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Published on: 11/12/2007
Last Visited: 11/12/2007
And Greg Johnston, vice president of finance, says there's always intense internal competition for limited funds.
Part of his job is making sure the hospital is getting the best deal on expensive equipment such as picture archiving and communication systems (PACS) and arranging financing deals.
"Because we're non-profit, one option is tax-exempt bonds," Johnston says.But one problem is matching the length of bond maturity to the lifecycle of the asset."The underwriter won't give you a 30-year bond on an asset with a lifespan of five to seven years," he says, adding that sometimes it's possible to combine payments for equipment into bonds for construction renovations.
On some deals, Baptist has worked with Irving, Tex.-based Voluntary Hospitals of America.The hospital alliance arranges tax-exempt financing and allows its members to access funds from its borrowing, Johnston explained.
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"If you tightly manage utilization," Johnston says, "it can be a very efficient way to purchase services."
No matter what type of equipment is under consideration, Johnston says, Baptist executives turn to MD Buyline, which offers an online subscription-based database on medical capital and informatics purchasing, including information on what other hospitals have paid.
"Our materials management people live and die by that," Johnston says.
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