Capital asset inventory accuracy is important for more reasons than just effective patient care.
An inaccurate ledger can leave your hospital open to audit complications. It can create failures in operational efficiency and future equipment planning. And removed assets will inflate insurance and service costs if not updated in a master ledger.
Manage Your Risks
With such tight operating margins, American hospitals are continually looking for ways to improve finances and operations. Let’s look at some of these risks and how to manage them.
1. Complicated Financial Reporting
Reliable inventory records simplify mandated reviews and financial reporting requirements. Clean records also reduce headaches in meeting generally accepted accounting principles and passing government accounting requirements.
2. Decreased Operational Efficiency
By assigning responsibility and custodianship for every asset, your entire team can improve their operational efficiency. This is important to optimize asset utilization, which often hovers around 42% in average American hospitals.
Ideal inventory management systems should simplify the process of establishing accountability and control. Look for one that connects all teams and all departments directly to a single master ledger.
3. Inflated Insurance & Service Costs
Make sure to keep the right insurance policy with both specific values and total insurable values, supported with Proof of Loss substantiation. Both insurance expenses and maintenance service contracts can become inflated when inventory records become outdated.
Many hospitals also suffer from disjointed records between biomed and finance. Tools to keep these records coordinate are essential. Keeping finance and accounting updated on true inventory helps accurately assess and track both specific values and total insurable values.
4. Inefficient Budget Distribution & Capital Expenditure Planning
Asset planning and capital budgets are difficult to assess without complete data. Comprehensive and accurate records enhance your capital equipment planning and replacement forecasts.
Stay Up to Date with Modern Technology
BidMed’s Tech Suite is designed specifically to help keep hospital inventory coordinated and up to date. Our mobile app makes additions to inventory lists easier than ever, while cloud-based management software coordinates every department in your system.