Background
This Omnicell client is a Foundation Trust and one of London's leading hospitals, serving a number of South London and North Kent districts. It is also a large teaching hospital, training hundreds of doctors, nurses and dentists each year and is critical to the health of the population in London and South East.
As part of their safety objectives, the Trust had already installed Omnicell automated medical supply systems but now needed to source long term finance to cater for the extended economic life of the equipment with additional new consoles, terminals and software upgrades. As is the case with many such large healthcare Trusts, our client is under constant pressure from changing patterns of demand. Moreover, after acquiring another unit at the behest of Dept. of Health, the Trust’s financial state worsened and budgets were hit hard. The Trust had a real need to make a big investment quickly, prioritising the quality and safety of patient care, but needed a finance solution.
The Solution
Omnicell Capital UK supports Omnicell with the finance structures needed for its healthcare base and, in this case came up with the solution: a facility under which we rescheduled the finance for the existing equipment over 10 years and, as wards and hospital locations were one by one upgraded, picked up the cost of the Omnicell invoices and incorporated the rolling cost into the 10 year finance plan.
The Benefits
Our finance followed the needs of the Trust in managing the project over winter: not an easy exercise for them or for Omnicell
Upgrades to Windows XP operating software were included in the roll out
Our swaps-based interest rates allowed the Trust to benefit from low cost finance over an extended period aligned to the new economic life of the installations