Be Counted.

Hospital Asset Inventory

Are you struggling to track physical assets in your healthcare setting?

If you make a trip to the grocery store without checking your pantry first, will you have confidence that you are only buying what you actually need? Probably not. Will you purchase too much of one thing and forget something else completely? It’s very likely. While having an extra bag of flour or forgetting to grab a box of cereal may be annoying it typically doesn’t have a huge impact on your life. In a healthcare setting on the other hand, not having an accurate accounting of assets can not only cause issues with your budget, it could directly affect patient care.

We understand that taking care of patients is the top priority. In order to do that effectively, you need to know what equipment you have, where that equipment is located, and what maintenance has been completed. Once you have established this understanding, you can implement the processes for tracking the entire life cycle of the asset and account for it properly on the books. Improper asset management tracking of your assets for non-profits can create compliance issues that could put your non-profit status in jeopardy. In long term health care, improper tracking of maintenance programs for your assets can create regulatory compliance issue that could put your operation at risk.

Hospital Assets Inventory
Hospital Assets Inventory

We're here to help with asset inventories

When it comes to tracking assets, you may want to look into options for software options that will help you manage the inventory perpetually. If you find or develop such a software, Monarch’s highly-skilled and trained auditors can step into that process and compile the necessary data. Alternately, Monarch has developed a set of tools that can be very useful to your plan. These tools were tested in a trial among 5 inventory companies from across the United States. These companies were hand selected as representing the best in the industry. In the end Monarch was selected as best in class for this particular trial. The organization involved in leading the trial, cited “flexibility” as the overarching theme that led to this award. With each new asset inventory job, we refine our tools and software to make it more robust and flexible with each passing week. Our tools are also modular, so you can review and establish what makes the most sense for your vision. Whether building a new database, or just simply verifying what you have, give us a call to see what we have to offer.

The Asset Inventory Process

SET LOCATIONS – We will communicate with your team to develop different and relatable locations (i.e., room numbers, floors, specialty areas, etc.).  We want your team to be able to look at the location name and know exactly where to go to find this piece. 

CAPTURE IMAGES – When looking at the data we want you to be able to see the whole picture … literally.  You will have a picture of the entire asset.

COLLECT ALL DATA – If available, other relevant information such as manufacturer tags and serial numbers can be captured.  This comes in handy when you need to have repairs done or need warranty information. 

Hospital Assets Inventory

Your Questions About Asset Inventories Answered

Get answers to your most common questions from Monarch

I don’t need photos; how does that feature benefit me?

You may not have a need to utilize the photos after the audit. The benefit of this feature is to provide a reference point for data entry. When entering data on a handheld device, there are many opportunities for mistakes. When a photo is available for reference, we are able to confirm that the details are entered in correctly. This limits errors and results in much cleaner data.

What technology do you use?

To capture assets, we use a proprietary software loaded on handheld tablets. This software is fully customizable so that it can be adjusted to collect the level of details that are specific to your project. That data is compiled in a database that can be filtered into various breakdowns to give you the insight into your inventory that you require.

How do I know I need a third-party inventory company?
Bringing in a third-party inventory company can be a big decision. Some signs that you may need some external help include lack of clarity into your assets, missing items, increase in write-offs, or labor shortages. These challenges do not often get better with time. Having an objective party come in to address these concerns and get you back on track can be hugely beneficial.