Precious metals specialists are calling on NHS trusts to assess their stocks of x-ray film and organise a cull of out of date records, to take advantage of a staggering 63 per cent rise in the price of silver in just five months. Many recycling firms offer a rebate based on the silver embedded in the film which, in the right market conditions, can generate a sizeable income.
Charlie Betts, Managing Director of The Stephen Betts Group, a precious metals firm which recovers silver from used x-rays, advised that for those trusts looking to exploit the market for the best rebate deal, the current climate offers the most favorable opportunity for some time.
Betts explained: “Most trusts retain patient records past the official retention date. Sometimes they are handicapped by the exit fees charged by storage companies or, when staff are stretched, hours are understandably dedicated to clinical needs rather than record maintenance.
“However, the current price of silver has risen so dramatically that it makes real economic sense for trusts to thoroughly examine their stocks of film. We have found that even once exit fees are paid, many trusts are still profiting from the rebate system. Trusts which manage their own records would receive a direct profit, while also freeing up valuable real estate.”
Companies such as Betts pay up to £1,000 per tonne of film, depending on the current market price of silver. Betts said: “Boxes of records tend to weigh in the region of 15kgs, of which up to half will be actual film. The typical value of a box of x-ray records can therefore be worth up to £7.50. With storage company exit fees often standing at around £3 per box, trusts looking to reduce storage costs and maintain up to date records are able to comfortably pay off exit fees while still generating substantial additional revenue.”
Precious metals, which are not linked to currency, are an attractive prospect for investors during times of uncertainty. Often, when the value of UK Sterling drops, gold and silver rise. Gold has seen an increase of 24 per cent in the past year, while silver has risen by over 30 per cent in just the last month.
Betts concluded: “NHS estates have all been charged with finding ways to be more cost effective, so those wanting to take things a step further have started to look for more creative opportunities. Taking simple steps to ensure that contractors offer the best deal – with the best use of resources – will reap dividends, and the result will mean more funding available for frontline services.”
