To make more effective and efficient decisions regarding budgeting and managing medical equipment, it’s essential that healthcare organizations focus on capital budgeting, medical equipment selection, and recall management.
Capital budgeting is the process of allocating funds for the purchase of long-term assets, such as medical equipment. The goal of capital budgeting is to ensure that a healthcare organization has the funds necessary to purchase needed equipment and can do so while maintaining a balanced budget.
Equipment selection is an area of critical focus during the process. To select the right equipment, healthcare organizations should understand the benefits and drawbacks of the various different types of medical equipment.