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In addition to streamlining your team’s workflow, BidMed’s software provides access to our secondary market specialists and proprietary pricing database, as well as financial tracking reports. Fair market valuation (FMV) reports from the BidMed GreenBook help simplify disposition decisions and enable high-value choices. Compare Disposition Methods — view a breakdown of how many assets are removed by various methods, comparing trade-in, internal transfer, resale, donation, or scrap. Evaluate Financial Benefits — see calculations for how much value is retained through internal transfers or recovered through resale, including comparing resale value against declined trade-in offers.

It’s essential for Finance to have an accurate record for a number of reasons, including maintaining financial statements and appropriate insurance coverage, as well as approving future purchases and budgets. It’s important to have a method of both delivering approval forms to the correct stakeholders at the right time, as well as transparency for others to know where a request is throughout the process. BidMed’s inventory management system integrates key stakeholders across all departments on one platform. The system connects them to a single master database and includes a customizable disposition workflow that notifies the right people at the right time

The secret to an effective disposition workflow is a centralized system that connects accurate inventory records with all key stakeholders. By using a centralized system, hospitals can keep the entire workflow in one place, including essential asset details, records of who is responsible for approvals, and where requests are in the process. A disposition system that’s integrated with your actual inventory keeps all equipment details readily available, requiring minimal input from the requestor. Simply find an asset’s record, choose the disposition method, and submit for approvals.

Clean records also reduce headaches in meeting generally accepted accounting principles and passing government accounting requirements. Make sure to keep the right insurance policy with both specific values and total insurable values, supported with Proof of Loss substantiation. Keeping finance and accounting updated on true inventory helps accurately assess and track both specific values and total insurable values. Stay Up to Date with Modern Technology BidMed’s Tech Suite is designed specifically to help keep hospital inventory coordinated and up to date.