Inventory Valuation Services

  • Accuracy
  • Reliability
  • Timeliness

Physical Inventory Services

MHS’ Inventory Valuation Services provide trusted, accurate point-in-time valuations - pivotal in mid-year and year-end financial reporting. As the premier provider of such services for the healthcare industry, MHS conducts over 500 inventory events annually.
 

Our commitment to our clients is accuracy, reliability, and timeliness. To achieve this goal, we utilize trained and qualified count staff, quality assurance content experts, and database administrators. We offer the following services:

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Comprehensive supply and resource valuation deploying state-of-the-art tools, knowledgeable personnel and industry best practices. We bring the same expertise to engagements whether a single department or an entire facility.

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In conducting a Pharmacy Valuation, at the discretion of the client, valuation can be based on client-provided pricing or derived from Average Wholesale Price (AWP). We count to the lowest unit of measure, in this case the ‘unit-dose’. This, coupled with capturing NDC level data, allows the validation of data entry at the time it is captured.

Key Features of MHS Inventory Valuation Services

  • Physical counting performed by skilled staff, minimizing interference with normal operations
  • Fully valued inventory reports delivered in 3-5 days
  • Internal audit checks completed on every job in each stage of the process
  • Identify expired products
  • Information that enables management to identify potential inventory excess
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In conducting a Capital Asset Reconciliation, the MHS teams find, identify and count the capital asset inventory, creating asset lists by Cost Center. We can tag assets with barcodes or RFID tags as required by your asset management system.

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The MHS ONLINE® reporting portal enables our customers to generate meaningful management reports that address a wide variety of site-specific requirements. Access customized data views and a variety of real-time reports based on data we generate from our valuations. Examples include:

  • Overall inventory value by clinical area
  • Consolidation opportunities (greater volume discounts)
  • Standardization opportunities
  • Comparison across facilities

Inventory Services

WE HELP YOU OVERCOME THESE CHALLENGES

  • Overstocking from “just-in-case” inventory levels
  • Reduced clinician satisfaction from burdens of ordering and counting
  • Over-ordering created by hoarding items in multiple locations
  • Patient safety risks from use of expired items
  • Liability increases with vendor-managed consigned items

THE BENEFITS OF CHOOSING MHS

Quality Inventory Valuation

  • Establish accurate baseline inventory
  • Understand where inventory is located within the hospital
  • Conduct independent, impartial, and auditable valuation of all inventories
  • Data validated utilizing purchase history and item master file
  • Flexible scheduling allows for minimal disruption to daily clinical activities
  • MHS Team compliant with third party credentialing services
  • Minimize overtime associated with in-house inventory

Robust Reporting and Analytics

  • Trend analysis to guide inventory reduction strategies
  • Convenient online access
  • Relevant information available to finance, supply chain, and other users
  • Reports available in some instances on-site or in as little as three business days post-count completion

Risk Reduction

  • Minimize risk by gaining full understanding of consignment product
  • Avoid use of expired product in patient care