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UK Healthcare System Grapples With Cost of Replacing Outdated Medical Equipment

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siemensSIEMENS, UK, July 29, 2013 - Close to £300 million is required to replace out-of-date diagnostic imaging equipment between 2013 and 2015 in the UK.

Imperative need for healthcare providers to develop cost-effective replacement strategies.

Due to legislative reform, demographic change and rising prosperity, demand for healthcare services is rising across the world, fueling the requirement for up-to-date medical equipment that plays an indispensable role in the provision of high quality healthcare.

This is, however, exerting considerable financial strain on the European healthcare systems where a proportion of medical equipment is currently out-of-date and needs to be urgently replaced.

According to latest research from Siemens Financial Services (SFS), UK healthcare organisations will have to invest around £294 million between 2013 and 2015 to replace out-of-date diagnostic imaging equipment (defined as equipment over 10 years old) alone.

The capital expenditure required for these essential replacements is even higher for Spain and France, totaling £368 million and £373 million respectively.

As public finance continues to be stretched by austerity measures and efficiency policies, healthcare organizations need to find ways of accessing efficient and available finance to fund urgent medical equipment upgrades and renewals.

SFS previous research has shown that asset finance, for instance, is growing as a financing technique for the acquisition of medical equipment across the world.

David Martin, General Manager for SFS in the UK, comments, “Up-to-date medical equipment plays a crucial role in the provision of quality healthcare services and improvement of health outcomes.

In particular, diagnostic imaging technologies facilitate accurate, early diagnosis and reduce invasive procedures, making a vital contribution to efficient and effective healthcare provision.

It is therefore imperative that healthcare providers urgently replace the backlog of outdated medical imaging equipment.

At a time of acute budgetary pressure, equipment replacement can often be made affordable through the use of asset finance techniques such as leasing and renting.

“Asset finance allows healthcare organizations to spread the cost of equipment over its useful lifetime.

Such financing arrangements often cover not only the equipment acquisition cost, but also maintenance, service and sometimes consumables.

Their growing popularity with healthcare providers around the world indicates the usefulness of being able to align payments with benefits gained.”

Methodology:

Based on a range of proprietary and third-party data on future medical device market projections as well as official studies into the age of the diagnostic imaging equipment, a conservative estimate model was built to calculate the cost of replacing diagnostic equipment over ten years old between 2013 and 2015.

The report studies the financial scale of essential medical equipment acquisition in ten global healthcare markets.


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