Leading healthcare organization unifies office equipment leasing environment; gains compliance readiness, cost savings and schedule efficiencies

Asset Management Online System (AMOS) provides access, visibility and control of nearly 1000 leased assets

A leading US-based healthcare group was working with a large provider of smart office technology and IT solutions to obtain its multi-function printers and copiers (MFP) for its hundreds of nationwide locations. As demand for equipment financing and credit requirements grew, it became increasingly difficult to manage the copier/printer lease portfolio. For example, when the healthcare company required portfolio metrics or reports, it had to go through multiple gate-keepers to collect and assemble data from different partners and disparate systems. For all practical purposes the company lacked visibility into its MFP lease environment.  It had become increasingly clear that it needed to gain access, visibility and control of all its leased assets irrespective of lender.

To solve this challenge, the equipment provider turned to its partner Insight Financial Services (IFS) for its best-in-class Asset Management Online System (AMOS), to help converge the healthcare organization’s nearly 1000 leased assets into one dedicated system for efficient and accurate ongoing management.

The organizations teamed up to gather all existing lease documentation, compile an electronic feed with all key lease data, and “light up” the AMOS Executive Dashboard. This gave the healthcare organization full access, visibility, and control of all leased assets across multiple locations, and numerous schedules and lenders. Non-IFS leases were also available under the External Assets feature in AMOS. By going another step further, marrying the lease data to other key MFP usage data (e.g. meter reads), they were able to develop a technology migration plan, which included a reduction in the number of lessors, lease schedules, rental payments, and overall environment complexity.

“The power of our asset management platform is undeniable, and we are committed to supporting the strength of the AMOS solution for the benefit of our lessee’s and vendor partners. We are so pleased to be able to help customers like this one gain full control over their environment and be a part of their ongoing program,” said Michael DeCarlo, Senior Vice President, Insight Financial Services.

With AMOS up and running, IFS delivered on its promise to provide access, visibility, and control of all existing lease assets. Then, using the data in AMOS, IFS and its partner were able to design a program for all non-IFS assets coming to term, which resulted in a significant reduction in the number of schedules.

IFS is now the sole partner for all of the healthcare company’s copier/printer leasing and asset management requirements. This streamlined approach combines the power of AMOS with the outstanding service of the IFS team.

As an added benefit, AMOS has also proven to provide a significant advantage in meeting compliance requirements under the new Lease Accounting rules (i.e. ASC 842). Under ASC 842, corporations are required to audit all existing leases, and roll out an Equipment Lease Management System that incorporates asset level details. AMOS not only meets this requirement, but includes a comprehensive accounting module that provides all of the requisite Right of Use and Asset Lease Liability reporting.  To that end, AMOS is SOC 1, Type 1 and 2 audited and compliant.

To date, IFS has successfully helped its IT service partner and the healthcare provider create a fully managed environment for its nearly 1000 leased assets, saving the company more than $100,000 a year. With IFS’ experience, support, flexible financing all backed by its AMOS system, the company is well prepared for the future.

Contact us today to learn how IFS can help you finance all your technology equipment while also taking control of all your assets. 

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Post by Sarah Masters