When was the last time your hospital’s policy on medical equipment asset disposition or furniture removal was reviewed or updated? 72% – Within the last 2 years 14% – Within the last 3-5 years 14% – Unsure Does your organization have a policy in place that addresses how the medical equipment assets are tracked and …
asset disposition
HIPAA Requirements for Medical Equipment Disposal
When disposing of medical equipment, all requirements and regulations set by HIPAA must be followed throughout the entire process in order to avoid any violations. First, you must completely remove electronic protected health information (ePHI) from all devices being disposed of. If the device links to the patient health record and saves any patient-identifying information, …
Is Your Data Safe With An Asset Disposition Vendor?
The HIPAA Enforcement Rule governs the investigations that follow a breach of ePHI, the penalties that could be imposed on covered entities responsible for an avoidable breach of ePHI and the procedures for hearings. Although not part of a HIPAA compliance checklist, covered entities should be aware of the possible penalties. Fines and Penalties Failing …
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Six Ways Hospitals Lose Money
During the Covid-19 pandemic, many hospital supply chain professionals are busy keeping up with the demand for PPE and Covid-19 test kits. The different departments don’t have time to track the fixed assets that are being disposed of. Many hospitals don’t have the staff to focus on this issue. As a result, hospitals lose thousands …
How to Choose the Right Asset Disposition Vendor
When any surplus equipment is no longer needed, the healthcare facility has several options depending on the age and condition of the equipment; re-utilize it at another facility within the healthcare system, sell it, donate it or recycle it. Choosing the right asset disposition vendor to help remove your medical equipment is vital and should be …
Is Your Hospital Prepared to Mitigate a Potential ePHI Data Breach?
In their 2019 study, IBM and the Ponemon Institute found that it costs healthcare organizations an average of $429 for each lost or stolen record—over 104% higher than any other industry. According to the study, the total dollar amount lost from data breaches stems from investigations, lawsuits, regulatory filings, hiring of crisis communication firms, and negative …
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Why are Costs to Recycle Medical Equipment Increasing?
Each year, hospitals continue to spend more money than the year before on medical equipment. If costs are so high to replace equipment, why do hospitals have to pay even more to recycle it? Most medical equipment is made up of materials that are difficult to separate like metal, plastic, circuit boards, and glass—so a …
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Selling Medical Equipment at Auction vs. Selling Outright
Options for efficiently liquidating excess medical equipment. Periodically managing potentially hundreds of decommissioned hospital assets is no easy feat. To determine whether selling at auction or outright is the best option, knowing your facility’s specific needs will help narrow it down. Who manages the asset disposition process in your hospital? Do you have an internal …
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How Much Medical Equipment Recycled or Donated?
Are medical equipment asset disposition vendors who recycle and donate medical devices able to make a difference in not only the environment’s health, but health around the world? To get an idea of how much equipment hospitals need to operate these days and their rate of turnover: US hospitals spent an estimated $173.1 billion on …
Can I Get Money Back for My Used Medical Equipment?
The opportunity to generate revenue from your retired medical equipment depends on several factors: 1.) What is the age and condition of the assets? Remember that medical equipment is always evolving and the older the equipment gets, the more its value will depreciate. Condition plays a major role as well. It costs vendors time and …
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