Lease administration: The key to uncovering hidden costs in your leases

For a corporate occupier, managing the complex leases within the organization’s property portfolio is a tedious endeavor, especially given how difficult it can be to ascertain the true monetary value of a lease.

When it comes to managing a large portfolio of complicated leases, human error is one of the biggest risks your organization faces as the simplest of mistakes could cost a lot of money. At MRI Software, our team of lease administration experts interact with clients daily to catch many of these errors before they happen.

Here are three key areas in which common slip ups could have resulted in real estate occupiers losing out on big money.

Unreliable lease abstraction

It’s not uncommon for important data points to get lost in the time-consuming process of manually pulling information from your leases and contracts. Collecting all of the data, provisions, and terms from your leases – and knowing where that information can be found quickly – is a top way to drive cost savings. Utilizing “deep lease data” can benefit your business by bringing to light automatic renewal provisions, security deposit billings, and improvement allowances.

With inefficient lease abstraction, automatic renewal provisions in leases and contracts can sometimes go unnoticed, especially if the lease has been added to your portfolio through a large acquisition. If left undiscovered, these renewal provisions can cost your organization a whole 12 months’ worth of rent. In large acquisitions like this, you could also be losing out on security deposits that your accounting department won’t have an accrual for, meaning the deposit will be paid out. With a more efficient review of these leases and through cross-referencing with legal documents, these deposits could be accounted for.

Poorly tracked improvement projects

Major facilities management projects that involve multiple departments (and, as such, multiple points of contact) could also be exposing your organization to financial losses. If the improvement allowances tied to these projects aren’t properly tracked, it could end up costing millions of dollars in delay costs and funds not collected from landlords.

Rent payment and processing errors

There are plenty of steps in the rent payment and collection process that could be exposing your organization to financial risk. Whether due to technical errors, oversights, or landlords in accidental misalignment with their leases, money can easily fall through the cracks, and considering that rent serves as the largest dollar spend in most organizations, that money can add up fast.

One step of the rent collection process where errors can occur is in the application of late fees. Sometimes, late fees are applied when they’re not supposed to be – it’s even possible that a landlord might have set their system to charge rent as late until marked otherwise. If rent is paid on time and charged with late fees anyway, that could end up costing your organization thousands. Similar errors can occur in the simple act of rent payment. If a payment isn’t applied to the corresponding account in a timely manner, there’s a risk that the money could get lost in a landlord’s bank account.

Catch mistakes before they impact your business

Having the right technology and expert advice to manage your leases can save your organization thousands of dollars. Whether it’s through AI-powered lease abstraction tools that pull critical terms and key data out of your leases or through a committed team of experts that can catch errors in rent payment processes through monthly reconciliation, MRI Software’s lease administration solutions can enable you to tap into the full potential of your data, drive cost savings, and simplify your leases. Learn more about how much your leases could be costing your organization.

Improving tenant satisfaction with property management software

A common tenant satisfaction complaint heard among people who rent their homes, whether it’s an apartment, condo, or single-family residence, is difficulty with property management. While there will always be some degree of conflict, but some of the dissatisfaction expressed by tenants is rooted in problems that are easily fixed.

A property manager can ease tenant frustration, minimize complaints, and enhance overall renter satisfaction through the use of property management software like MRI NETfacilities. There are a number of features associated with a computerized maintenance management system (CMMS) that can simplify and ease the interaction between tenants and management.

Track work orders and maintenance requests

When something goes awry with a tenant’s home, the renter is often inconvenienced while understandably concerned and frustrated. Unfortunately, these feelings can be amplified if property management isn’t able to respond to the issue promptly and thoroughly. Without a decent system in place, like a CMMS, maintenance requests and work orders won’t be tended to in a satisfactory manner and will lead to even more conflict.

Tenant frustration can mount at the very start of the process with submitting a work order. Too often, property managers either have no clear system for tenants to submit requests or have one in place that is outdated or isn’t user friendly.

