The Importance of Staying on Top of Medical Asset Management

Whether you run a small clinic or a large hospital, medical asset management is a crucial aspect of caring for your patients. Especially in light of COVID-19, your assets need to stay sanitized at all times. Managing your medical assets can help you track where they should be, and what condition they were in when last used.

What is Medical Asset Management

Medical asset management is the process you use to retrieve, upgrade, maintain, and dispose of your assets. Each clinic has different processes, but the exact steps you take don’t matter as much as having a process in place that works for you.

Asset management involves several steps. It’s not just about knowing where your assets are at any time. Management also includes knowing condition, usage levels, life cycle, maintenance procedures, and sanitation requirements.

Consumable vs. Durable Medical Assets

What’s the difference between consumable and durable medical assets and equipment? While there’s some overlap, they’re not completely the same. Some equipment and supplies your clinic relies on are one-time use due to sanitation requirements.

Anything you dispose of regularly would be a consumable asset. On the other hand, durable assets are things that have a longer lifecycle.

Examples of durable medical assets include machinery like MRI scanners, medication storage, any technology, and patient documents. Consumable medical equipment can also be called assets, but any one-time use medical supplies won’t typically be tracked in your asset management system. These are typically tracked through inventory control measures.

COVID-19 safety means stricter and more thorough sanitation measures. The CDC has disinfecting guidelines for your facilities. Because your patients rely on you for care, they need you to take these measures between each visit to reduce the chance of spread.

Recording sanitation requirements for COVID-19 in a system that attaches them to your assets can provide easier access when it's needed most. Attaching different requirements to the appropriate assets can direct staff quickly and help cut down on unnecessary or missed steps.

Benefits of Managing Medical Assets

Because medical asset management can help in several areas, most facilities that implement asset management procedures may see the following results after a few months of asset management.

Improved Quality of Patient Care

When you’ve streamlined asset management, it takes less time to locate what you need so you can focus more of your efforts on providing care to patients.

Asset management measures also mean that you’ll know when you’re about to run out of something. You won’t have to make do with suboptimal options, and your patients will get the care they need when they need it. No more needing to wait around until the right supplies arrive.

Increased Staff Productivity

Any kind of automation is a great way to improve employee productivity. When you simplify their workflow, you make it easier for them to do their jobs. Medical asset management is a great way to eliminate busywork and make it possible for your staff to do the work that requires their direct attention. Implementing an asset database also means there’s less need for paperwork, which can be a massive time sink.

Reduced Equipment Cost Overall

When you know where your assets should be at any time, you don’t have to worry about purchasing too much of something. You’ll also have the ability to schedule repairs and maintenance, which is a great way to ensure your assets last through their life cycles, if not longer.

Streamlined Medical Waste Disposal

Any medical waste from your asset and inventory management can be disposed of safely. You’ll also have the chance to implement measures that reduce your waste, making your facility more environmentally friendly. Asset management will tell you when you need to dispose of assets to keep with safety measures, and when simple sanitation is enough.

When your clinic stays on top of your asset management, everyone benefits. Check out Asset Panda’s customizable asset tracking software to see how our system can help you manage your assets and inventory.


Mel Van De Graaff

Mel creates research driven content for companies in the health and wellness field, and specializes in creating action driven blog posts for Mental Health and Self Help topics as well as creating white papers and case studies.

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