Physical Inventory Services
MHS’ Inventory Valuation Services always remain centered on establishing a trusted inventory which is the foundation for all our supply chain initiatives. Accurate point-in-time valuation plays a pivotal role in year-end and mid-year reporting. We assure real-time reliability with our state of the art proprietary technology which captures and reports data in the areas of Supply Chain Management, Materials Management and Information Technology.
MHS values accuracy and to achieve this goal we take the help of experienced counters, QA staff and database administrators who are dedicated to providing the most definitive results for your next Inventory Valuation.
In conducting a Medical/Surgical valuation, MHS brings state-of-the-art tools, experienced personnel and industry best practices to deliver better organization and information with every inventory. Whether it is a single department or an entire facility, MHS specializes in providing the most accurate point-in-time valuation of inventory.
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.
- Physical counting performed by experienced staff, minimizing interference with normal operations
- Internal audit checks completed on every job in each stage of the process
- Determine excess and obsolete product / Remove recalled and expired products
- Information that enables management to trim excess spending
Capital Asset Valuation
In conducting a Capital Asset Valuation, we can tag assets with barcodes or IRFID tags as required by your asset management system. MHS offers two options. In the first, our teams find, identify and count the capital asset inventory resulting in asset lists by area. The second takes the next step, providing a current depreciated asset valuation.
Analytics & Reporting
The MHS ONLINE® reporting portal enables our customers to generate meaningful management reports that address a wide variety of site-specific requirements. They have access to customized data views and real-time reporting on the MHS interactive web-based portal, which provides the most accurate and current information.
- Stockpiling trend visibility
- Number of turns
- Overall inventory value by clinical area
- Consolidation opportunities (greater volume discounts)
- Standardization opportunities (error-free purchasing/billing)
- Comparison across facilities
- All data at your fingertips via secure web portal
- Overstocking is a result of “just-in-case” inventory levels
- Clinician satisfaction is lowered when burdened with ordering and counting
- Over-ordering is a cause of storing items in multiple locations (hoarding)
- Patient care is at risk with expired items in clinical areas
- Liability increases with vendor-managed consigned items
The Benefits of Choosing MHS
- Online portal for reporting and analytics
- Establish a baseline inventory that is accurate and auditable
- Identify and value consignment product, so the organization can evaluate the program effectiveness
- Analyze year to year, showing trends in valuation that allow for a focused reduction plan
- Reduce the risk of using expired and recalled product in a patient care setting
- Gain understanding of where inventory is located within the hospital
- Independent, impartial and auditable valuation of all inventories
- Reporting provides Materials Management and Finance with pertinent information