Medical Equipment Lifecycle – Technology Implementation
After a purchase has been made and equipment arrives at the hospital, the clinical engineering department should be actively involved with inspection and placement of the assets. Biomed and the accounting department should follow hospital guidelines to ensure the new asset is properly added to the hospitals general ledger and clinical engineering (preventative maintenance) ledger.
Inventory is extremely important for both incoming equipment and equipment impacted by new purchases. Identifying and maintaining an accurate accounting ledger is crucial to health care facilities of all sizes. In order to better manage equipment, there must be control, accountability, and accurate documentation of all capital assets. The capital asset ledger needs to be updated with add/deletes mirroring incoming and outgoing equipment.
Hospitals typically conduct annual inventory for supplies and pharmacy, but sometimes overlook the importance of capital equipment inventories. It is recommended that a facility-wide inventory be conducted every 3-5 years. Reconciling accounting ledgers will give a clear picture of assets physically in the facility.
Resale management ties into the technology implementation phase of equipment lifecycle as decisions must be made on what to do with decommissioned assets displaced by new purchases. It’s not uncommon for hospitals to be reactive once equipment comes out of service and this approach can minimize potential return on investment or identifying the best course of direction for the asset.
Including disposition of assets in discussions during the budgeting phase is a proactive step the hospital can take to better understand what will happen with decommissioned assets once removed from service. Partnering with an equipment management company can help identify:
- Fair market value of the decommissioned asset
- If the OEM trade-in offer is fair
- Does the decommissioned asset have secondary market value
- What is the maximum return on investment
During technology implementation, it is important for facilities to keep ledgers current with equipment add/deletes while maximizing return on investment for decommissioned assets.
MRG Recent Projects:
Equipment Resale Management Service:
MRG completed a pump change out for a hospital client that involved the marketing, sale and removal of 1,400+ pumps which generated over $600,000.00 in revenue. The turnkey project was completed within 3 weeks from initial sales and marketing to pump removal.
MRG Halloween Fun Facts:
- Ireland is believed to be the birthplace of Halloween.
- ThAbout MRG:e first Jack O’Lanterns created were actually made from turnips.
- Halloween is the second highest grossing commercial holiday after Christmas.
- The largest pumpkin ever recorded was a whopping 836 lbs.
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