Pioneering collaborative consumption in healthcare to improve medical equipment utilization
- Cohealo¹ is a technology company that supports health systems share medical equipment across facilities, so that they can optimize spend, accelerate cash flow, and improve access to care.
- Cohealo supports health systems share equipment across hospitals, rather than buy or rent unnecessarily. Utilization and profit go up. Procedures happen where and when patients need them.
- The B2C trend of on-demand and access-based models proves applicable to the B2B space in healthcare and medical equipment.
- Cohealo’s cloud-based platform, supporting logistics capabilities, and analytics enable health systems to manage equipment centrally and make it available across all facilities – on-demand.
- Cohealo’s solution provides a complete, centralized platform to track a health system’s equipment across all facilities – enabling smarter decision-making and collaboration.
- Hospitals use any given machine about 42% of the time, at most, according to a GE Healthcare study – Cohealo aims to push usage rates to 75% – 80% by pooling hospital resources.
- Hospitals using Cohealo are saving anywhere from $1 – 2 million in the earliest stages, and that total multiplies the longer a hospital uses the system.
- By late-2014, Cohealo already operated within two of the five biggest health systems in the U.S., which serve about 15% of the U.S. paid population.
- Brings treatment to patients by: Expanding availability of treatments across sites, better equipping clinical teams for ongoing patient care, increasing consistency of care.
- Accelerate cash flows by: Better matching resources to clinical demand, minimizing equipment related delays and cancellations, and uncovering and accelerating expansion of service lines.
- Cohealo is one of more than 100 case studies identified as part of the World Economic Forum’s Digital Transformation of Industries initiative. An overview of the DTI program can be found here.
1. Sources: www.cohealo.com; Fortune Magazine: “Hospitals are learning how to share and it’s saving them millions” ; WEF/Accenture Analysis