Medical Asset Ledger Reconciliation

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Asset Ledger Reconciliation

Asset ledger reconciliation as it pertains to medical equipment and other assets is a process in which inventoried items are then compared to the facility’s accounting records.  When the assets are matched up to the asset ledger entries, you have a better understanding of your asset portfolio, which in a time of uncertainty in healthcare is crucial.

Assets Matched to Asset Ledger

When an inventory of assets is performed, you are now able to match the inventory to the entries on the asset ledger.  When assets are matched and integrated into the ledger, a facility has a better understanding of what they have, the location of the assets, depreciation of the asset, where the assets are in their lifecycle and can best determine how to manage that asset going forward.

Finding and Correcting Discrepancies

When assets are matched and integrated into the asset ledger during reconciliation, discrepancies are can be found.  This can come from a variety of reasons, including assets being removed from use without notice, or reassigning assets without record.  When these situations are discovered, you can make the proper adjustments for proper ongoing financial management.

Depreciation and Budget

When medical equipment or assets are matched and integrated into the asset ledger, a facility has a clearer picture of how much remaining book value is on an item or group of items, or if it is fully depreciated.  This will contribute valuable information for decisions made during the budget process, reducing uncertainty.

Summary

There are multiple benefits to performing asset ledger reconciliation after an inventory.  MERC has provided this type of medical equipment consulting at multiple facilities, helping customers reconcile medical equipment and IT assets to asset ledgers at levels that have exceeded a 90% remaining book value match.  Please let us know if you have any questions or would like to contact us about how MERC can help your facility get a better handle on your asset management.