NU10 #6 " EQUIPPED FOR EQUIPMENTS " (SPECIAL FUND FOR EQUIPMENTS) by Rosalyn P. Donato
The Background
Technology has many applications in every aspect of our lives more so, in the practice of medicine. Advancement of diagnostic and treatment options has improved the management of diseases and prolonged the life of patients. But the drawback is that because of the rapid changes in technology, usually a machine will be overtaken by a newer generation within three years time. Funding the maintenance/repair and upgrade of these machines and equipments of course, comes with a price, in which every health facility or clinic owner faces with much trepidation. Having a special fund earmarked for this purpose will help the health facility in programming its resources.
How the Innovation will work
Banks usually offer different products like special savings, time deposits, mutual funds, loans, etc that encourage clients to make deposits which the banks use to do business/investments in order to earn more. The abovementioned products have different interest rates, features and perks that encourage clients to avail. If they offer products for purposes of funding home renovation, buying a real property or school tuition; why not a special savings account that offers a special interest rate for a special accounts offered to individual doctors and/or health facilities for purposes of maintaining and/or having an upgrade of medical equipments and machines?
Gains from the Innovation
Having special kind of "savings account" that offers a higher interest rate than the usual, where the clinic owner or health facility can deposit monthly until it reaches a prescribed period. The money saved is earmarked for maintenance/repair and/or for the upgrade the medical equipments. Even though the said saved fund does not reach the target amount to buy a machine, the health facility or clinic owner will be able to save some amount to ease up in the payment of future purchase of upgraded equipment. This kind of product makes it easier for the clinic owner/health facility organization to " force save " without noticing it. It will be much lighter in terms of managing the finances of the health facility for that particular period of time. The incentive to subscribe to this bank " product " will be the special interest rate. A free equipment repair insurance coverage rider can be an option for this fund on certain amount bracket.
Implementation of the Innovation
The special Savings Account is offered to a niche market of doctors/clinic owners and health care facility organizations. A monthly fixed deposit of choice, ranging from 5,000 pesos to hundreds of thousand pesos which will be debited from a mother/receivership account. This in turn will be deposited to an " Equipped for Equipments " Special Funds Account. This special savings account will earn a special interest rate higher than ordinary savings account/time deposit. The higher the amount, the higher will be the interest rate. Features of the offer include three years of fixed amount monthly deposit to the special account. This is the lock in period wherein no withdrawal should be made in order to maintain the high interest rates. Should the depositor decided to withdraw the amount deposited, there will be a corresponding penalty computed that will be deducted upon withdrawal of the funds. Upon maturity of the funds on the third year, the funds will automatically be deposited back to the receivership account. The saved amount can be used to purchase upgraded medical equipments.
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