How Oxygen Concentrator Renting Will Reduce Healthcare Expenditure: A Comprehensive Guide

After the pandemic, the healthcare needs and priorities have changed. Covid-19 has left a deep impact on the healthcare ecosystem. Especially, when we recall the shortage of ,oxygen cylinders during the pandemic.

However, the problem of the unavailability of oxygen supply has been coming for a very long time even before COVID-19. That’s the reason healthcare facilities and service providers need to pay attention to the oxygen shortage issue.

As per the reports, around 195 people died in 5 different states in India during 2021 during the pandemic period because of oxygen shortage.

As a result, the utilization of technological equipment is the solution and need for all the problems healthcare encounters, and to solve this issue oxygen concentrators are one of the most reliable solutions.

Indeed, it has been proven that the use of oxygen concentrators can help to fill the gap in patient’s treatment, supply for oxygen, and so on.

But, what are oxygen concentrators? How does it work? And why should healthcare facilities rent oxygen concentrators?

To know the answers let’s take a deep dive into this blog that will help you make an informed decision in regards to empowering your healthcare services and patient care.

What are oxygen concentrators?

In simple words, Oxygen concentrators are a medical device which is used to provide pure oxygen to patients who are facing breathing problems. It purifies the air around you by separating nitrogen and providing 95% pure oxygen into your body.

How does it work? The importance and need for oxygen concentrators.

Let me explain to you in simple words rather than tricky words, As you can see in the above image, Oxygen concentrators intake air from the outside and filter it out with the help of a compressor, then pass it to our zeolite where nitrogen is adsorbed from the air, which then passes over the remaining gas that is mostly oxygen through product tank, and eventually based on the set pressure, the oxygen concentrator release the oxygen out.

However, oxygen concentrators are needed for patients who are going through breathing problems. Which is a common and the most crucial problem in today’s era. From small kids to adults to older citizens face breathing problems at an early age.

As a result, facilitating oxygen concentrators becomes necessary for healthcare service providers to meet ongoing oxygen needs within the hospital in day-to-day operations.

However, with the rising cost of the healthcare system, many small clinics and other small healthcare service providers are not able to acquire proper equipment for the hospitals and that leads to poor patient treatment.

But what about renting an oxygen concentrator instead of buying it? Let’s take a look at renting vs ,buying oxygen concentrators and which one is the most suitable option to choose.

Renting vs buying: Which one is the better option?

Renting oxygen concentrators is a more suitable option for healthcare facilities in terms of cost analysis. In addition, buying an oxygen concentrator requires a lot of capital, and small clinics and even big hospitals can not afford to invest large amounts of money at a time.

On the other hand, if you buy oxygen concentrators then they might not be utilized properly because the need for oxygen depends on several factors but renting oxygen concentrators gives flexibility to healthcare providers to pay only when needed.

Furthermore, renting oxygen concentrators can eliminate the maintenance and depression costs of the medical devices. This eventually leads to a reduction in operational costs for hospitals which is a big pain point for them to overcome.

Benefits of Renting Oxygen Concentrators

●      Cost Savings

●      Lower upfront investment

●      Elimination of maintenance costs

●      Flexibility in upgrading equipment

●      Convenience and Accessibility

●      Avoids storage and transportation hassles

●      Easier access to spare equipment

●      Simplifies maintenance and troubleshooting

●      Improved Patient Outcomes

●      Ensures access to the latest technology

●      Reduces stress and anxiety for patients

●      Promotes better compliance with treatment plans

How Renting Reduces Healthcare Expenditure?

In the ever-evolving landscape of healthcare, finding innovative solutions to reduce costs while improving patient outcomes is a constant pursuit. One such breakthrough that is gaining momentum is the renting of oxygen concentrators.

Lower overall costs for healthcare providers:

Recent studies have shed light on the substantial financial benefits associated with hospitals opting to rent rather than purchase oxygen concentrators.

A 2023 study published in the Journal of Healthcare Management revealed that hospitals focusing on renting these essential devices for chronic obstructive pulmonary disease (COPD) patients witnessed an average annual savings of $5,000 per patient compared to traditional equipment procurement methods.

Moreover, technological advancements are further amplifying these savings. New rental models, including innovative pay-per-use options, are emerging as game-changers, offering healthcare providers even more cost-effective solutions.

The industry’s embrace of value-based healthcare models is an additional driving force, creating a conducive environment for the adoption of economically efficient practices like oxygen concentrator rentals.

Reduced need for hospital stays and readmissions:

Integrating telehealth into oxygen concentrator rental programs has proven to be a pivotal factor in curbing hospital stays and readmissions.

This integration allows for real-time patient monitoring, enabling timely interventions and reducing the necessity for hospital admissions. technologies used in healthcare continue to relieve healthcare professionals as well as patients.

Patients can now actively participate in managing their oxygen therapy at home, resulting in fewer hospital visits and associated costs.

Patient compliance is also positively influenced by the rental model. Studies indicate that patients who rent oxygen concentrators are more likely to adhere to their treatment plans due to the convenience and accessibility of the equipment, thereby contributing to a significant reduction in hospitalization rates.

Improved patient self-management and reduced complications:

Oxygen concentrator rental companies are now prioritizing patient education programs. These initiatives empower patients with the knowledge and skills needed to manage their oxygen therapy effectively, leading to improved outcomes and a reduction in complications.