If a tenant can manage to submit a work order or request, the process usually gets infinitely more frustrating from then on. After a request is submitted tenants often feel like they’re in a state of limbo, not hearing anything back from management or worse, never seeing the request fulfilled. There is usually no clear confirmation that the request is being processed, and this lack of clarity can frustrate tenants even further.

Even if a property management team receives a work order and completes the repair in a timely manner, not communicating progress to the tenant will leave them dissatisfied with how the request was handled. Instead of being relieved that the request has been fulfilled, the tenant will likely focus on the lack of communication and label the experience a negative one.

With property management maintenance software, a tenant can easily submit and track maintenance and repair orders. The process begins at the moment a maintenance request is submitted through the web portal and is transparent until the request has been resolved, leading to a dramatic increase in tenant satisfaction.

Property resource reservations

Some properties offer tenants an array of amenities, ranging from a business resource center, to a gym, to tennis courts, and so on. Without a reliable CMMS in place, the process of booking and using those resources can be a challenge for tenants. For example, properties that still rely on paper sign-up sheets can easily lose records or misplace and mishandle reservations. Even properties that have gone digital often use older systems that aren’t reliable or user friendly.

The tale of President Jimmy Carter and the White House tennis courts underscores this point: During the early days of his presidency, President Carter kept the sign-up sheet for the White House tennis court in the Oval Office with him. Staff members were reluctant to venture into the Oval Office to sign-up to use the tennis courts, even when they wanted to play a match during their free hours.

Implementing a comprehensive CMMS is the best way to avoid the bloom of tenant frustration. Tenants like to be able to access facilities onsite without the hassle of tracking down one person with a sign-up sheet or using an unreliable online reservation form. Giving tenants more autonomy and ready access to property facilities with dynamic tenant management software can increase tenant satisfaction and reduce conflict.

Simplified and reliable discussion

Yet another area in which tenant satisfaction runs into trouble is when a renter has a question, even a simply one, and is unable to get an answer. In the absence of reliable property management software, a tenant will be left sending an email or leaving voicemail messages that may sit unanswered. A simple question that could have been resolved in 30 seconds can go unanswered for a frustrating period of time.

With a comprehensive CMMS solution, property managers have the ability to host documents in a tenant portal for easy access. Tenants can view rules and regulations, tenant handbooks, request forms, and more. Tenants can get the information they need in a timely and reliable way. Quick answers to their questions assure tenants that their issues matter, which elevates their level of confidence with a property and its management.

After-hours access

Tenants who have reliable after-hours access to management will be significantly more satisfied with the overall renting experience. They feel like management wants to help them and will prioritize their needs day or night. Naturally, this includes having confidence that building management will respond to off-hours emergency maintenance issues.

After-hours tenant access, via a comprehensive software platform that provides tenant management assistance, is an important resource when it comes to ensuring a tenant satisfaction with a rented home and with the associated management.

Using reliable property management software, these issues and many more can be quickly and effectively addressed by building management in a way that satisfies the vast majority of tenants. In the end, the tenant experience is what motivates the success of a rental property. If tenants are happy and the system is easy to navigate, renters will be more satisfied leading to higher rates of quality tenant attraction and retention.

Celebrating 50 years of MRI Software

2021 marks the 50th anniversary of MRI Software, and we are thrilled to celebrate this milestone with our clients, partners and staff around the world. We were excited to close out 2020 (I mean, who wasn’t?) because we couldn’t wait to kick off our anniversary festivities!

The golden anniversary of MRI Software

The PC hadn’t even been invented when MRI was founded in 1971, but we were already pioneering the real estate software space. The business was launched in Cleveland, Ohio, and initially focused on residential real estate clients, with commercial products added soon after.

Wondering how we automated our clients’ property accounting functions in the days before fancy computers? We processed client paperwork and turned it into professional-looking printed reports overnight with our IBM 360-20 mainframe, mag tapes, punch cards and disk packs. Once we got our hands on a Xerox 9700 printer, our commercial real estate product was unstoppable!

