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Explore answers to common questions about Equipment Maintenance Insurance and Equipment Inventory Services. If you can't find the answer you are looking for, please get in touch with us!

Who services equipment enrolled in the Budget Guard EMI policy?

The enrolled equipment can be serviced by original equipment manufacturers (OEMs), independent service companies, in-house technicians, or a combination of all three. This means you can choose the most suitable service provider for each equipment asset enrolled in the program.

What documentation is needed to report a service event to Budget Guard?

A copy of the service provider’s field service report and related invoice. For service performed on covered equipment by your in-house technicians, a work order generated by your internal maintenance management software or a manual work order with necessary details is acceptable. We’ll assist you with developing an acceptable report.

When does service event documentation have to be submitted to Budget Guard?

It is important to submit service event documentation to us as soon as possible, but no later than 90 days after the service event, in accordance with the policy's terms and conditions. We can help you establish an internal process for gathering and submitting these documents to ensure they are properly routed.

Do service events have to be approved by Budget Guard in advance?

We collaborate with you to create a service delivery plan for all enrolled equipment or asset classes. We then help you manage your expenses by evaluating each service provider's action plan whenever a repair is expected to exceed a particular dollar amount. However, we know some equipment is essential to your operations and needs immediate repair. Hence, we work with you to identify mission-critical equipment and provide our unique critical service coverage. This will allow you to authorize the service provider to go ahead with a mission-critical repair without contacting us. During the program development phase, we will help you determine the equipment needing critical service coverage.

Is it necessary to sacrifice quality for cost savings?

Absolutely not! The quality of service you receive for your equipment depends on the service vendors you choose and the replacement parts they use. If you decide to use an independent service company to perform service on your enrolled equipment, we're here to help you verify that the vendor is qualified to service your equipment and that the parts they install meet or exceed OEM specifications.

Can we use an online parts procurement company to purchase replacement parts?

Certainly! You can purchase replacement parts from any source you prefer. If you have a plan with an online parts-sourcing company, you can use it to buy parts that meet the OEM specifications and are installed by a qualified service provider, either internal or external.

Are preventive maintenance (PM) service events included?

Performing preventive maintenance (PM) on equipment is not only a regulatory requirement in many cases, but it also helps prevent equipment failures that may lead to costly repairs. It is important to perform PM on time and according to the specifications of the OEM to ensure that your equipment remains operational. We review and match the PM intervals shown in your previous service contracts. If there is no prior service contract, or if the previous service contract does not specify PM intervals, we comply with known OEM specifications. However, if you are a healthcare organization that follows an alternative equipment maintenance (AEM) program, we can adjust PM intervals according to your guidance, provided the equipment qualifies for an AEM program.

What additional measures can we take to prevent equipment failures?

End-users are essential in preventing costly repairs and equipment downtime. While preventive maintenance (PM) is scheduled at regular intervals (quarterly, semi-annually, or annually), end-users interact with equipment daily. By adhering to the OEM's operating guidelines and performing specified maintenance tasks, end-users can ensure optimal equipment performance. This is crucial for equipment that heats, cools, and accumulates dust and debris.

For example, with a portable ultrasound machine, end-users should inspect cables and connectors daily, handle transducers with care, wipe down the equipment, clean air filters, and disinfect the unit according to OEM guidelines. Budget Guard can help identify end-user maintenance protocols for each asset or asset class and provide this information to your departments.

Can we purchase your equipment asset inventory services without an equipment maintenance insurance program?

Of course! Our equipment inventory services and equipment maintenance insurance programs are separate offerings. This means you can purchase our physical inventory, data verification, data mapping, and database cleansing services as standalone products. There is no requirement to bundle them with an equipment maintenance insurance program.

What strategies do you use to capture all targeted equipment assets during a wall-to-wall physical inventory?

We typically use a “top-down” approach, where our inventory team starts on the top floor of a building and works their way down through all the rooms until the building is complete. To ensure accurate data collection and reporting, our SystemsRx software uses barcode scanning and collects embedded data, such as UDI device identifiers, control numbers, serial numbers, and manufacture dates. We also take pictures of nameplates, asset tags, and profiles to ensure that the data entered manually or machine-readable is correct. Our data analysts then cross-reference your existing database to identify equipment that we did not find in the facilities, assets that we found in the facilities that are not in your current database, or assets that were verified but entered incorrectly in your database. This process ensures that our deliverables meet your expectations.

Can you apply asset tags to our equipment during a physical inventory?

Absolutely! Whether you need tags applied to all equipment assets or just assets that are missing tags, we can include this in the scope of the physical inventory project.

Can we use your inventory software and data verification services for an in-house inventory project?

Yes! Your in-house team can utilize our cloud-based software, tools, and project management expertise to perform the physical portion of the inventory. This is a cost-effective and efficient way to get the job done because your team knows your environment and your internal department personnel very well. This is especially effective for organizations that want to limit the number of visitors to its facilities.

What nomenclature system does Budget Guard use for medical equipment?

Your choice! We prioritize accurately identifying your equipment's manufacturer name, model name, model number, manufactured date, equipment identifiers, and location data for you. Once we have this information, we can map it to the nomenclature system of your preference. We suggest GMDN terms since they are FDA-recognized and are linked to UDI device identifiers in the National Library of Medicine's AccessGUDID database. This will allow you to adopt a consistent naming convention without expensive subscriptions. However, we can use any nomenclature system you prefer, even if it's custom.