Bridging the Financial Gap in Medical Imaging

By Jonathan Burbante , Strategic Sales and Marketing Director at Canon Medical Systems Europe .

In the ever-changing healthcare landscape, medical imaging plays an essential role in diagnosis and treatment. However, the industry faces significant new challenges and must adapt in order to pave the way towards value-based healthcare. Globally, healthcare providers face rising costs, staff shortages and economic pressures within their healthcare systems.

Rising costs in medical imaging

The medical imaging industry faces many new financial challenges. The demand for more advanced imaging techniques has undeniably benefited patients by providing accurate diagnoses and has facilitated better treatment plans. However, it has also led to an increase in imaging prices. These costs represent a considerable burden for healthcare institutions that can often struggle to provide quality care without compromising their budgets.

Staff shortages and their impact on efficiency

As well as increasing costs, shortages of qualified medical staff have had a significant impact on the delivery of radiology services. Overworked healthcare professionals experience burnout, longer turnaround times for reports an ever-increasing number of patients, imaging and treatments to organize. This situation not only compromises the quality of care but also contributes to financial pressures, as institutions are faced with the need to hire temporary staff or deal with delays in the provision of care.

The challenge of justifying expenditure

One of the main challenges in the medical imaging sector is to justify expenditure. While advanced imaging is undoubtedly beneficial for patients, quantifying the health outcomes for the population from a reimbursement perspective can be complex. Healthcare systems are required to strike a delicate balance between providing cutting-edge care and managing their budgets effectively.

Solutions through Value-Based Healthcare

Value-based healthcare strategies have evolved as a way of tackling these influences. From the medical imaging industry’s perspective, supporting healthcare organizations in their mission to improve various individual healthcare outcomes requires providing affordable solutions. The transition towards Value-based Healthcare, typically defined as the ratio of outcomes achieved to costs incurred, is a complex and multifaceted process requiring a multidimensional perspective. Such a holistic view is embedded in Canon Medical System’s approach.

An important focus is optimizing the financial elements of each and every product and service solution so that healthcare providers have access to a range of outstanding clinical solutions that fit their budgets. In addition, they require solutions that will serve them financially well into the future.

It is clear that a range of financial tools and solutions are required to help healthcare institutions acquire the imaging equipment they need while optimizing their expenditures.

As an example, healthcare institutions can opt for leasing. Flexible leasing options enable healthcare institutions to acquire equipment without a large initial investment.?Another option is pay-per-use models, in which institutions only pay for the equipment they actively use, eliminating unnecessary expenditure. Subscription programs can be tailor-made to provide healthcare providers with access to the latest technologies without straining budgets.

Service is a crucial pillar of any strategy towards value-based healthcare and its importance cannot be overlooked. Good service provision ensures that equipment is maintained and has optimal performance, reducing downtime and costly repairs. While obsolescence coverage is an option to guarantee that equipment remains up to date, service eliminates the need for frequent replacements.

In terms of joint ventures, such as research, collaborative partnerships enable risks and rewards to be shared, supporting mutual success.

Canon Medical System’s commitment to the 'Made For Life' philosophy means that we build real partnerships with healthcare organizations. We understand that each institution's financial challenges are unique, and so we work closely with them to design a solution that meets their objectives. Our primary goal is to drive focused care, smarter healthcare spending, better patient outcomes and, ultimately, value-based healthcare.

As a conclusion, Canon Medical is aware of the financial challenges faced by healthcare institutions today and we are determined to help healthcare organizations overcome these challenges, ensuring that they can continue to provide exceptional patient care without compromising their financial stability. Together, we can bridge the financial gap and pave the way for a future of value-based healthcare.

About the author

Jonathan Burbante is Strategic Sales and Marketing Director at Canon Medical Systems Europe, with a broad background in medical imaging. His career began as a medical imaging technologist, a role that ignited his passion for the field. Over the years, he has moved into industry, driven by a deep appreciation of the diversity and constant evolution of medical imaging. His expertise lies in bridging the gap between sales, marketing and the unique needs of customers.