Where is the value in healthcare?

Penny Pinnock, Public sector & healthcare finance sales manager

I came across an article recently stating that the NHS has a record-long waiting list of 5.5 million people awaiting routine hospital treatment! It’s not surprising given the enormous strain that the pandemic placed on systems for nearly two years but clearing the elective backlog will be no easy feat. The way I see it, the only way forward is to accelerate digitalisation in the healthcare sector.

 

The demands on an already transforming system have been increased by a sudden need to also invest in touch-free technology, smart HVAC for airflow management, and other infection control measures in healthcare buildings. Smart hospitals which used technology such as distanced temperature measurement and remote buildings management were naturally seen to cope better with the pressures of a global pandemic. Likewise, COVID-19 has brought into sharp focus the advantages of telehealth to minimize pressure on resources.

 

We all know the value of digitalized medical technology: improved diagnostic accuracy and speed, automated support for clinicians, better patient outcomes and enhanced healthcare worker safety. Even beyond the pandemic, research shows that the global disease burden could be reduced by around 40% by 2040 through investment in known interventions. To name one example, AI-powered analysis of chest scans can alleviate the workload of radiologists, who must review and prioritize a recent spike in the number of patient chest scans.

 

If you ask me, adopting a “healthcare as an investment” mindset will be the secret to creating healthier societies and to reducing healthcare demand. I’m pleased to see that investment is already being targeted toward mobile diagnostics to communities to help spot signs of disease before it even develops, preventing the need for costly lifelong treatment. No doubt about it - these types of investments are a step in the right direction towards making our healthcare systems sustainable and affordable long into the future.

 

But how can we make that investment financially sustainable? The fact of the matter is that investing in new digitalized technology typically requires up-front capital. Yet, as we know, the UK healthcare system has been experiencing shortages in capital expenditure budgets for some time - the public purse simply cannot afford it!

 

The truth is that healthcare organizations will most likely need to access private sectorcapital to ease the pressure on their services. Smart financing makes equipment and technology acquisition more financially sustainable, spreading payments and aligning them with the benefits received. Funding a new facility involves a whole raft of associated mandatory environmental, hygienic, IT and infection control costs – which smart finance can embrace into one financing agreement. Transition arrangements can also be made that ensure organizations are not paying for a new system or facility until it becomes operational and begins to deliver value.

 

Now, I am unabashedly biased but I think there’s no better financing partner than Siemens Financial Services (SFS) to get your healthcare project off the ground. Our in-depth knowledge of the sector makes us a flexible and sympathetic finance partner who can help you provide best care available and achieve your growth targets. Visit our healthcare finance page or reach out to find out more about our solutions!

Penny Pinnock, Public sector & healthcare finance sales manager

I am an Asset Finance expert for the Healthcare sector and Public sector.  Focused on building relationships and understanding customer requirements to position a solution from Siemens Financial Services to deliver outcomes.

 

Outside of work, I’m a proud wife and busy mum to two beautiful boys. I enjoys spending time with them and socialising with friends.  Following being catapulted into the future of work and future of school in these unprecedented times due to Covid-19 lockdown, I would love to also hear how you are coping with your recent changes!