Medical Asset Management and Recovery
What is Asset Recovery?
Asset Recovery is the strategic management of capital assets that are no longer needed by an organization.
All organizations practice some form of Asset Recovery. However, hospitals benefit more from conducting Asset Recovery than any other organization.
Why hospitals need Asset Recovery?
Hospitals have bigger volume and more diverse equipment and supplies. They also replace these assets frequently.
Medical equipment and supply annual budgets make up 25-33% of hospital's operating expenses. In 2018, that amounted to $200.0 billion spent on medical equipment.
Much of that equipment had a short life span and was replaced by more robust technology as soon as the following year.
And, since hospitals focus primarily on patient care, they lack standardized process and resources to manage equipment that is phased out of clinical use.
What happens with medical asset when it's removed from clinical use?
When medical asset is removed from clinical use, hospitals either relocate it to storage where it becomes obsolete, liquidate it below market value, scrap it or trade-in for new equipment.
These methods do not benefit the hospitals. On a contrary, they are roadblocks that prevent them from capitalizing on equipment's residual value.
Hospitals that recognize these shortcomings implement professional Medical Asset Management and Recovery programs.
What can Asset Recovery do for a hospital?
When properly implemented, Asset Recovery becomes an official third phase of the hospital's Supply Chain process.
With the main objectives of actively managing and recovering maximum residual value from medical assets, properly structured Asset Recovery program will be
Successfull Medical Asset Management and Recovery reduces the total cost of medical equipment ownership.
How can EcoMed help with Medical Asset Management and Recovery?
EcoMed has been providing Asset Recovery services to hospitals since 2009.
Our asset recovery professionals work with standalone hospitals, multi-hospital systems, U.S. Top 15 hospitals, ambulatory surgery centers, imaging centers and physician groups.
EcoMed recovered millions of dollars for healthcare organizations by redeploying and reselling medical equipment on an open market. We prevent liquidation, recycling and trade-in of valuable medical assets.
Our asset recovery professionals have healthcare supply chain and procurement expertise. Their knowledge was used to design proprietary asset recovery process that enables hospitals to overcome challenges created by medical equipment replacement.
EcoMed's Medical Asset Management and Recovery program is turn-key, seamlessly integrates with Supply Chain and Clinical Departments.
It allows hospitals to focus on patient care while our asset recovery professionals manage medical assets that were phased out of clinical use.
