In the last years, with the overwhelming explosion of medical devices and lack of resources in healthcare among scholars there has been an emerging and growing interest towards the medical equipment inventory management in hospitals. This paper aims at designing a tool of Replacement Priority Index (RPI) to measure the technical variables “technical RPI” through the development of a digital tool and the clinical opinions of users through the development of “professionals’ Knowledge RPI” by means of structured elicitation of experts’ judgement (clinicians). The technical RPI is based on literature review considering: support availability; reliability; maintenance expenses; age; functional criticality. The RPI based on professionals’ knowledge of medical equipment resulted into an index consisting of information about the status (performance, quality, urgency), criticalities (uniqueness; faults; functional criticality), degree of use (frequency of use; volume of performance), ease of use (knowledge; degree of learning; interface), new equipment impact (staff availability, advancement of technology). The RPI tool has been pilot applied in a leading Italian hospital. The study offers an original and relevant contribution to the development of domain-specific knowledge and, as such, to fostering the diffusion of studies about Technology management in hospital in particular to facilitate the Investment Plan and guarantee the improvement of quality and safety of care.