The machine that goes ping is the shiny thing that impresses management - in the Monty Python scene, it's a machine brought in while a woman gives birth - and all it does is go 'ping' every now and then.
Perhaps this quote from the Hospital administrator in the scene will make things clearer:
Aah! I see you have the machine that goes 'ping'. This is my favourite. You see, we lease this back from the company we sold it to, and that way, it comes under the monthly current budget and not the capital account.
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