Ghost assets are assets accounted for on your fixed asset listing that do not actually exist at your facility. This can happen when an asset has been sold or traded-in for credit on another purchase, used by Biomed for parts to repair like items, or simply taken out of service (retired) but this activity was never recorded on the fixed asset listing.
In our experience, we have found that even facilities that are excellent at properly accounting for assets as they come into the facility will have at least some ghost assets lingering on their listing due to the sheer volume of capital assets in the healthcare setting. This is why we recommend our Asset Inventory and Reconciliation service once every 5 to 10 years so that such discrepancies can be identified and corrected.
Ghost assets are a real problem because:
- They can cause increased personal property taxes (i.e. for-profit organizations could be paying taxes on assets that don’t exist!)
- Overvaluing due to ghost assets could result in overstated Fair Market Value
- Ghost assets cause distorted financial reporting
An Asset Inventory and Reconciliation to remove ghost assets will provide:
- Accurate accounting of assets for your financial reporting
- Accurate Financial Analysis (ROI)
- Personal property tax reduction
- Improved capital budgeting
About Partners’ Asset Inventory and Reconciliation Services
Partners’ Inventory Services are patient-staff oriented. Partners Inventory Specialists make every effort to avoid any inconvenience to patients and hospital staff as they move through the facility to record and tag equipment. Assigning barcode tags capitalizes on time spent inventorying; it turns the point-in-time view of existing equipment captured through the inventory into a working tool that can be utilized well beyond the project’s closeout. Tags will be useful for logistical planning for any construction project and for financial accounting for the life of the equipment.
Come Get To Know Us!
To learn more about Partners healthcare Group and the many services we offer, please visit us online at www.PHGWorks.com, call us at (615) 370-5014, or toll-free at 1-800-270-7582 . You can also visit us on Facebook, Twitter, Google or LinkedIn! We look forward to working with you in the future!