presenting new technology to administrators - edward s
TRANSCRIPT
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Presenting New Technology to Administrators
Edward S. Sternick, Ph.D., M.B.A.
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Dragon Boat Management –A Tale of Two Cities
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What Is New Technology? A new acquisition or expansion of an
ongoing clinical program that requires an addition to existing staff, supplies, purchased services and capital equipment with an annualized cost of at least $100,000
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Looking to the Future The biology revolution is rapidly translating
scientific discoveries and new technologies into improved patient care
An integration of genomics, proteomics and bioinformatics with new imaging modalities and novel radiotherapy delivery systems will support the rapid growth of comprehensive Image-Guided Radiotherapy (IGRT)
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What the Medical Physicist Must Learn! Radiation Oncology Physics Imaging Physics Nuclear Medicine Physics Medical Health Physics Information Systems
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How to Prepare for the Presentation Form Assess Review
Create Research
Institute Evaluate Set Up
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Form Multidisciplinary Team Assess Needs Review Equipment Options
Create Model Specifications Research Vendor Alternatives Institute Acceptance Test Protocols Evaluate Operations & Maintenance Set Up Quality Program Structure
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Form Multidiscipl inary Team Include medical physicist, administrator,
appropriate clinician(s) Responsible for weighing relative costs
vs. benefits of alternatives Minimizes unproductive adversarial
relationships
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Assess Needs What is present and projected caseload
volume? Why is current equipment inadequate? What replacement equipment will
benefit patients? Why?
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Review Equipment Options Required capital available for installation,
operation, maintenance and upgrading? How much disruption during installation? Sufficient space and access? Environmental controls required? Additional staff training or FTEs needed?
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Review Equipment Options (Cont.) Vendor comparisons
Upgrade conditions? Can lower cost system be acquired and
later upgraded? Warranty coverage? Parts and service availability? Downtime penalties? User Group?
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Create Model Specif ications Written specifications contractually
define level of performance required from equipment
Work with vendor on preparation Specifications should accompany
purchase order and be referenced as a condition of sale
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Research Vendor Alternatives Product line, cost and “intangibles”
important Use life cycle costing analysis
Initial price Installation and renovation costs Training expense Recurring supply costs Preventive maintenance expense Repair costs Life expectancy
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Institute Acceptance Test Protocols Procedures described in specifications
attached to purchase order Written protocols and data sheets form
basis of acceptance or rejection
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Evaluate Operations & Maintenance Document protocols Accurate record-keeping of operational
failures or service interruptions Service considerations
Vendor-provided Local service organization In-house engineering Combinations
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Set Up Quality Program Structure Provides foundation on which clinically
effective and safe procedures are built Ensures that measured results are
within acceptable limits or that necessary repairs and adjustments have been made
Requires documentation and ongoing revision
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New Technology Presentation- The Process1) Become the program champion2) Develop the business concept3) Write the business plan4) Defend the business plan
ACMP
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1. Become the Program Champion Review what has been done or is being
done to identify the new equipment need
Identify gaps and areas to achieve desired outcome
Provide input and ideas Write business plan “Project manage” the process
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2. Develop the Business Concept“Define the value proposition that
specifies the business rationale for the new technology acquisition”
= Administrator-Speak for:
Show me what you
got!
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Administrative Criteria Screens Fit with Hospital strategic plan? Market attractiveness? Financial return and risk? Operational feasibility?
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3. Write the Business Plan Specify fit with Hospital Strategic Plan Analyze market attractiveness and
competitive implications Seek help from hospital financial analyst to
develop financial statements and clarify reimbursement issues
Identify risks Define business goals/milestones to
be reported
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4. Defend the Business Plan
Review reasonableness of market and financial assumptions
Show likelihood of achieving desired results
Demonstrate ability to fund the new technology – Income (P&L) Statement Multi-year projections
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Income (P&L) Statement - RevenueGross Patient Service Revenue
Less: Contractuals, Provision for Doubtful Accounts, Free Care, Other
= Net Patient Service Revenue
+ Other Operating Revenue
= Net Operating Revenue
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Income (P&L) Statement - Expenses Operating Expenses
Salaries and Fringe Benefits Purchased Services Supplies and Other Expenses Depreciation Interest Pension Community Initiative Contribution
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Financial Yardsticks Net Income
Net Operating Revenue – Operating Expenses
Internal Rate of Return Interest rate equivalent to dollar returns
expected from project. Can compare to rates hospital could earn by investing money in other projects.
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“Not everything that can be counted counts and not
everything that counts can be counted”