Medical equipment appraisal is a highly used term in the medical industry that is used to denote the official valuation of the medical instruments owing to their quality and up-gradation. There are certain steps that are involved in the process that are mentioned below:-

• AUDIT OF MEDICAL EQUIPMENT INVENTORY

Audit of medical equipment inventory is a very important concept in medical and healthcare industry. It signifies the management of medical equipment and the maintenance and upgradation of the same. The term ‘audit’ here denotes the inspection and check for quality so as to keep the equipment fit for the strict sanitary routines and standards of hygiene to the home, the field, the doctor’s clinic, the hospital or any other healthcare setting where they are used. There has to be an audit at regular intervals so as to conform to the most updated technology and inventions. A checklist is prepared beforehand and the audit is done to check whether all the factors are meeting the standards and covering all the points of the checklist. The audit process involves the following steps:-

• Equipment control and asset management within a particular facility.
• Checking and management of quality in accordance to the most updated safety, hygiene and technology standards and norms.
• Quality assurance.
• Risk management to minimize accidents.
• COST DETERMINATION

After assurance of quality of the medical equipment inventory, the determination of the value and prices for the same is done. Of course, when any changes are made and an upgradation is done, the improved devices will definitely be costlier than the earlier version. But the main factor that has to be kept in mind is the ruling market costs and trends. The cost if the instruments will affect the entire cost of the setting where they are used. If the value of medical equipment of any particular healthcare setting is kept higher than the market standard, people will not be taking service from it. Therefore, it is very important to have a complete record and review of the leading market value of the most upgraded instruments and set the cost of the equipment accordingly to boost the buy-sell situation.

REASONS FOR THE NEED OF MEDICAL EQUIPMENT APPRAISALS

• Audit or the check for quality to make sure that the instruments maintain the safety and latest technological standards.
• Perfect cost determination so as to ensure proper financing or funding.
• Bank workout for funds and loans with full quality and outcome assurance and negotiations to avoid foreclosure or liquidation.
• To boost up the buy-sell situation in the market to the maximum.