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EPSi, Allscripts (NASDAQ:MDRX) flagship budgeting, long-range planning, cost accounting and financial decision support platform, announced a partnership with Ilerasoft, Inc. to offer clients additional capital budgeting capabilities and to provide analytics to help improve operational efficiency around medical [capital] equipment use powered by Ilerasoft’s Efficiency Score.
Optimize Capital Budgeting For Medical Equipment
The Ilerasoft solution contextualizes medical equipment use with financial, operational and patient population metrics, and then provides recommendations to improve utilization and reduce costs, enabling decision makers in finance, supply chain and clinical engineering to use their own data to make long-term capital budgeting, resource allocation and purchasing decisions.
“Capital budgeting of medical equipment is a big part of any healthcare delivery organization’s costs,” stated Ralph Keiser, CEO of EPSi. “Our partnership with Ilerasoft means our clients can now use detailed data to evaluate their medical equipment investments and make decisions on how to best manage their equipment.”
What Ilerasoft Does
Ilerasoft’s algorithm extracts relevant data from purchasing, asset management solutions and utilization to determine the Efficiency Score for a given medical equipment, which can serve as a “value score” for medical equipment. Once providers know this score, they can better analyze and make decisions to improve utilization, operational efficiency, and capital budgeting. Organizations can aggregate the Efficiency Score at the equipment category or hospital department level and benchmark scores internally or against hospitals with a similar profile.
“While working as a healthcare consultant, I saw firsthand the massive waste around medical equipment use. This waste accrues cost for hospitals on each piece of medical equipment whether it is needed or not. Ultimately this cost is passed down to patients in the form of a higher bill,” said Kwaku Owusu, CEO of Ilerasoft. “Together, Ilerasoft and EPSi can help organizations improve operational efficiency, reduce costs today and utilize data to drive the right long-term capital budgeting and purchasing decisions tomorrow while potentially lowering patients’ bills.”
About the Partners
EPSi is an industry leader in integrated financial decision support, budgeting, and planning solutions for the healthcare industry. More than 950 hospitals in the U.S., including nine of the top 10 rated hospitals, 130 IDN systems, and 40 global academic facilities rely on EPSi for data-driven insight into managing costs and improving their long-range financial performance.
Allscripts is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Our innovative solutions connect people, places and data across an Open, Connected Community of Health™. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations.