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The Technology Acquisition Process for Hospitals

In a world where technology is highly sought-after, many hospitals find themselves with demands for equipment they are unable to afford. Making the right decision is a challenging process, and a facility must make sure that its capital investment is founded on sound operational and clinical needs and financial capacity. It must also be able maintain, manage and improve equipment throughout its life.

The identification phase of the process for acquiring technology is centered around identifying an individual’s requirements. These will often determine the type of technology investigated like devices that have particular features or abilities or the style or design of device that is preferred.

After establishing the objectives, a detailed description should be provided of the work and the application environment to assist in choosing the right devices. The features of specialized testing equipment and diagnostic software must be specified and negotiated, along with the methods by which technical support is available.

After the agreement has been signed and the closing is completed, and the acquisition becomes legally binding. The acquirer ceases to exist as a separate entity, and its employees are a part of the acquiring firm. The specifics of this transition vary, but most often it involves a conversion from existing equity to new shares (often vesting over several years) and a retention bonus. The majority of these are structured as equity or cash in accordance with the conditions of the acquisition contract.

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