When is the last time you had an inventory?

/in , , ,

Sometimes the simplest questions can have complex ramifications. Below are some reasons why staying on top of your capital equipment inventory is vital for management and planning.

  • 10%: What does 10% mean? Because of the amount of inventories our team a MERC has performed (sometimes at the same facility multiple times), we have identified that the typical capital equipment portfolio turns over around 10% a year. Your facility has 500 assets? Expect 50 to change the following year. Break-downs, replacements, vendor changes, and the guy zooming down the street in your nice, new wheelchair all make up this percentage. Not knowing what has changed leaves you in the dark – think if you hadn’t performed in inventory in 5 years? Yeah, 50% is a big deal.
  • “We have a guy”: If you do have that individual on staff that keeps up with your capital assets accurately, keep them – they are likely saving you serious money. In most situations, facilities have Bio-med, facilities, clinical department leadership, and others keeping up with the assets on-site. They are all talented and essential to operations, but keeping up with the capital equipment inventory is probably job #2, or #1,222 on their list of things to-do.
  • Time: It’s often said that “time is our most valuable asset”. When patient care is the number one priority, where does tracking assets fall? If staff is tasked with this job, how long will it take to accurately track a room, department, floor, or entire facility? Having a team of specialists come to inventory your equipment quickly and efficiently keeps your team doing what they do best. With it taking a fraction of the time “in-house” staff would take, you can keep staff engaged and move on to managing and planning your capital assets without delay.
  • The Long Arm of the Law: The government and accounting regulations often require timeframes to be met for financial analysis and business decisions. Don’t let getting behind tracking your assets leave you vulnerable.
  • Budgeting: Every year budgeting is coming. The “screamfest” as it is sometimes called is inevitable. Having an accurate inventory helps better plan and manage this process – because we all just want to get along.