Important considerations when auditing ASC’s
Physical assets play a significant role when auditing a surgery center. Between medical, IT, furniture, business equipment and instrumentation, these assets can account for up to 60% of the facility’s overall value.
Following are important points to consider when auditing a surgery center:
- Consider utilizing a third party vendor with experience auditing healthcare facilities
- Determine the scope of service needed before engaging a vendor to conduct the audit
- Have the vendor outline their fees and show examples of deliverables & references of past work.
- Communicate the purpose of the audit with the company that will be conducting the inventory
- Determine which assets are owned, leased or personally owned by employees
- Communicate with employees that an audit will be taking place
- Have the audit team conduct the work during off hours to avoid interference with procedures
- If the purpose of the audit ties to an acquisition, determine if you will need a fair market valuation of the assets inventoried
- Understand methodology of how fair market value is determined
- Inventory audits should capture all demographics associated with assets on the property
- Determine timing for the audit and when deliverables will be available with the contracted vendor
The goal of conducting an audit is to obtain deliverables that provide a clear picture of the physical assets located on the property. Deliverables should show exactly what is on the property and where it is located. If valuation is part of the scope, what is the current fair market value for each asset? Working with an experienced vendor that can guide you through the auditing process will ensure a successful project and deliverables required to meet your needs.
MRG Recent Projects:
MRG Inventory & Appraisal project – Surgery center, Independence, OH:
MRG recently completed an inventory & appraisal project for a surgery center in Independence, Ohio that included 3 OR’s, and a procedure room. We inventoried over 1,000 assets at this property that were valued at over $1.1 million.
Appraise Now Appraisal of the Month:
MRG regularly appraises equipment for hospitals and healthcare facilities.
Featured appraisal: (1) quantity 2012 Zeiss OPMI Pentero surgical microscope:$155,000.00 fair market value
MRG Fun Facts:
Now that Spring has sprung, the warmer temperatures are on the way. As we finish up the month, here are some fun facts about April:
- The month of April begins on the same day of the week as July every single year.
- The earliest recorded reference to April Fools’ Day pranks dated back to 1392 in Geoffrey Chaucer’s Canterbury Tales.
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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