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DaVinci Robot Purchase
The fact that the annual growth rate for robotic surgery is 2% per year is the most important fact that needs to be considered. The margins are high enough to justify the investment alone—but the 2% growth year over year indicates that robotics are the future and a facility that is not invested in them will not be competitive. As Gerhardus (2003) notes, the future is here and now with the Da Vinci robot: robot-assisted surgery cuts down on the potential for human error, reduces risk, and increases margins for outpatient operations. It is a win-win for the hospital any which way one looks at it.
The hospital can focus on providing more outpatient robot-assisted operations, thanks to the hiring of the new surgeon who is skilled on the Da Vinci robot. It can increase its margins substantially by shifting the focus to outpatient procedures away from inpatient operations. Reimbursements for inpatient surgery are not as high as they are for outpatient surgery with robots, so it makes economic sense from this point of view to invest in the robot as well. The initial expense totals $700,000, meaning the robot will more than pay for itself within the decade, and maintenance costs will still allow room for the hospital to profit considerably from its usage.
Patients also require less time in recovery following robot-assisted surgery. This means the hospital will be able to move patients in and out more quickly to make room for incoming patients. This will facilitate the hospital’s aim to see as many patients as possible and maintain a high level of competition in the market. As competition is also key, this consideration should be supported by the notion that robot-assisted surgery is not going to go away: more and more hospitals will be turning to robotics, and the hospitals with the most experience and greatest reputation for using them will be the ones to establish market dominance. Investment in the new robot is therefore an imperative—and no factors would change the recommendation.
References
Gerhardus, D. (2003). Robot-assisted surgery: the future is here. Journal of Healthcare Management, 48(4), 242.
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