1. Create a capital asset management plan tied directly to your organization’s strategic business plan.
2. Establish policies and procedures that guide and govern your organization’s capital asset management program. These policies and procedures should incorporate acquisition, inventory management, maintenance, useful life reviews, replacement and disposal.
3. Establish a product evaluation committee comprised of a diverse membership including clinicians, other end users, materials management and purchasing professionals, finance professionals and others.
4. Consult with a manufacturer’s representative during the final stages of product selection for technical knowledge, operational insight, and future customer support after the acquisition has been completed.
5. Establish a capital asset inventory baseline database. Populate the database with product description, a unique barcode identifier, historical information such as purchase date and maintenance records, projected useful life, and probable replacement date.
6. To reduce overall operating costs and to encourage clinical quality improvement, push for standardization in capital asset purchases.
7. Establish a dashboard with metrics to measure the success of the organization’s capital asset management program. Employ an ROA framework to evaluate the full impact of the asset on the organization’s operations and bottom line.
8. Network with capital asset management professionals at large acute care organizations with which your organization has relationships. Their knowledge, experience and business relationships can benefit your efforts.
9. Commit your organization to recognizing the critical impact capital asset management can have on your bottom line and ultimate business success.
10. If you belong to a group purchasing organization, utilize their expertise and resources to support and maximize your capital asset management program.
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