Creating solutions for medical providers with AI at Siemens
In recent years, digital capabilities in healthcare technology have been shown to enable greater access and productivity, early diagnosis and contribute to better outcomes in healthcare systems. Most healthcare organisations have already embarked on digital transformation, but many are finding that the necessary investment in healthcare technology is substantial and cannot generally be afforded through available capital expenditure budgets in healthcare systems.
“This is the case both for ageing equipment that needs replacement and upgrading, as well as for newer technologies on the market whose benefits have only recently emerged,” says Penny Pinnock, Business Development Manager at Siemens Financial Services. “To boost the availability of capital with which digital transformation can be achieved, private sector finance can help the healthcare sector enable a digital, commercial, clinical and sustainable transition. This is where we come in.”
Creating solutions for medical providers
Before joining Siemens in 2012 as the Public Sector & Healthcare Finance Account Manager, Pinnock’s career journey includes Customer Service Team Leader and Relationship Manager roles. In her role today as Business Development Manager, Pinnock builds working relationships with customers to understand their specific requirements, so Siemens can tailor its solutions to deliver value.
“In a nutshell, we finance what matters,” says Pinnock. “We are a specialist financing partner to many private medical providers and equipment suppliers as well as many NHS trusts, with in-depth knowledge of the healthcare industry and its technology and equipment. We provide finance solutions for all healthcare sectors including hospitals, diagnostic clinics, patient transport, laboratory and pharmaceuticals, veterinary, practices and surgeries.”
Pinnock previously spoke to Healthcare Digital about the advantages of adopting digital technology in the healthcare industry:“Whether it’s replacing equipment to enhance diagnostic capabilities or digitising the technology in infrastructure and buildings to drive down energy costs and emissions, by establishing a cohesive and consistent ‘digital thread’ throughout your organisation, you can ensure your system is aligned in its digital capabilities all the way along the patient pathway. Once this is established you will be able to reap the rewards of significant outcome improvements, clinical effectiveness, and cost reductions.”
However, in reality, there are many barriers to investing, but specialist in finance like Siemens Financial Services can provide the necessary guidance to help providers achieve the best possible outcome for patients.
AI-driven technologies can support healthcare providers
The use of artificial intelligence in medical imaging is resulting in more efficient processes and subsequently greater productivity, so naturally Siemens Financial Services has been seeing a lot of demand in this area.
“Take radiology for example,” says Pinnock. “Machines equipped with the latest tech can use AI-based algorithms for diagnostic purposes, speeding up workflows and highlighting abnormalities with greater precision than ever before.”
Siemens Financial Services can help healthcare providers acquire this equipment in a number of ways, through the use of a hire purchase agreement for example where the cost of the equipment is spread over an agreed period of time, at the end of which the customer has an option to own it outright.
“Alternatively, a finance leasing arrangement can be a cost-effective alternative, where we retain ownership of the equipment and the customer leases it at no up-front cost, instead spreading payments over an agreed period and returning the equipment at the end of the term,” adds Pinnock.
By impacting the delivery of care, patient outcomes and operational costs for healthcare systems the world over, Siemens Financial Services can enable these digital investments to make a positive
contribution to efficiency and effectiveness in healthcare delivery and access, as well as patient outcomes both short-term and long-term. This can reduce the social cost of rising overall demand and lifetime healthcare costs.
“Upgrading ageing or obsolete equipment and technology can provide clinicians, care staff and administration with greater productivity, efficiency and healthcare effectiveness,” says Pinnock. “As well as existing equipment, new digital technology can make a step-change difference in the effectiveness of healthcare access and delivery.”
Where the additional benefits and improved outcomes from new technology will be gained over time, smart financing arrangements can be structured to reflect the impact of those benefits.
“Such smart financing also aligns payments with the rate and value of benefits gained, which means healthcare organisations can acquire the best equipment and technology option for their clinical and care needs, because flexible financing makes all options affordable,” says Pinnock.
Sustainability benefits also positively impact operational costs. Having a fully digitally aligned hospital means having buildings with more intelligent and energy efficient operations, saving money as well as reducing emissions.
Beyond the healthcare sector, Siemens Financial Services is empowering its global customers on the path to decarbonisation and offers a variety of financing solutions. The company has supported projects with a total installed capacity of more than 25,000 MW of wind energy, 12,000 MW of solar energy and 480 MW of other renewable energy production (including battery storage) across the world.
According to Pinnock, digital platforms are proving the essential enabler of achieving sustainability goals in the healthcare sector.
“Looking forward, we want to continue supporting the healthcare market with innovative financial solutions to enable digitalisation, allowing for more efficient processes and the best patient experience possible,” she concludes.
