Make Choices that Reduce Costs and Improve Profitability
At the end of the day, your healthcare facility is a business. And, just like any other business, you need to maintain a clear picture of how much money is going in and out, which includes maintaining up-to-date records of your assets. The only difference between your business and theirs? Your assets are A LOT bigger, more expensive and more technical than most. Thats where we come in.
With nearly 40 years of combined experience in the healthcare field, weve acquired a wealth of industry knowledge, asset management techniques and proprietary processes that make us uniquely qualified for providing asset management solutions.
Further, as a third-party, were able to objectively help you manage + plan your Capital Equipment Portfolio with your best interest in mind. Well work with you side-by-side to identify opportunities for saving money to become more profitable.
If its been 3 to 5 years since youve last updated your portfolio, it may be time to revisit it. From our experience, a portfolio valuation can change as much as 20 percent within such a time period!
Though each project is completely customized based upon individual client need, heres a rundown of steps that are routinely taken:
We begin by conducting inventory. This involves executing a facility-wide search, accounting for all medical equipment and other assets (ie. furniture, IT equipment etc) in your possession, before documenting the demographic information of each individual item. In addition to transcribing specific make + model numbers, were also collecting data regarding age, visual signs of usage and the working state of the technology at hand. Click Here to read more about the assessment process.
As part of the Inventory Process, informational tags are placed upon inventoried items so your organization can continue to update/track information on your assets long after were gone. Though it may seem a simple, there are significant ramifications if items are not tagged properly. MERC has performed this task for many sites and would be glad to help you implement a process for maintaining regularly updated equipment tagging. Click Here for more information about medical asset tagging.
Once weve gathered all the needed information from our assessment, were ready to conduct the appraisal of the assets. The research process can involve several steps, sometimes including tapping into online sources, consulting our proprietary database and conducting regression analysis.
Once a proper inventory has been conducted and items have been appraised, were able to compare our report to your organizations accounting records. This is so we can determine how much items have depreciated, where they are in their lifecycle and if there are any discrepancies (often due to assets being removed from use without notice or reassigning assets without record). To date, weve proudly helped our customers reconcile medical equipment and IT assets to ledgers that have often exceeded a 90 percent remaining book value match.
Finally, well provide you with personalized recommendations on what to do next. Together, well plan a prioritization replacement schedule and budget, so you can know when + how youll be updating you equipment in the months and years to come.
As you can see, there are multiple benefits to choosing to manage your assets with an experienced service provider thats working with your best interest in mind.