Timely and collaborative capital planning is key for health system leaders and boards of directors to make necessary and often difficult capital resource acquisition and allocation choices.  The American healthcare landscape has undergone enormous change in the last several years, and many systems are rethinking their capital planning process.  One constant is the growing focus on value-based care. Hospitals and health systems are under tremendous pressure to improve patient care with an eye toward cost-efficiency. Making a decision to invest in the newest health technology or capital equipment in this environment is challenging, given the need to ensure better patient and financial outcomes. Evidence-based decision-making provides critical insights into whether a health technology has proven benefit, for which patient population, and how the new technology compares with existing and competing alternatives.

 

Is your capital budgeting process similar to sending a wish list to Santa? On the big day is there disappointment from the ones who received want they needed and resentment towards the ones who received what they wanted? Does it seem like there is never enough funding to balance the routine needs with the needs that drive improved patient outcomes and experience?  Part two of this session will focus on capital equipment acquisition and process improvements to reduce costs and increase efficiencies. We will discuss steps that Fairview Health Services has taken to improve processes related to budgeting, sourcing, and requisitioning in order to bring additional value in all phases.