Powerful fixed asset software can transform asset management in healthcare facilities. Learn how it can streamline processes and reduce operational costs.
Enhancing Efficiency with Fixed Asset Software in Healthcare
Fixed asset software can play a powerful role in enhancing efficiency in healthcare. The value of capital assets held by the NHS alone is in excess of £23 billion, while the cost of holding them includes the more than £2 billion cost of capital associated with them, over £1.8 billion in running costs, and £3.1 billion-plus in backlog maintenance work.
While other healthcare providers in the UK might not have assets with as high a value, effective asset management is crucial. Implementing the right software makes it easier to track assets and offers a host of other advantages.
Advantages of using Fixed Asset Software
Fixed asset software from FMIS has numerous advantages for the NHS and the wider healthcare sector. Among the most important of these include:
- Being able to track and view all assets in one place
- Eliminating data duplication across various systems
- Streamlined handling of asset depreciation, impairments, transfers, revaluations, and disposal
- Enhanced budgeting and control of capital spend and assets under construction
- Fast, accurate ledger posting generation
- All departments can receive accurate information in real-time
Fixed asset software also has numerous benefits in terms of finance, estates, IT, and lease accounting. Healthcare asset managers can ensure control, visibility, and compliance with accounting guidelines, track spending and forecast depreciation, and generate ledger postings for the full asset life cycle.
Additionally, managers can track and maintain equipment and estates across multiple sites, record maintenance, and generate work orders. The right software also streamlines tracking IT assets’ location, status, and history in real-time, equipment allocation, auditing, controlling contracts and obligations for leases linked to balance sheet items, and report generation.
Thanks to these advantages, healthcare facilities can expect to see increased staff productivity, enhanced patient care, improved risk management, and reduced operational costs. Staff waste less time searching for equipment or trying to complete asset management-related processes manually, allowing them to focus on more important tasks.
Features to look for in Fixed Asset Software
Fixed asset software varies in scope and purpose, with some solutions providing more advanced or extensive features than others. Healthcare asset managers should look for software that offers the following features:
- Multiple books for multiple companies (group, management, regulatory, tax, and others)
- Flexible coding structures
- Full tracking history of asset events such as transfers and disposals
- The relevant fixed asset depreciation methods
- Standard or flexible fixed asset description fields
- Standard or flexible account periods
- Parent-child relationships for interdependent fixed assets
- Superb integration with other software
- Facilities for additional or late costs, invoice adjustments, and project go-live
- Extensive search and reporting facilities
Fixed asset software should also be easy to set up and offer simplified data entry. FMIS has developed software that offers all these features.
Tips for implementing Fixed Asset Software effectively
Even though many fixed asset solutions are web-based making installation simple, there are several tips that healthcare asset managers should follow to ensure it’s implemented effectively. These tips include:
- Planning: Plan comprehensively to ensure the system meets the facility’s needs.
- Auditing: Implement an audit of all fixed assets and create an up-to-date register.
- Tracking: Ensure real-time asset data accuracy for enhanced operational readiness and financial assessments.
- Technology: Use software and technology such as asset tracking software and hardware to improve accuracy and efficiency.
- Automation: Automate functions such as reporting for greater accuracy and enhanced decision-making.
- Consultation: Speak to experts in the early stages of planning to implement fixed asset software, as this can increase the chances of the management system being implemented effectively.
The right fixed asset software can revolutionise asset management in healthcare settings. By implementing software, stakeholders can streamline asset management, reduce operational costs, and enhance overall productivity across all levels.