Unlocking the Power of Federated Data for Healthcare Capital Assets

The management of capital assets can significantly influence a health system’s operational efficiency and patient care. Healthcare providers are continually seeking ways to optimize the utilization of their assets, reduce costs, and enhance service delivery. One innovative approach to achieving these goals is through the use of federated data systems.

What is Federated Data?

Federated data refers to a system where data from multiple sources is integrated and harmonized to provide a comprehensive view without the need for data centralization. In the context of healthcare, this means bringing together data from various departments, facilities, and even different healthcare providers to create a unified dataset. This approach allows for more robust data analysis and decision-making while maintaining data privacy and security.

The Benefits of Federated Data for Healthcare Capital Assets

1. Enhanced Decision-Making: By leveraging federated data, healthcare organizations can gain a holistic view of their capital assets. This comprehensive perspective enables more informed decisions regarding asset management, procurement, and utilization. The average health system can be 50%* more efficient during their capital budgeting process.
2. Cost Reduction: With a clearer understanding of asset usage patterns and performance, healthcare providers can identify inefficiencies and reduce unnecessary expenditures. This can lead to significant cost savings, particularly in maintenance and replacement of equipment. The average health system can save 25%* of their annual capital spend by leveraging their data more effectively.
3. Improved Patient Care: Efficient management of capital assets ensures that the right equipment is available when needed, reducing downtime and enhancing the quality of patient care. Federated data helps predict and prevent equipment failures, ensuring continuity in patient services.
4. Regulatory Compliance: Federated data systems can assist healthcare organizations in maintaining compliance with regulatory standards by providing accurate and timely reporting capabilities.

HANDLE Global’s Federated Data Set

HANDLE Global is at the forefront of utilizing federated data to revolutionize the management of healthcare capital assets. HANDLE has reviewed more than 8 million assets, representing more than $15B in capital spend. HANDLE’s Capital Cycle Management (CCMⓇ) platform integrates data from various sources, including:

• Internal Hospital Systems: Combining data from ERPs and CMMS, inventory management systems, and financial systems to provide a unified view.
• Industry Benchmarks: Incorporating data from industry standards and benchmarks to compare performance and identify areas for improvement.
• Third-Party Data Sources: Utilizing data from FDA, OEMs, GPOs, and third-party applications to enrich the dataset and provide additional insights.

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While CCMⓇ customers do not have direct access to HANDLE Global’s federated dataset, healthcare organizations can benefit from insights to enhance their existing data, uncover hidden patterns, and make data-driven decisions to optimize their capital asset management. HANDLE’s advanced analytics tools further enable predictive maintenance, lifecycle management, and strategic planning.

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CASE STUDY:

HANDLE leveraged federated data to teach CCMⓇ’s algorithm how to predict and fill in missing asset ages in customer data based on serial number recognition.

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Incorporating federated data into the management of healthcare capital assets offers many benefits, from cost savings to improved patient care. HANDLE Global’s innovative approach and comprehensive federated dataset provide healthcare organizations with the tools they need to excel in today’s competitive environment. By leveraging these insights, healthcare providers can ensure they are making the most of their capital assets, ultimately leading to better outcomes for their operations and patients.

*Based on HANDLE customers saving on average $10M+ annually on budgets between $60 and $120M

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