Novant Health UVA Health System is responding to Coronavirus in our communities. Protect yourself and others. Learn more »
There’s more competition than ever for healthcare capital dollars. Decreasing reimbursements, a rise in the number of services offered and a drop in patient volume mean a shrinking revenue pool for capital projects. Given this rationing situation, it is more important than ever that capital expenditure requests fully outline the benefits and costs of undertaking a new service or replacing an old asset. Requests should also answer the following questions outlined below.
For new equipment requests:
For replacement equipment requests
Not all capital requests will be financially justifiable. If the request doesn’t have a positive return, additional effort needs to be taken to explain the need. Those who can quantify the costs and benefits of a project and clearly explain the need will certainly be taking a step in the right direction for ensuring a serious evaluation of their request.