Hospital Inventory Reconciliation Projects
Our hospital inventory reconciliation services provide a comprehensive view of hospital assets with no disruption to patient care. Preparing for an audit, merging facilities, or just needing an updated equipment list? We provide fast results and unparalleled inventory confidence.
Get a Clear View of Existing Capital Equipment
A clean final record (PDF, CSV, or XLS download) shows all equipment on-site at your facility. This report also breaks down assets in comparison to an original list uploaded at the beginning of the project.
Verified Assets are available on-site and were included on the original list.
Unverified Assets were on the original list but not available on-site.
New Adds are assets found on-site, but not included on the original list.
Fast Results
We get the job done quickly, with no disruption to patient care or facility operations.
Unbiased Reports
Our final reports provide actionable data to effectively manage your service contracts.
Survey Readiness
Be prepared for regulatory surveys without the usual headache and disruption.
Sustainable Transformations
Find improvement opportunities based on gaps in process compliance with discrepancy reporting.
Reliable inventory enables wide-scale improvements.
A complete and reliable inventory allows you to meet GAAP auditing and financial reporting requirements. It also boosts efficiency through enhanced asset utilization, and improves capital expenditure planning and replacement forecasting.
Financial Reporting & Audit Compliance
Reliable inventory records simplify mandated reviews and financial reporting requirements.
Meet generally accepted accounting principles and pass government accounting requirements with minimal headaches.
Insurance Requirements
Make sure you keep the right insurance policy with both specific values and total insurable values.
Inventory audits are also essential for Proof of Loss Substantiation.
Accountability & Control
Maximize operational efficiency by assigning ownership and accountability for assets. Defined responsibility also helps improve inventory record accuracy.
Capital Expenditure Planning
Asset planning and capital budgets are difficult to assess without complete data. Enhance your capital equipment planning and replacement forecasts with comprehensive records.
Receive industry-leading rapid hospital inventory reconciliation results.
Utilizing our software and mobile application, our experienced team delivers comprehensive results, even on short deadlines.
Expedited completion with our custom technology means we can rapidly capture and validate more data points. We generally work 2.5x faster than traditional inventory teams.
Our expert team thoroughly inventories every area of your facility to find all equipment. We then review all real-time data and images captured to ensure accuracy.
A quick execution process allows us to begin your inventory reconciliation right away. We often start as soon as two weeks after the contract and baseline documents are received.
Stop overpaying on service contracts.
Regain control of your maintenance costs. Our extensive hospital inventory reconciliation lets you know exactly what equipment is currently at your facility.
Save money by removing retired and duplicate equipment from current service contracts.
Correct your system of record using our detailed discrepancy reports, highlighting all equipment and data point level changes from your baseline.
Maintain accuracy and oversight by resolving process failures discovered during the reconciliation process.
Prepare for accreditation and compliance surveys, avoiding common headaches and disruptions.
Preparing for your TJC, DNV, HFAP, or CIHQ surveys can be overwhelming. Our dedicated team ensures there is no impact to your core services, providing more time to focus on other survey preparations.
A dedicated team of our specialists meet your unique needs efficiently with no impact to patient care or core services.
Our proven process ensures effective team management. We thoroughly inventory your facility, review real-time data, and provide an on-time final product.
Update your CMMS using breakout reports. These separate your baseline validated and unvalidated equipment, as well as items added during the reconciliation process.
Identify gaps in your current inventory management
processes and achieve sustainable transformations.
Our extensive reconciliation provides visibility into your current state by identifying failing and circumvented inventory management processes.
Standardize equipment data and connect teams with one unified record.
Improve workflow process compliance by identifying discrepancies in records created by current process breakdowns.
Maintain system-wide accuracy and transparency using industry best practices. BidMed’s equipment lifecycle software helps connect technology, processes, and people.
Frequently Asked Questions: Hospital Inventory Reconciliations
What is a hospital inventory reconciliation?
Inventory reconciliations involve validating a facility’s physical inventory against its records. It ensures a facility’s records accurately reflect actual inventory.
The process eliminates phantom assets, plus catches equipment not recorded at acquisition.
Why is inventory reconciliation important for hospitals?
Accurate inventory records are important for more than just patient care. Accurate records are essential for financial reporting and audit compliance. They also help trim budgets, plan purchases, and streamline insurance and maintenance contracts.
Inventory reconciliations also help optimize equipment management processes. Assessments ensure accountability and control throughout equipment workflows.
What does an inventory reconciliation involve?
- Verified Assets (on the initial list and on-site)
- Unverified Assets (on the initial list but NOT on-site)
- New Adds (NOT on the initial list, but on-site)
How long does inventory reconciliation take?
We can start inventory reconciliation projects quickly, taking weeks, not months, to complete. Though exact timelines depend on project scope, our custom technology enables teams to work 2.5x faster than other methods.
Final data and reports are available within a few weeks of on-site completion.
How can hospital inventory reconciliation help save money on service contracts?
Many hospitals pay for maintenance contracts on equipment no longer on-site. This is usually due to communication breakdowns and can create significant budgetary bloat.
Inventory reconciliation removes this equipment from master ledgers. Hospitals can then cut costs from maintenance and service contracts no longer needed.
How can inventory reconciliation help me prepare for accreditation and compliance surveys?
Accreditation and compliance surveys are always a headache for hospitals and health systems. Keeping equipment records up to date means you’re prepared whenever audits arise.
If you are caught by a surprise audit, though, we can provide a complete inventory in weeks, not months.
How can inventory reconciliation help me identify gaps in my current inventory management processes?
Comparing equipment list differences helps expose gaps in inventory management workflows. We can then use pattern to recommend future process improvements. Periodic follow-up reconciliations confirm whether changes are successful.