The integration of digital support tools, such as mobile applications and online platforms, further enhances patients’ self-management capabilities, alleviating anxiety associated with their conditions.

The availability of rental equipment facilitates early intervention for patients with respiratory conditions, preventing complications and minimizing the need for advanced medical interventions.

This not only improves patient well-being but also contributes to long-term cost savings for the healthcare system.

Increased pool of resources for other healthcare needs:

By embracing oxygen concentrator rentals, healthcare providers can redirect resources previously allocated to equipment purchase and maintenance. These cost savings can be reallocated to critical areas such as investing in cutting-edge technologies, expanding services, and enhancing patient care initiatives.

This enhanced resource pool enables hospitals and clinics to provide better care for a broader spectrum of patients, ultimately improving overall healthcare delivery within their communities.

Additionally, choosing to rent over purchasing aligns with sustainability goals, as it reduces unnecessary equipment waste and promotes resource optimization, contributing to a more sustainable healthcare system.

Key Considerations for Renting Oxygen Concentrators:

In the pursuit of cost-effective and patient-centric healthcare solutions, the considerations surrounding the rental of oxygen concentrators play a crucial role. Let’s explore the key factors that healthcare providers should carefully weigh when opting for oxygen concentrator rentals.

Selecting the Right Rental Provider:

Choosing the right rental provider is paramount to ensuring a seamless and effective oxygen therapy experience for patients.

• • Reputation and Accreditation: Prioritize providers with a sterling reputation for reliability, excellent customer service, and adherence to industry regulations.

• • Equipment Selection and Availability: Verify that the provider offers a diverse range of concentrators to cater to various patient needs. This includes portable models and concentrators compatible with specific medical equipment.

• • Pricing and Payment Options: Conduct a thorough comparison of rental rates, fees, and payment options across different providers to identify the most cost-effective solution. Consider exploring pay-per-use models for flexible pricing tailored to individual patient needs.

• • Delivery and Installation: Opt for a provider that prioritizes prompt and efficient delivery and installation services, minimizing disruption to patient care.

• • Maintenance and Support: Ensure the chosen provider has a responsive and reliable team for maintenance, repairs, and troubleshooting. This guarantees uninterrupted oxygen therapy, a critical component of patient care.

Understanding Rental Terms and Conditions:

Clear comprehension of the terms and conditions associated with oxygen concentrator rentals is essential for avoiding any unforeseen challenges.

• • Contract Duration and Termination: Familiarize yourself with the duration of the rental contract and the associated termination clauses, including any penalties or fees.

• • Equipment Damage and Loss: Understand the terms regarding responsibility for potential equipment damage or loss during the rental period.\

• • Insurance Coverage: Verify whether the rental agreement includes insurance coverage for the equipment and clarify any limitations.

• • Delivery and Installation Fees: Confirm if the rental fee encompasses delivery, installation, and removal costs.

• • Maintenance and Repair Responsibilities: Define the responsibilities for maintenance and repairs during the rental period and the associated costs.

Insurance Coverage for Rentals

Ensuring proper insurance coverage is in place is crucial for mitigating risks associated with rented oxygen concentrators.

• • Medical Equipment Coverage: Check whether existing medical equipment insurance extends to cover rented oxygen concentrators.

• • Rental Insurance: Consider obtaining additional rental insurance for comprehensive coverage against damage, loss, or theft.

• • Medicare and Medicaid Coverage: Understand the specific coverage limitations of Medicare and Medicaid for oxygen concentrator rentals.

Availability of Support and Services:

Comprehensive support and services enhance the overall rental experience, contributing to better patient outcomes.

• • Patient Education and Training: Prioritize providers offering robust patient education programs and training on using and maintaining the oxygen concentrator.

• • Technical Support: Ensure access to 24/7 technical support to address any equipment issues or troubleshooting needs promptly.

• • Home Healthcare Services: Consider providers that go the extra mile by offering additional home healthcare services, such as oxygen delivery or respiratory therapy, for an enhanced patient care experience at home.

The Rising Cost of Healthcare: Future of Oxygen Concentrators Renting

In the face of soaring healthcare expenses, oxygen concentrator rentals offer a promising solution to ease financial burdens and enhance patient outcomes. With healthcare spending escalating globally, driven by an aging population and technological advances, oxygen concentrator rentals present a strategic alternative.

As per the report, “India Oxygen Concentrators Market was valued at USD 51.23  Million in 2017 and is anticipated to project impressive growth in the forecast period with a CAGR of 7.4% through 2027.”

However, factors such as technological advancements, a shifting healthcare landscape, and increasing patient demand are driving the surge in oxygen concentrator rentals.

Winding-up:

Although patients benefit from reduced financial burdens and enhanced mobility, providers enjoy cost savings, improved patient care, and increased operational efficiency.

As the healthcare landscape evolves, oxygen concentrator rentals are poised to play a vital role in creating a more accessible and affordable healthcare system.

*****

Author Bio

Tirth Patel is the founder of Creative Space. He is a content writer, content marketer, and Business analyst. He is also passionate about guest posting.

Over the years, he has explored content writing and guest posting tremendously. And now, he is looking forward to creating a community where writers can exercise their skills through Creative Space by allowing them to do free guest posting. Visit his website to know more.