Maturation of a Novel System for Asset-Agnostic Wireless Monitoring of Medical Equipment -- From Basic Research to Addressing a Market Opportunity

In this masterclass, join us for a systems engineering deep dive! Bloated equipment inventories and inefficient maintenance are draining hospital resources. Each year, US hospitals expend $93 billion on medical equipment costs but these devices sit idle 58% of the time, with hospitals generally having 25% more equipment than can be used based on patient volume. These severe inefficiencies stem from one major obstacle: hospitals have no reliable way to measure equipment utilization. Without insight, healthcare technology managers are unable to assess how their inventory matches up to actual patient needs. Value Proposition: Our technology provides hospitals with the utilization insights needed to optimize the size and composition of equipment inventories according to actual patient demand, in addition to making possible highly effective usage-based predictive maintenance. This improves patient safety while reducing equipment-related costs by 25%. Innovation: We have conceived and patented an innovative system to overcome these challenges using a network of deployed sensor modules that integrates state-of-the-art techniques for non-intrusive load monitoring, machine learning, edge computing, and reliability analysis, thereby providing hospitals with an asset-agnostic tool for monitoring equipment utilization and condition at scale. Our system requires no modifications to medical equipment, and can therefore be deployed rapidly, inexpensively, and widely.