. Let knowledgeable, factory trained staff repair equipment and perform firmware updates, software updates, and assist with product recalls.
To support our customers and working closely with VGM, Trace Medical is rapidly expanding our biomedical footprint to offer a more efficient, less expensive biomedical solution to the market. Trace Medical’s provider partners and patients deserve to have their assets repaired quickly, affordably, and by experts in the field. Trace stands behind our work and offers a one-year warranty for all parts and labor for the services we render.
The response from providers and manufacturers has been tremendous, and Trace’s expansion coincides perfectly with the recently announced exclusive agreement for biomedical services with VGM. Trace’s goal is to change the way biomedical services are done. Currently, Trace is supporting ventilators, portable oxygen concentrators, CPAPs, BiPAPs, humidifiers, and other “shippable” respiratory items via our strategically located regional offices. The biomed work is completed by factory trained technicians. Once the work is completed, the assets are returned to the customer or even directly to the patient.
Tracking High Dollar Assets
Does your company ever struggle to recover high value assets like Portable Oxygen Concentrators (POC), Negative Pressure Wound Therapy (NPWT) devices, or even ventilators? Trace has partnered with the TONE Knows to develop a small, discreet GPS device that
can be affixed to any high value asset. The device, aptly named “myTrace,” has a 10-year battery life that allows providers to know where their devices are and can even send notifications via email or text if the device exits a pre-determined geo-fence.
Developing technology that helps Trace’s customers more cost-effectively run their business is very important to Trace. Trace appreciates that providers operate on razor thin margins. If Trace can assist them in reducing their lost assets, then we take significant pride in doing so.
This new asset tracking solution automates the location monitoring of high dollar assets. Instead of having your employees manually track asset location, you can eliminate the soft cost of searching for lost assets and the real costs of replacing lost assets.
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This article was originally featured in the VGM Playbook: Business Solutions to Optimize Success in DMEPOS. To read the full article and more like this, download your copy of the playbook today!