Equinox Medical’s Trauma Implants: Solutions for a financially burdened healthcare system

Key Points: 

1. The COVID 19 Pandemic lead to increased Government expenditure 
2. Ironically, public health state budgets are being cut  
3. Hospitals will struggle to provide essential services 
4. Equinox Medical provides cost effective solutions for common trauma procedures 

In 2020 – 2021, there was a 7.1% increase (inflation adjusted) in health expenditure compared to the 2019-20 year with a total of $220.9 billion spent. By May 2021, the Australia government had spent $291 billion dollars in support to the COVID-19 pandemic and as of 30 June 2022, the gross debt  was $963 billion, 45.1% of our GDP, the highest it’s been since post WWII [1,2]. 

To bring further pressure on Australia’s healthcare system, the Commonwealth government is cutting the States’ and Territories’ expected funding for public hospitals by $2.4 billion dollars over the next 4 years [3]. This is largely due to the activity-based-funding metric the Commonwealth government uses to allocate funds to public hospitals, which actually forecasted a reduction in the volume of hospital services provided [4]. This funding reduction means that public hospitals will likely not be able to provide as many services as is required [5]. 

It is evident that Australia, and the rest of the world, is suffering financially due to the aftermath of the COVID-19 pandemic. Solutions for decreasing the cost of healthcare, without compromising quality, are needed now more than ever. To counteract this funding shortfall, public government bodies have taken action to reduce the cost of medical devices. HealthShare NSW’s 2020-24 strategic plan includes cost saving strategies to counteract the financial impact of COVID 19 [6]. They promised to improve their financial sustainability by providing more value-for-money health services. Their orthopaedic trauma procurement team outline a selection criteria for prosthesis suppliers based on value-for-money and streamlining the number of suppliers per procedure per hospital. Value-for-money was defined by these procurement bodies as having exemplary pricing, service and range. These solutions are the first step in addressing the financial burden left by COVID 19. 

Equinox Medical – An Australian Company 

• Equinox is a wholly-owned company founded by Australian healthcare professionals and commercially-minded individuals with the goal of providing high quality implants to the Australian market at competitive prices. All profits are reinvested into R&D and all tax is paid in Australia. 
• Situated in the Sydney Knowledge Hub – part of the University of Sydney – one key feature of Equinox is the ability to take surgeon design ideas, (assisted by The School of Biomedical Engineering) to prototype using 3D Metal printing and ultimately manufacture instruments aimed at improving patient outcomes.  
• With a mission to provide products and services at highly competitive prices, hospitals are able to reinvest the savings generated into improvements in staffing,  resources or any other areas of need. 
• With a strong track record and clinical validation in SWS and WS LHDs including Westmead Public, Equinox Medical is in a strong position to provide much needed savings to NSW’s healthcare system. 

References 

1. Australian Government, Statement 6: Debt Statement, and Statement 7: Forecasting Performance and Sensitivity Analysis, Budget Strategy and Outlook: Budget Paper No. 1: 2022–23.
2. Australian Bureau of Statistics (7 September 2022), Economic gains and losses over the COVID-19 pandemic, ABS Website, accessed 22 March 2023.
3. Australian Medical Association (28 October 2022), Hospital funding flaws exposed deep in budget papers, AMA Website, accessed 22 March 2023.
4. IHACPA (2023), Activity Based Funding, IHACPA Website, accessed 22 March 2023.
5. ABC (27 October 2022), Outrage as federal government ‘cuts’ billions of dollars from public hospitals in budget, ABC Website, accessed 22 March 2023.
6. NSW Government HealthShare (13 October 2020), HealthShare NSW Strategy Plan 2020-2024, HealthShare Website, accessed 22 March 2023.

To learn more about how Equinox Medical’s trauma implant portfolio, visit our website at www.equinoxmedicalgroup.com.au or contact us through LinkedIn. Alternatively, feel free to reach out via e-mail to info@equinoxmedical.com.au