Healthcare executives worldwide are deciding to incorporate new technologies to reduce operational expenses and to achieve greater, compliant energy efficiency in hospitals. In the ever-evolving landscape of healthcare, private hospitals face a constant challenge: providing high-quality care while managing operational expenses effectively.
In this article, we will explore a strategic approach that leverages energy savings to fund infrastructure upgrades. By focusing on the right hard technical assets and implementing an efficient maintenance plan, private hospitals can achieve significant operational savings while improving their overall performance.
- Energy Savings: A Hidden Resource
Improving energy efficiency in hospitals is critical to reduce costs and carbon emissions. Modern medical facilities depend on compliant energy resources in order to effectively treat patients. Any reduction in building performance can compromise staff and a patient’s health and safety.
Energy consumption is a substantial operational expense for healthcare facilities in general. The heating, cooling, lighting, and electrical systems that keep healthcare facilities running can be energy and resource intensive.
By investing in energy-efficient equipment such as HVAC systems, boilers, LED lighting, virtual controls and other building performance technologies, as well as adopting sustainable practices, hospitals can reduce their energy bills. In turn, the energy savings can be used as a source of funding for asset upgrades.
By having your assets connected (IoT) you will be able to understand and track the performance of your assets and the maintenance services that are required. From a building perspective this may contribute to your BMS (Building Maintenance System) which can give you insight to analytics and efficiencies gained.
Upgrading to modern energy efficient hard technical assets and medical equipment can lead to remarkable cost reductions over time. The key lies in recognising that these energy savings can be reinvested into the hospital’s infrastructure, ultimately benefiting patient care and operational efficiency.
- Optimising Energy Asset Performance
To harness energy savings effectively, private hospitals must focus on optimising the performance of their energy-related assets. This includes:
- Regular Asset Monitoring: Implementing continuous monitoring of energy-related assets allows hospitals to track usage patterns and identify areas where efficiency can be improved. Real-time data can uncover anomalies and enable prompt corrective action.
- Data Analytics: Leveraging data analytics tools can provide valuable insights into energy consumption trends. Hospitals can use this data to make informed decisions about optimising energy usage and asset performance.
- Predictive Maintenance: Adopting predictive maintenance techniques allows hospitals to address potential issues before they become major problems. By predicting equipment failures and scheduling maintenance proactively, hospitals can reduce downtime and extend asset lifespans.
Operational Savings and Reduced Maintenance Costs
- Energy Savings: By optimising energy asset performance, hospitals can significantly reduce their monthly energy bills. These savings can be allocated toward other critical areas of operation or reinvested into further energy-efficient upgrades.
- Reduced Downtime: Predictive maintenance techniques minimise unplanned equipment downtime. This ensures that critical medical equipment and facilities are always available when needed, improving patient care and overall operational efficiency.
- Extended Asset Lifespan: Proper maintenance and monitoring protect the lifespan of energy-related assets. This means that hospitals can delay costly replacements or upgrades, saving on capital expenditures overall.
The Connected Asset: Internet of Things
Adding innovative new technologies such as IoT to obtain asset and building data can provide essential institutions a better way to ensure reliability while improving energy efficiency. The key benefits are:
- Real-time asset/resource visibility.
- End-to-end, remote monitoring and management of assets/resources.
- Analytics that provide data-driven insights for predictive and prescriptive analytics.
- Reduced costs.
- Improved operational efficiency.
Funding Infrastructure Upgrades Through Savings and Incentives
The energy savings generated through optimised energy asset performance can serve as a reliable source of funding for infrastructure upgrades. Here’s how private hospitals can make it happen:
- Independent Turn-Key Contracts provide tangible value: Consider entering into a bespoke turnkey contract for asset owners incorporating the purchasing strategy to create long-term value. The concept of asset value is divided into value elements and benefits which jointly determine the extent of value realised for the asset owner. Aligning this strategy relies on a close relationship with the asset owner to facilitate long-term value outcomes. When this strategy is combined with savings from reduced energy consumption the evident benefits are clear.
- Government Incentives: Many governments offer incentives, tax credits, or grants to organisations that invest in energy-efficient technologies. Hospitals can take advantage of these programs to offset the costs of energy-related upgrades.
- Financing Options: Explore financing options tailored to healthcare institutions. Banks and financial institutions often offer competitive rates and terms for hospitals looking to invest in energy efficient options. However, financing hard technical assets does not need to be so transactional and should be much more solution focused.
A specialist asset finance and asset services management organisation can provide healthcare facilities with a bespoke solution for the acquisition and maintenance of building assets. Less risk, cost savings, energy savings and a reduction in emissions whilst translating capital expenditure over regular, periodic payments. They will conduct detailed lifecycle assessment of existing and proposed replacement assets to ensure they are fit for purpose. It also means both the cost and environmental, social, and corporate governance (ESG) benefits from asset upgrades are not limited by available capital expenditure budgets.
- Delivering a turn-key service-based solution: A strategic choice
A hospital’s hard technical assets usually involve capital investment decisions for a company’s executive management team. These assets usually involve a significant outlay of cash or capital or funded otherwise and as a result, are considered medium to long-term funding decisions. The required technical asset management costs are added to the investment. Understanding how a building operates in relation to compliant assets and its impact on financial and environmental performance is a strategic choice because of its long-term impact.
The key is finding a partner with the ability and expertise to customise solutions for the acquisition and maintenance of your building assets. From project planning and resourcing, the delivery of data driven preventative maintenance, through to providing long-term lifecycle contracts. Whilst the positive impact on expenditure and cash flow is obvious, delivering a turnkey service-based solution that consolidates a multitude of technical and complex tasks and processes is game changing.
Optimising healthcare operations in private hospitals is an ongoing challenge. However, by harnessing the power of energy savings and strategically managing energy-related assets, hospitals can make significant strides in reducing operational expenses while funding essential infrastructure upgrades. Regular asset monitoring, data analytics, and predictive maintenance techniques are key components of this strategy.
Private hospitals that prioritise energy efficiency not only benefit from substantial cost savings but also contribute to a more sustainable healthcare sector. With climate change becoming a global concern and the introduction of widespread regulations to reduce carbon emissions, sustainable assets and buildings are not just a good idea, but a necessity. With the right approach, private hospitals can ensure optimal, whole-of-life performance for their assets while delivering top-notch, compliant patient care and staying ahead in the competitive healthcare landscape.
If you would like to discuss how to reduce your operational expenditure, reduce your energy consumption and invest in new assets, you can call us on 1300 02 TASA (1300 02 8272) or send us a message here.
Apeiron Assets is an Australian-owned company specialising in managed service solutions for the built environment. With a commitment to innovation, efficiency, and excellence, Apeiron Assets empowers building owners by simplifying asset management and optimising financial resources.
Apeiron Assets Phone: 1300 02 TASA (1300 02 8272)
Email: [email protected]
