When you hear the term asset management, you could be forgiven if your mind was immediately drawn to private sector firms and intricate investment portfolios. While asset management firms do indeed deal extensively with the private sector and large-scale investment funds, however, they also offer other services that can help organisations to realise their full potential.

In general terms, asset management has a sweeping definition, as it related to all tangible and intangible assets that exist under the banner of an organisation. So, in addition to capital and property, asset management firms will also recognise electronic instruments that add value to your operation.

It’s not only private sector firms that can benefit from asset management, however, as public institutions such as the NHS can also leverage this type of service to achieve considerable advantages.

How Can the NHS Benefit from Asset Management?

While the debate surrounding NHS funding has continued for generations, this institution still receives sustained backing from the UK government. As the part of the recent, autumn budget released in November 2017, Chancellor Philip Hammond pledged £6.3 billion of new funding to the NHS over the next six years, with £2.8 billion being committed to everyday services between now and 2020.

This will be followed by £3.5 billion of capital investment by the financial year 2022/23, which in turn should help NHS bosses to achieve its longer-term objectives.

This wealth of capital requires careful management, particularly if it is to be used effectively and deliver some form of return. This is where asset management firms can come into play, as they’ll provide access to a wealth of financial experts who can ensure that high levels of capital are utilised across a diverse, relevant and ultimately generative range of product offerings.

Wealth management firms will also recognise the numerous properties that are owned and utilised by the NHS, which is particularly important in the case of the NHS as these structures are central to the services that they provide.

Appraising Equipment and Data, Two of the Most Important Assets for the NHS

We’ve already touched on the relatively diverse nature of asset management, and this should be of huge interest to NHS management teams. After all, this institution has a great deal of capital tied up in both entry-level and high-end equipment, which plays a pivotal role in delivering a host of medical services and treatments on a daily basis. Each piece of equipment holds intrinsic value to the NHS, and wealth managements are able to recognise this as part of an overarching financial plan.

Then we come to data, which is becoming an increasingly pressing concern in the digital age. After all, the National Health Service has access to growing data sets in 2018, with managers pledging to establish entirely paperless systems by the end of this year.

This will not only place increased pressure on IT departments, but it will also trigger a need for a good software asset management program. In simple terms, this recognises software as part of your estate, while also ascribing value to the role that it plays successfully managing and sharing sensitive data. This type of program underpins any robust IT strategy, particularly when it is agile and capable of adapting to deal with alternative data sets.

The Bottom Line

 As we can see, asset management can play a key role in the NHS, and not necessarily in the ways that you might imagine. This will only become a more pressing concern over time, especially with such a high level of investment scheduled for the next six years.

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