Dave McGowan, Global Account Manager, Healthcare
Phillip Bollen, International Program Manager, Healthcare
With the rapid rise in medical technologies (medtech), healthcare institutions are undergoing transformation across all areas. How can business leaders leverage, strategize and reimagine financing to succeed in this journey?
For decades, the healthcare industry has benefitted from progressive technological advancements. From improvements to imaging to 3D printing, innovation of medtech has contributed to improved surgery experiences for surgeons and better outcomes for patients. Coupled with digital transformation, driven by artificial intelligence (AI), cloud computing, IOT and other emerging technologies, the global healthcare industry is seeing progress at a pace unseen before.
In recent years, surgical robotics has increasingly become an integral part of this evolution, and the market is poised for growth. “The global surgical robots market size was estimated at USD 3.92 billion [3.6 billion Euro] in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2030” (Grand View Research).
The application of robotics in healthcare has transformed how we provide surgical care, removing limitations, safely performing more complex procedures, and reshaping traditional surgery techniques. Innovative robots that help rehabilitate people faster post-surgery and reduce time in the intensive care unit can help to achieve more successful outcomes. Despite the benefits of robotics, accessing equipment can be a challenge.
We outline how healthcare companies are navigating integrating the robotics equipment needed to succeed in the next decade and create value.
The Robots Are on the Rise
As bone degenerative diseases and replacement surgeries, aging populations and staffing shortages become more prevalent, healthcare institutions are increasingly integrating surgical robots into their practices. In doing so, providers leverage benefits such as increased efficiency and precision, minimal invasiveness, enhanced procedural capabilities, and surgeon assistance.
Leveraging flexible financing solutions can propel the adoption of surgical robotics and get valuable equipment in place sooner. Healthcare centers can acquire cutting-edge robotics equipment without hefty upfront costs, making it easier to integrate into healthcare delivery.
Future Proofing Robotics
In a world of ever-evolving tech, the lifespan of equipment and obsolescence is a vital consideration. Robots are highly technologically advanced and can, therefore, be quickly outdated. The success of robot-assisted surgeries relies on the latest software and hardware equipment, and working with the latest generation of equipment is valuable in delivering the best surgical care.
There can, however, be challenges. Equipment may become unrepairable or unserviceable due to rapid changes in technology or parts are no longer available. Or integration with more advanced equipment or systems is not compatible. For example, integrating voice prompts into equipment may call for new parts.
Keeping up to date with the latest equipment and technology requires careful consideration; regardless of whether updates include a minor software upgrade that can be done in minutes or a massive machine replacement requiring a forklift. A finance solution, including service and maintenance, ensures rapid upgrades or swaps to newer generations of equipment, which in turn, reduces downtime and keeps patient care uninterrupted.
Attracting Top Talent with Robotics
In the dynamic landscape of medicine, attracting and retaining skilled surgeons is paramount, particularly as the healthcare sector is seeing rising deficits in surgical expertise. In 2021, The Association of American Medical Colleges projected a shortage of more than 30 thousand surgeons in the U.S by the year 2034 and the World Health Organization (WHO) estimates that in low- and lower-middle-income countries, there will be a shortfall of approximately 10 million health workers by 2030 (BIS Research). Incorporating surgical robotics into healthcare not only improves experiences for patients but attracts skilled surgeons, by:
- Early Adoption Advantage: Companies that swiftly integrate human intelligence with robotics, AI and other emerging technologies gain a competitive edge and capture business value.
- Training: Surgeons and staff hone their skills on simulators, ensuring precision before real procedures. institutions attract skilled surgeons who appreciate the precision-enhancing capabilities that come from the training and experience with robotics. This rigorous training elevates talent and quality of care.
- Reputation Boost: Institutions recognize that offering robotic-assisted surgeries not only improves patient outcomes but also enhances their reputation. Patients recognize that robotic-assisted surgeries can enhance their outcomes. Accuracy becomes the norm, driving hospital success.
Empowering Healthcare: The Power of Financing
As the landscape of medicine evolves, companies may find themselves at a crossroads. The demand for surgical robotics is undeniable, but committing to long-term investments can be challenging. And with the variety of products available, it can be difficult to commit.
Financing can support acquisition of the latest technology. Here’s how:
- Variability: Financing grants institutions the freedom to explore diverse robotic systems. From routine procedures to groundbreaking innovations, the options are vast, and a flexible financing solution allows companies to explore possibilities.
- Financing allows for the matching of the monthly costs of the system to the procedure volumes and reimbursements, stretching the cost of acquisition over time versus the upfront cost of acquisition.
- Leasing offers an option to pay just for the usage of the system, versus ownership of the system.
- Leading the Way: Financing empowers investing in cutting-edge applications, equipment and technologies, pushing past the current boundaries.
The surgical robotics market is witnessing robust growth but acquiring resources and technology may prove challenging for companies with inflexible debt cycles and those prioritizing cashflow and capital preservation. Financing can play a crucial role in enabling healthcare companies and institutions to adopt these advanced technologies.
DLL is an expert in financing and supporting companies in all their efforts to improve patient care. We partner with equipment manufacturers, dealers, and end-users around the world to enable them to improve their patient care, increase their sales, and get paid faster whilst having access to the latest equipment.
Contact us to schedule a time to discuss how our flexible payment solutions can help shape the future of healthcare—one robot at a time.
