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7:30 AM - HLTH 2025
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12:00 AM - NextGen UGM 2025
TigerConnect + eVideon Unite Healthcare Communications
2025-09-30    
10:00 am
TigerConnect’s acquisition of eVideon represents a significant step forward in our mission to unify healthcare communications. By combining smart room technology with advanced clinical collaboration [...]
Pathology Visions 2025
2025-10-05 - 2025-10-07    
8:00 am - 5:00 pm
Elevate Patient Care: Discover the Power of DP & AI Pathology Visions unites 800+ digital pathology experts and peers tackling today's challenges and shaping tomorrow's [...]
AHIMA25  Conference
2025-10-12 - 2025-10-14    
9:00 am - 10:00 pm
Register for AHIMA25  Conference Today! HI professionals—Minneapolis is calling! Join us October 12-14 for AHIMA25 Conference, the must-attend HI event of the year. In a city known for its booming [...]
HLTH 2025
2025-10-17 - 2025-10-22    
7:30 am - 12:00 pm
One of the top healthcare innovation events that brings together healthcare startups, investors, and other healthcare innovators. This is comparable to say an investor and [...]
Federal EHR Annual Summit
2025-10-21 - 2025-10-23    
9:00 am - 10:00 pm
The Federal Electronic Health Record Modernization (FEHRM) office brings together clinical staff from the Department of Defense, Department of Veterans Affairs, Department of Homeland Security’s [...]
NextGen UGM 2025
2025-11-02 - 2025-11-05    
12:00 am
NextGen UGM 2025 is set to take place in Nashville, TN, from November 2 to 5 at the Gaylord Opryland Resort & Convention Center. This [...]
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AHIMA25  Conference
12 Oct 25
Minnesota
Events on 2025-10-17
HLTH 2025
17 Oct 25
Nevada
Events on 2025-10-21
Events on 2025-11-02
NextGen UGM 2025
2 Nov 25
TN
Articles

Managing the Finances of Implementing New Medical Technologies

managing finances
BIRMINGHAM, UNITED KINGDOM - JUNE 14: A doctor at The Queen Elizabeth Hospital Birmingham does his rounds on the wards on June 14, 2006 in Birmingham, England. Senior managers of the NHS have said that the organisation needs to become more open in the future. (Photo by Christopher Furlong/Getty Images)

When it comes to the medical field today, there is a lot of radical technology that is advancing the entire industry. However, the costs of this can be quite high. If it is your job to handle these costs and implement the technology, then you need the right game plan to manage it the right way. Here are various tips you can use to make sure you can stay profitable while putting the new tech into place:

SOPs

If there is any process that is done in your company more than once, then it should be automated. This is a great principle to keep in mind and try to uphold where you work. This has a number of advantages, but you might need some guidance on how to put it in place.

The first advantage that a standard operating procedure brings your company is speed. When everyone knows exactly how a certain task is to be accomplished, you cut out a lot of the confusion in the first place. This keeps people from making the same mistakes again and again. It also means they will be faster at their job.

When something is automated in SOP documents, it also means that you increase your chances of being in compliance with all the regulations you need to uphold. The last thing you want is a legal battle on your hands.

To create SOPs, it is actually quite simple. Sit down and write out each step of each process. This might take some time. It is the definition of simple, but not easy. However, it is more than worth your time.

Meetings

Meetings might not be fun, but they sure are effective. Make sure your team understands how you are going to install and use this technology. Get them going on it faster rather than waiting. Then, the training costs will go down.

Motivation

The medical field experiences a lot of change. One of the constants, however, is that you need to keep your people motivated. They might feel like their position is becoming harder or even going to be phased out with technology. Keeping them on the same page as everyone else is going to be crucial to implementing your new medical technologies as time goes on.

Training and Continuing Education

You may need to get special training. However, ideally, you will have been training your people all along. The more people you have on your staff that are trained with different specialties, the more you can bill and the less you have to work to accomplish the new implementation of the technology.

Outside Consulting

Whether you run a stem cell therapy center or general hospital, getting another view on the matter is always helpful. It can clear up things that seemed murky before. Hire a consultant to help make the installation go even smoother than you had hoped.

Negotiation and Bulk Ordering

Sometimes, the best strategy with new technology is not to be prudent. Instead of testing the waters with one order, you might be able to save a bundle by getting a lot of machines at one time. Make sure you love the solution first, then pull the trigger on a bigger order at a discount.

In today’s world, there is more medical technology than ever before. It is critical that you handle the implementation of it in the best way possible that minimizes costs. After all, costs are already soaring. Finding ways to reduce implementation expenses will help your medical company grow, no matter what kind of service you offer. Then, you have more profit to grow in the future without taking on as much risk