The Dynamics of Medical Inventory Liquidation and the need to Act swiftly During Transitions
Liquidating medical equipment, whether wholly or a piece, can be a herculean task. This is why it’s advisable to work with a liquidator who understands the complexities of the game and has many years in the job because they have the ability to make things happen.
Each asset liquidation is a dynamic experience from the other in that it mainly relies on the speed and purpose in which the equipment needs to be moved, or sold. And experience in this business cannot be overemphasized enough.
Typically, you will encounter two extremes when liquidating medical (or other) equipment. On the one hand, there is the seller who is using the asset while casually looking for offers and waits to see who will walk through the door. On the other, there is the seller who needs to move the equipment like yesterday due to say, financial reasons.
Both these entities are active on the market, but the needs differ largely. The first seller is bidding his time probably lying in wait for the top buck. The second is hoping to meet a financial goal.
Whatever the case, working with the owner of the equipment (both sellers) to provide the best solution is the ultimate goal. Thus, the surplus liquidators have to be flexible to recognize the dynamics of the matter and bring a buyer that fits the bill.
Why Acting Swiftly is Critical in Healthcare Facility Transitions
A transition at a hospital or other healthcare facility can activate multiple knock-on effects. Often the case, liquidating surplus medical equipment, supplies or other assets is in the equation. And getting it right is critical since it has a big say on the success of the transition.
Following are three reasons why swift medical inventory liquidation during a transition is imperative.
Getting rid of excess – It’s necessary to get rid of the surplus because items for the new location are being purchased. Surplus equipment is costly in terms of storage, decreased efficiency, and labor for staff to do the moving and handling. Looking at the bigger picture, it can cut down on time available to attend to patients, the primary reason the organization is in operation in the first place.
Value recovery – Value recuperation is another benefit of liquidating assets during a healthcare facility transition which demands a lot financially to ensure it’s a success: from planning to costs to logistics and so on. Some of these expenditures can be met by doing electronic liquidation of some of the assets that will later be replaced, or perhaps no longer required at the new facility. Medical equipment normally sells much lower than the initial buying price, but every dollar counts.
Bringing down logistic costs – Logistics are inescapable when it comes to a transition. A lot of parties are involved in facilitating the process: transition specialists, movers, and vendor liaisons. Asset liquidation during a transition will be double kill for the health provider: you recover some of the costs and also avoid moving costs at the same time. Not to mention you may need to sell the equipment after moving, should you decide not to sell prior to the move. Now, moving it once is a big cost in itself; moving it twice when you later deem it surplus is what we call an avoidable expense.
There is no denying there are benefits of liquidation when it comes to a transition project. This is why working with established inventory liquidators can be a big bonus because they will not only make it easier for you, but also may have a ready market for the notoriously challenging medical equipment.