Custom Recycling Programs Help Hospitals Drive Revenue
MediCycle has joined Practice Greenhealth, a membership organization for institutions and businesses in the healthcare sector that are engaged in helping lower the industry’s environmental footprint, as part of its commitment to environmental sustainability. MediCycle’s membership in Practice Greenhealth comes at a time when it’s experiencing heightened demand for its medical device recycling services, which are driving revenue and cost savings for hospitals while reducing the environmental impact of healthcare.
“In today’s healthcare environment, hospitals are eager to identify accessible ways to control costs and maintain quality of care. On top of that, there’s increased regulatory pressure for hospitals to be more environmentally friendly. Our recycling programs offer a straightforward solution for achieving all three of those objectives,” said Chris Lopez, president of MediCycle. “In the near future, hospitals will be held accountable for hitting specific financial and environmental targets. In addition to providing effective and financially-rewarding recycling services, we take care of tracking and reporting hospitals’ cost savings and waste reduction outcomes from our programs as a proactive accountability measure.”
MediCycle’s custom recycling programs reduce hospitals’ waste disposal fees by recycling metal and plastic from medical devices. The company collects medical devices from hospitals, disinfects and sorts the devices, breaks them down into component parts and resells the parts for production of valuable materials and goods. So far in 2010, MediCycle has experienced 40 percent growth in its medical device recycling program over 2009 levels. Much of the growth can be attributed to increased demand for solutions that both drive revenue and lower the environmental footprint of hospitals.
Another factor driving growth for MediCycle is the company’s new EP Catheter Purchase Program, which allows hospitals and medical centers to sell their used, excess or expired EP catheters to MediCycle in order to create revenue through precious metal rebates. The rebates are significant because MediCycle recycles the entire catheter – not just the plastic, steel and copper components.
“We added the EP catheter purchase program because we saw an incredible opportunity to open up a new revenue stream for EP/cath labs while helping them reduce waste. We’ve had overwhelming interest in the program since it launched in January. In fact, we’ve seen a 70 percent increase in rebates handed out to customers this year compared to the first six months of 2009,” added Lopez.
Hospitals can redirect cost savings realized through device recycling wherever they choose. Some of MediCycle’s customers have invested in technology, equipment and staff education. In addition, some device rebates are protected and do not need to be spent within the yearly budgeting calendar, which means the monies can roll-over and earn interest for future use.
MediCycle’s commitment to leadership in healthcare environmental sustainability extends beyond its service offering. Through its Practice Greenhealth membership, MediCycle will collaborate with other industry thought leaders to help develop best practices for ‘greening’ healthcare. For more information, visit www.medicycle.com