Jul 16, 2020 | BidMed Technology
The most common pitfall of hospital networks’ inventory management systems is a breakdown during asset lifecycle workflows. Whether that’s failure to add complete details for new acquisitions, or to communicate dispositions across all departments, disjointed records...
Jul 2, 2020 | BidMed Technology, Expert Insights
One of the biggest failures we see in maintaining accurate asset inventory is a breakdown in communication between departments. Many hospitals or health systems have a biomed record and a separate financial ledger — these records frequently don’t match, nor do they...
Jun 18, 2020 | Expert Insights
Every hospital has a process for removing assets from service. But the question is — how efficient is that workflow? We looked recently at how inventory records fall apart due to disjointed disposition workflows. So let’s look at how to actually stay on track and end...
Jun 4, 2020 | Expert Insights
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...
May 21, 2020 | Expert Insights
Many medical systems used decentralized methods to track requests and approvals. But these systems are riddled with cracks where the entire process can fall right through. Some hospitals still use paper forms, which are easily lost in stacks of paperwork. Other...
May 7, 2020 | Expert Insights
How many times have you completed an inventory assessment? Some of our clients have done dozens, and they just don’t stick. Why is that? The short answer? Ongoing process compliance. A lot of medical systems use outdated, often paper-driven purchasing and...
Mar 31, 2020 | BidMed Technology, Expert Insights
Using a digital platform for inventory processing and management comes with a lot of advantages. The first is obvious: your facility’s equipment ledger can be maintained on a single platform, edited, added to, and shared as needed. A digital inventory is also...
Mar 10, 2020 | Expert Insights
Buying and selling used medical equipment to improve capital budgets requires understanding fair market values for assets. But what exactly does that mean and why is it important? What is FMV? Fair market value (FMV) represents how much an item is worth on the market...
Feb 18, 2020 | Expert Insights
Keeping costs down can be a struggle. According to Becker’s CFO Report, hospitals’ medical equipment lifecycle (MELC) costs average $93 billion a year. Of these costs, up to 16% will be lost due to inaccurate information and lack of resources. One common weak point is...
Jan 28, 2020 | BidMed Technology, Expert Insights
Medical and healthcare equipment has an average utilization rate of 42%, causing an overall revenue loss in the billions for facilities across the country. High costs, combined with the loss of revenue, can easily contribute to facilities’ financial risk and closure....
