As we near year-end, many hospitals have numerous projects left on their to-do list that have been there since January 1 (or longer!). Often, one of the tasks frequently bumped down the priority list is clearing out the storage space filled with an assorted collection of unused equipment and supplies. But in an economic environment that demands for hospitals to be more creative in finding savings than ever before, bumping that dreaded clean-out up on the priority list is an easy way to improve your bottom line before December 31.
Clear out and recover value from unused equipment and supplies. Don’t view the clean-out as a headache; it’s actually an exciting asset value recovery opportunity that can have a direct impact on your hospital’s financial outlook. Unused equipment is an untapped (and valuable!) source of cash that’s often hiding in plain sight, so don’t ignore it. And once you’ve got your storage all cleared, you’ve got plenty of options for how you proceed – whether you choose to pursue monetary value (sale/trade-in/redeployment), community value (donation), or sustainability value (recycling), there’s more than one way to successfully achieve asset value recovery.
Cleaning out valuable storage space isn’t just good housekeeping; it’s an essential opportunity to make your budget stretch further with value that you might not have even noticed. Turning unused hospital resources into cash offers a dual benefit of freeing up space AND getting money back to help your department or hospital’s budget before year-end. So before the year slips away, take another look at your to-do list and consider bringing asset value recovery up toward the top. It’s a great way to set yourself up for a clean start to the new year. Don’t wait: there’s cash hiding in plain sight at your hospital, and there’s still time to collect it before year-end.