Manage Resource Group featured in CHAMPS Connection Newsletter!

Featured Vendor: Manage Resource Group, Inc.

CHAMPS members benefit by using Manage Resource Group, Inc.’s Inventory & Appraisal Services Manage Resource Group, Inc. (MRG) (PP-PH13MRG01) is a national supplier assisting healthcare clients with inventory, appraisal and reconciliation services on capital assets. With over 25 years of industry experience, our team of professionals brings a cost effective streamlined approach to facility audits and asset valuations.Information obtained from MRG services provide clients a valuable cost analysis of properties that can be leveraged against daily equipment management, facility acquisitions and reconciliation of asset ledgers.Benefits of working with MRG:

  • Maintaining accurate accounting ledgers
  • Minimizing stress on internal staff
  • Itemized list outlining demographics and location of equipment
  • Turnkey solution for all modalities
  • Third party objective view of assets fair market value
  • Documentation supported by current market conditions
  • One-stop shop for inventory & value assessment / wide range of services offered
  • 10%-15% cost savings through Premier contract
  • Multiple tier level discounts

For more information about MRG services contact Brad Andrew at 440.289.6490 or visit their website at www.manageresourcegroup.net.

 

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Doctors need to properly evaluate their practice

Lately, many physicians are selling their offices to health systems. There are many reasons for these transactions. Doctors needing an exit strategy, decreasing reimbursements, increasing cost of malpractice insurance, hospitals pursuing physicians due to more competitive markets, are just a few reasons why we see health systems acquiring physician offices monthly. As a seller, the physician has to be aware of many factors to ensure the transaction is good for the practice.

First, the selling doctor must understand what his/her patients are worth. Health Systems use business valuation firms to place values on each patient the doctor regularly sees. The selling physician needs to know what patients are worth in the region and for that type of practice, otherwise, the doctor maybe selling too cheaply.

Also, the doctor must know what the assets inside the practice are worth. Opening up a doctor’s office includes the purchasing of many different items: medical equipment (exam tables, thermometers, scales) IT (servers, CPUs, etc..), general office furniture (chairs, tables, plants, etc…). All of these items have value to the acquiring Health System. Some items may be old and look dated, but still function. If the equipment is functional and contributes to patient care, it has value. Doctors need to know what that value is. Using a 3rd party appraisal firm to evaluate the equipment will give the seller a fair market value of all items in the practice and allow the doctor to negotiate a better deal for the practice. Using only the Health system’s in house valuation staff can lead to subjective opinions that don’t favor the seller.

Hospital Financial & Business News

Hospital Financial & Business News

Providing better quality care is the ultimate goal in healthcare. One of the key components of healthcare reform teams the network of providers (hospitals, physicians, and others) to offer a continuum of patient care. Forming together as an ACO (Accountable Care Organization) can enable hospitals to streamline their procedures and benefit from the cost and savings that will come from collaboration.

Identifying and maximizing an accurate inventory of capital assets is extremely important to all healthcare providers, especially when operating at multiple locations within a system.
The documentation and accountability of assets can empower decisions made to better manage the equipment throughout the system.

Depending on the configuration of the organization, participants may encounter issues determining the fair market value (FMV) of capital assets. Determining the value of working capital is extremely important as the FMV of equipment can be apraised at cost or market assuming the item is still in use.

Hospitals should be educated on the FMV of their equipment and the return on investment made by other ACO members. It is imperative to determine accurate FMV for all equipment. The benefits will be identifying the values associated with equipment replacement, trade-ins, mergers/acquisitions, and end of life equipment resale.

For more information on hospital financial & business news, refer to the link below:
http://www.beckershospitalreview.com/hospital-financial-and-business-news/10-key-trends-for-hospitals-in-2011.html