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TechZenergy Perfecting Procedure Managment
A patent pending, cloud based, collaborative, preventative maintenance (PM) procedure management system, created exclusively for the medical industry by ZenergyRising, LLC, a Colorado company.
TechZenergy addresses five critical, foundational medical industry revenue and risk issues, currently unmet by CMMS service or product providers;
While the Founders can imagine the TechZenergy platform being useful to any industry that has PM requirements, (trucking, shipping, airlines, railroads, data server farms et al) the Founders have explicitly focused on the medical industry;
Despite government mandates requiring maintenance procedures and reporting (all of which are met by the newly created and currently available TechZenergy feature set,) other existing Computerized Mechanical Maintenance Systems (CMMS) fail to meet Hospital, Insurance and Federal Government requirements. These current conditions illustrate clear market demand, low barrier to entry and high margin opportunity for TechZenergy, patent pending.
SCOPE OF THE MEDICAL DEVICE MAINTENANCE PROBLEM
There are approximately 5534 hospitals, 5260 surgery centers and over 170,000 physician offices in the USA (“Facilities”) with medical equipment requiring federally mandated proof of annual maintenance: https://www.beckershospitalreview.com/hospital-management-administration/new-medical-equipment-maintenance-standards-require-more-hospital-time-money-and-staff.html.
According to the US Bureau of Labor Statistics, there are approximately 47,000 Bio-Med Techs in the US. The median wage is $48,820 or $23.47 per hour: https://www.bls.gov/ooh/installation-maintenance-and-repair/medical-equipment-repairers.htm#tab-1.
Based on anecdotal evidence gleaned from interviews within the TechZenergy professional network, Bio-Med Techs spend approximately 2 hours a day trying to keep up with reporting, using antiquated and inefficient systems which vary from location to location, and in many cases from employee to employee. That’s a median cost of $46.94 per tech, per facility, per day.
In the abstract, this means a median loss of 47,000 X $46.94 = $2,206,180 per day X 351 working days, or an inefficiency cost of approximately $774,369,180 annually across the industry.
On a related note, the average payout for a verdict or settlement in a medical malpractice claim nationally is approximately $242,000. The total cost of the US medical liability system in the US in 2008 dollars was $55.6 billion or 2.4% of total healthcare spending.
In addition, in 2016, according to the Center for Medicaid Services (CMS), Hospital Acquired Condition (HAC), penalties, cost 739 Hospitals $408 Million: https://www.beckershospitalreview.com/quality/769-hospitals-see-medicare-payments-cut-over-high-hac-rates-7-things-to-know.html
As illustrated, medical facilities are confronted by extremely high costs for not being able to properly prove medical device PM history, let alone the ethical motivation to provide the highest level care for patients, or the personal motivation to maintain one’s own professional integrity.
At the same time, even those medical facilities who actually are creating some form of this historical medical device maintenance evidence, are doing so inefficiently, creating further unnecessary costs. TechZenergy can help medical facilities reduce both direct and indirect costs.
THE MARKET RESPONSE TODAY
There are at least five major generic CMMS companies who repurpose their software platforms for the medical CMMS space, in addition to more than 20 CMMS systems that purport to also address medical equipment maintenance with their generic CMMS solution.
However these existing and modified CMMS products fail to provide Bio-Med Techs and Hospital Administrators with specific machine model Bio-Med Tech maintenance steps, combined with manufacturer directed protocols within their system architecture; they are essentially spreadsheets on steroids.
SIZE OF THE CMMS MARKET
According to https://facilityexecutive.com/2014/05/facility-management-market-worth-43-69-billion/, The facilities management market will be $43.69 Billion by 2019 with the entire software solutions segment of that market projected to be around 12% or $5.24 Billion.
TechZenergy has no reliable and verifiable way to accurately estimate what share of the subset bio-med maintenance marketplace we can garner with a fully staffed sales and marketing team, leveraging a robust software development and implementation effort.
That said, TechZenergy is currently in Alpha testing with “boots on the ground”, Bio-Med Techs, and their hospital administrators, with little more than word of mouth marketing efforts.
STRATEGIC MARKET ENTRY
TechZenergy key features don’t currently exist among CMMS providers; our Alpha stage, collaborative, cloud based software solution leverages each Bio-Med Tech’s executed maintenance procedure by putting it in the hands of every TechZenergy user; this is our key value driver in a cluttered generic and repurposed CMMS marketplace. This unique functionality is protected intellectual property, with patent pending.
That said, TechZenergy is not intended to be a competitive threat to legacy medical CMMS products. Instead, TechZenergy will be marketed not only as a stand alone software product for those facilities lacking a medical CMMS solution of any kind, but also as an add on feature to existing CMMS systems currently in the marketplace.
The entrenched Medical CMMS providers including but not limited to WorxHub, Medimizer, Accruent, Maintenance Connection, and eMaint are therefore potential partners, not competitors. As such, TechZenergy is both a licensed add on to legacy CMMS solutions, and a stand alone product which individual maintenance providers can implement for their existing clients.
The array of repurposed generic CMMS systems in the medical marketplace today are, to a greater or lesser extent, good at tracking inventory, scheduling preventive maintenance, and creating work orders. But none are useful for the purpose of actually helping a bio-med tech do the work of maintaining a specific piece of medical equipment. Repurposed generic CMMS products simply offer a system of tracking equipment and maintenance performed. Existing, repurposed, CMMS products fail to enhance the efficiency and effectiveness of an individual bio-med tech’s core work.
Specifically, existing CMMS products fail to incorporate a specific equipment manual and its procedural maintenance steps in support of a Bio-Med Tech’s minute by minute work maintaining a unique piece of medical equipment.
While existing, repurposed, CMMS products provide a space to append a manual to a record of maintenance, they fail to interactively provide the maintenance steps in the manual, to the Bio-Med Techs.
Furthermore, existing CMMS systems, repurposed for the medical equipment space, fail to provide “lessons learned”, model specific, maintenance steps to follow. The result is a failure of existing CMMS providers to meet clear market demand.
TechZenergy not only provides the procedures and the manual for a unique piece of equipment, but also provides a method of executing procedures and recording maintenance history without impeding work flow. Entrenched CMMS service provider failure presents an opportunity for TechZenergy innovation that is not disruptive, but rather collaborative, providing a win-win value proposition for existing CMMS service providers, bio-med techs, hospital administrators, risk managers, government regulators, insurers, medical personnel, and patients.