Is Your Medical Facility Haunted By Ghost Assets?
Ghost assets are assets accounted for on your fixed asset listing that do not actually exist at your facility. This can happen when an asset has been sold or traded-in for credit on another purchase, used by Biomed for parts to repair like items, or simply taken out of service (retired) but this activity was never recorded on the fixed asset listing.
In our experience, we have found that even facilities that are excellent at properly accounting for assets as they come into the facility will have at least some ghost assets lingering on their listing due to the sheer volume of capital assets in the healthcare setting. This is why we recommend our Asset Inventory and Reconciliation service once every 5 to 10 years so that such discrepancies can be identified and corrected.
Ghost assets are a real problem because:
- They can cause increased personal property taxes (i.e. for-profit organizations could be paying taxes on assets that don't exist!)
- Overvaluing due to ghost assets could result in overstated Fair Market Value
- Ghost assets cause distorted financial reporting
An Asset Inventory and Reconciliation to remove ghost assets will provide:
- Accurate accounting of assets for your financial reporting
- Accurate Financial Analysis (ROI)
- Personal property tax reduction
- Improved capital budgeting
About Partners' Asset Inventory and Reconciliation Services
Partners' Inventory Services are patient-staff oriented. Partners Inventory Specialists make every effort to avoid any inconvenience to patients and hospital staff as they move through the facility to record and tag equipment. Assigning barcode tags capitalizes on time spent inventorying; it turns the point-in-time view of existing equipment captured through the inventory into a working tool that can be utilized well beyond the project's closeout. Tags will be useful for logistical planning for any construction project and for financial accounting for the life of the equipment. Contact Partners today at 800-270-7582 for a proposal tailored to your specific needs.
Posted on 09/28/2016 2:20 PM by Karen Dino
Is Purchasing from a Distributor the Right Solution for Your Project?
Equipment procurement for healthcare projects can involve a variety of types of medical equipment from a number of different vendors. Before you buy medical equipment, consider the advantages of purchasing from medical equipment distributors.
First, there's the time saved on a multitude of quote requests. If you've ever been responsible for requesting quotes for a healthcare equipment project, you know that this process can be quite a hassle. By going through a distributor, you're able to request a single quote on most or all of the items you need at once. Medical equipment distributors offer thousands of different products from hundreds of manufacturers, ranging from basic to brand name items.
Next, you'll notice that most distributors take pride in providing only the very best customer service. Establishing a relationship with a dependable distributor can extend the convenience of a one-stop-shop on to routine, operational purchases as well. You'll find that medical equipment distributors offer competitive pricing, too.
Lastly, logistics services from a distributor can be the solution you never knew you needed, especially if your facility lacks storage space. Some medical equipment distributors will offer such services to store, assemble, stage, and then help to install the items you've ordered into the appropriate rooms as soon as your project is ready for them. The next time you buy medical equipment, contact a distributor first to see what a difference it makes for your project.
Posted on 09/19/2016 4:10 PM by Karen Dino
The Pros and Cons of Refurbished Medical Equipment
Planning for medical equipment purchases can be a bit of a process. There are many medical equipment companies offering a variety of products to suit the needs of complex healthcare environments. As you consider the various options, you may also want to question whether refurbished medical equipment could deliver the technology you need with a cost savings that presents the best value.
Savings can be great on refurbished medical equipment such as operating tables and large diagnostic equipment as compared to the price tag on new medical equipment. You may be surprised to find that many late models are available as refurbished medical equipment and that the Original Equipment Manufacturers (OEMs) would be glad to service them.
When searching for the best refurbished equipment vendor, have these tips handy:
1. Ask whether they offer a warranty
2. Ask about their process for testing and certifying the equipment
3. Request user manuals with your purchase
4. Inquire about their return policy
5. See if they will offer Fair Market Value for your trade-in
6. Consider renting the equipment before committing to the purchase
Once you have found a reliable, well-established refurbished medical equipment vendor, work with them to select the most appropriate product. There's no sense paying for extra features you don't need and will likely never use. There are a few instances where refurbished medical equipment may not cost all that much less than new healthcare equipment, for example: there is not much cost difference between new and refurbished for products without a technology component, such as stainless steel items or overbed tables.
Refurbished medical equipment can be a great option in many cases; these vendors have been in business for years because satisfied customers have kept coming back. In fact, growth is projected for this market for the next two or more years.
Posted on 09/16/2016 2:00 PM by Karen Dino