What does the term "life cycle cost" mean in the context of medical equipment?

The term "life cycle cost" refers to the total cost incurred throughout the lifespan of medical equipment, encompassing various financial aspects beyond just the initial purchase price. This concept includes not only the acquisition cost but also ongoing operational expenses, maintenance, repairs, training, and eventual disposal costs. By considering all these factors, healthcare providers can make more informed decisions about budgeting and managing medical equipment over time, ensuring they account for the total financial commitment involved. Understanding life cycle costs is crucial for optimizing resource allocation and sustaining equipment functionality while minimizing unexpected expenditures.