Medical technology is constantly evolving, providing more efficient and accurate ways to diagnose and treat patients. However, purchasing these devices and gaining funding for rural hospitals is challenging, as they often have more limited budgets and resources.
Below are a few strategies we found for gaining funding for medical technology purchases.
How to Gain Funding for Rural Hospitals
1. Grants
Applying for a grant is one of the most common ways to gain funding. There are many organizations that offer grants specifically for healthcare technology, such as the National Science Foundation and the National Institutes of Health. Additionally, there may be state and local grants available that can help offset the cost of technology purchases.
It’s important to thoroughly research and understand the eligibility requirements, as well as the application process for each grant. You would also want to confirm the amount of funding that is available.
Many grants require a detailed project plan and budget, so it may be helpful to work with a grant writer or consultant to ensure a successful application.
2. Loans
Loans are another option for funding medical technology purchases. Many banks and financial institutions offer loans specifically for healthcare providers, with competitive interest rates and flexible repayment options.
Before applying for a loan, you should have a clear understanding of the hospital’s financial situation and budget. It may also be helpful to have a detailed plan for how the technology will be utilized and how it will generate revenue for the hospital.
3. Fundraising
Fundraising can be a creative and effective way to gain funding. This can include hosting events such as charity auctions, benefit concerts, or golf tournaments.
Additionally, many hospitals have had success with crowdfunding campaigns, which allow individuals to donate directly to the hospital’s technology fund.
When planning a fundraising event or campaign, have a clear message and goal. It may also be helpful to work with a professional fundraiser or event planner to ensure that the campaign runs smoothly and gets you your desired results.
4. Partnerships
Partnering with other healthcare providers or organizations in your community can be a valuable way to gain funding as well. This can be done by forming partnerships with larger hospitals or medical systems, which can provide access to additional resources and funding opportunities.
Additionally, partnerships with medical technology companies may provide access to discounted or donated equipment.
When forming partnerships, it’s important to understand the terms and responsibilities of each party involved. Consider working with a lawyer or consultant to ensure that your agreement is successful.
How Our Automated CPR Devices Offer Some Relief
Our CPR device is the most cost-effective device available, which can be very beneficial to those facilities that are reliant on outside sources for funding.
For over 55 years, we’ve taken pride in our automated CPR machines that provide high-quality, uninterrupted CPR. Our Life-Stat and Thumper automatic CPR machines provide external chest compressions, giving your patient the best chance for survival.
Below, read some of our customers testimonials from rural areas:
Gadsden County EMS
Gadsden County EMS in Florida is a customer of ours that has found success with our machines in a rural setting:
“We obtained a State of Florida Department of Health rural matching grant that allowed us to purchase six LIFE-STAT 1008 CPR units,” they said. “We handle over 8,000 calls a year in a rural area of Florida and frequently find ourselves running cardiac and respiratory arrest calls with limited manpower. We decided to make the purchase because of its ease of operation and its ability to be utilized as a ventilator and serve as an extra resource to us on emergency scenes.”
University of Alabama EMS
Additionally, Glen Davis, the Regional EMS Director at the University of Alabama, states that his department uses the Life-Stat to provide emergency services to rural areas.
“The Life-Stat is really the cheapest way to add staff at a minimum per usage cost. This is very important in these tough economic times and we will look at adding more Life-Stat units as our budget allows.”
Johnston Fire Department in Farmdale, Ohio
The Johnston Fire Department used funds from a Federal Emergency Management Agency (FEMA) grant to purchase two Life-Stat devices. One of these devices helped save Leonard Osborn, a Farmdale man who went into cardiac arrest and didn’t have a heartbeat for 16 minutes.
Learn More About How Our Machines Can Benefit Your Hospital
Michigan Instruments is devoted to providing technology to healthcare organizations at an affordable price. We offer our unique and revolutionary machinery. Contact us today to learn more about our equipment and how you can make it part of your organization.
