Managing Assets: How to Plan for a Facility Closure
- Know what assets closing facilities have and what condition they are in. Items in better condition could be re-purposed whereas worn-out items may be thrown out or recycled immediately.
- Inventory assets in surrounding locations to know where there is need for equipment without having to ask numerous department heads.
- Compare inventories and asset conditions to determine which assets will be kept and which ones will be disposed of in a closure.
- Identify where usable assets will go based on need in other facilities or to the facility where services will be consolidated.
- Determine how equipment will be transferred between facilities. Does your in-house materials team have the tools to move larger and multiple assets, or will you need to outsource the moving process?
- Reconcile ledgers when equipment is removed or replaced so each facility’s books are up to date, ensuring that they are not paying for nonexistent assets.
- Include assets from the closing facility and any assets displaced by transferred equipment across sites
- Get a fair market valuation for all disposable assets. Knowing what each item is worth will inform the best route for disposal – auction, resale, or donation.
- Determine a consistent method of sale for the most profitable return on your capital equipment. Are you going to bid items out individually or contract a third party to handle resale?
Once these processes are addressed, health systems can establish a system-wide plan to ensure maximum efficiency with ongoing and future closures. Since these transitions will always happen in the healthcare sector, they can be made easier and more profitable by taking this proactive approach to changes in facilities. For more information on inventory, assessment, and liquidation services, please visit our website at www.go2mrg.com.
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