Your hospital has determined that it is time to conduct an audit of the capital equipment within the health system. This will include physical inventory and tagging of all capital assets in the associated facilities. Preparation and readiness are essential for a smooth and successful audit. Utilizing a third party inventory company experienced in conducting hospital audits will minimize time and exposure during the project engagement.
Following are some basic tips to best prepare for an inventory engagement at your hospital:
- Identify an employee who will act as the hospital liaison during the project engagement – A main facility contact will keep the hospital departments informed and maintain a good working environment for a service company to inventory efficiently.
- Communication, communication, communication – it is imperative to keep lines of communication open with administrators, department heads, and the third party company conducting the inventory. Informing each department of the pending project and outlining the time frame for the project is important. This information will eliminate any questions as to why the project is taking place. Allow plenty of lead time so department heads can prepare their staff for the audit.
- Facility blueprints – allows the auditing firm to prepare a working calendar outlining specific days they will inventory each department. Note that some areas will need to be targeted during off hours or slower times of the week such as weekends to minimize any disturbance.
- Current asset ledger – will be helpful to understand what assets are falling within the capital threshold and need to be counted during the audit. If reconciliation is going to be part of the project engagement scrubbing the asset ledger prior to the audit will assist with expediting the reconciliation process.
- Cost control numbers / department codes – will help to identify the location within the hospital where the assets are found. Incorporating this information into the audit nomenclature will help identify department ownership and assist with future department budgeting.
- Review with risk management the requirements for audit team to access all areas of the hospital – The auditing company will need to be given security clearance to enter secured areas within the hospital, immunizations for working safely within the facility, and identification badges.
Properly preparing your staff well in advance and implementing the above tips will ensure a smooth and successful inventory project.
MRG recent projects:
- Surplus Warehouse Audit in MI
- Desktop Appraisal of Cath Lab in OR
- Inventory & Appraisal Primary Care Practice in OH
- Inventory & Appraisal Neuro Surgery Practice in MI
- Inventory & Appraisal Dental Practice in OH
- Desktop Appraisal of Multi-physician Practice in KY
Manage Resource Group, Inc. (MRG) is a member of NAPA, (National Association of Professional Appraisers). Appraising assets provides clients the information necessary to determine fair market values.
For more information about this service, please feel free to contact us.
MRG Fun Facts:
It would take 11 Empire State Buildings, stacked one on top of the other, to measure the Gulf of Mexico at its deepest point.