Equipment Lifecycles – Selection & Purchasing
Purchasing new equipment is a multi-step process for hospitals. Once the Finance Department has approved the purchase and the decision has been made which manufacturer to work with for the new equipment, other items must be addressed.
Before the purchase order is completed, your department should understand exactly what you will pay for the equipment. Are there GPO contracts in place that could provide discounted pricing? If purchasing a large quantity of equipment, (ie: replacing all infusion pumps) be sure to inquire about group-buy discounts. Also, it is wise to be educated on the service plan included for the new equipment.
Trade-In assessment is a must. We cannot emphasize enough how important it is to know the value of the replaced equipment. Too often, hospitals find it is easier to trade in their existing equipment for credits toward purchasing new. This is not always the best decision when it comes to maximizing equipment’s return on investment. In order to properly negotiate your trade-in with the OEM, be sure you know the fair market value of the old assets.
When aware of the current value, decisions can be made for determining the future of the existing equipment. Below are options:
- negotiate trade-in with the OEM
- sell to open market
- transfer the equipment internally or to another location/department
- scrap if no value
It is extremely important for the facility to determine an accurate appraisal of your equipment before new items are purchased. This step should always be part of the overall purchasing process.
MRG Fun Facts
It’s September – yellow school buses are on the road again and students are back in the classrooms hitting the books.
Did you know that until the 1930’s high school was not really a part of school? Before that time, Americans only completed eight years of school. The Great Depression played a big part in changing schooling because there were so many communities that had little work to offer. The goal was to keep teenagers in the classrooms as long as possible to reduce the competition for adults in the workplace that hoped to earn a higher wage.
MRG Recent Projects
- I&A Family Practice in MI
- I&A of 2 Cardiology Practices in OH
- I&A Family Practice in OH
- Appraisal and Monthly Lease Assessment in KY
- Desktop Appraisal Physician Practice in CA
- Desktop Appraisal of Capital Asset Ledger for 400 Bed Hospital in KY
Manage Resource Group, Inc. is a privately-owned healthcare equipment management company headquartered in Berea, Ohio. Our client focused services create strategies for each customer to increase profitability on capital equipment. We are industry experts offering the following service lines:
- Inventory services
- Appraisal services
- Resale management
For more information, visit our website at www.manageresourcegroup.net