A history lesson: Global expansion and growth

The industry was poised for revolution – there was a huge opportunity to provide business services for the unique needs of commercial and residential real estate companies. MRI pioneered the industry and set the stage for Proptech as we know it today.

If you follow the history of MRI, you know that the company has grown significantly in recent years, notably in the EMEA and Asia-Pacific regions. MRI’s presence in APAC actually dates back to the 1990s, when we were one of the first providers in the region. The expansion outside of our Cleveland headquarters accelerated in 2002, when MRI became part of Intuit and was known as Intuit Real Estate Solutions (IRES). In 2010, Intuit spun out the real estate division and MRI Software was once again a standalone business.

Fast-forward a few years to 2015, when our aggressive growth strategy took off. The company expanded even more, first to Toronto, then Atlanta, bolstering its Investment Solutions offering along the way. The journey accelerated after that, with the addition of teams in South Africa, UK, Australia, New Zealand, and India. But MRI’s growth was about more than increasing its global footprint – the company strategically expanded its offerings and entered new markets, adding innovative solutions for automated communications, risk management, payments, and the underserved government-subsidized housing sector.

Today, we are proud to have clients and staff on all continents except Antarctica (we’re working on it). We continue to push the limits of innovation for real estate technology, and as a result, MRI was named to the Inc. 5000 list of fastest-growing companies in the US in 2020 (and 2021!). Not bad for an established business that’s been around since 1971.

And the beat goes on

Much has changed in the world of technology since MRI was founded, but the important things have stayed the same. Our obsession with client success has been around since day one, and we still strive to amaze our clients and learn from them in our quest for innovation. In the early days, working at MRI felt like being part of a family, and our culture still embodies this today. Even now, MRI employees have opportunities to try new things and explore different roles within the organization.

As MRI continues to grow, our mission to help organizations transform the way communities live, work and play remains at the core of the business. It’s true even after 50 years, and it will remain so 50 years from now. Learn more about who we are.

The future of facilities management – Global growth insights for the next 10 years

Facilities management services (FM) has rapidly evolved since its recognition as an industry in the early 1980s when the International Facilities Management Association was formed. The days when FM centered around assets, buildings and plants are in the past; the future will focus largely on customer service and improved outcomes.

The next decade will see significant transformation of the industry driven by several key trends that are already having an impact in the global marketplace.

Smart Technology

Right now in 2020, the use of facilities management software, mobile applications and connected devices is fairly widespread. Facilities management services will continue to rely on these tools of technology as standard operating procedures.

However, the addition of artificial intelligence, robotics, sensors and the internet of things (IoT) will create environments where just about every aspect–the doors, lights, windows, HVAC units and CCTV–has a unique identifier and is fully integrated.

The result is a facility with increased energy efficiency, sustainability and a more satisfied workforce–who wouldn’t like getting coffee from a machine that recognizes you and pours your cup to order? Or automatically adjusts the temperature in a meeting room based on the number of attendees?

Obviously, creating these intelligent, or smart, buildings takes extensive planning, foresight and capital. Organizations should note that it’s usually more cost-effective to build rather than retro-fit and take that into consideration when looking ahead to future projects.

Still, these sleek automated facilities will no longer be the stuff of sci-fi movies, but a reality in the facilities management of tomorrow.

Predictive Maintenance

Space-age technological advancements will continue to shape the future of FM, especially with regards to predictive maintenance management strategies. Sensors allow for monitoring just about any component within a facility without the need for human interference. This real-time data and tracking means organizations can move away from preventive maintenance tasks and toward more predictive maintenance measures.

Preventive maintenance will still have its place, but the value of predictive maintenance will require organizations to implement this strategy in order to remain competitive.

Flex Space

With the increase in the number of employees who work remotely, flexible schedules, hot desking and coop work spaces, the traditional idea of each worker having his or her own office is likely going the way of the fax machine.

Keep in mind, though, there’s a significant number of workers who aren’t crazy about not having a personalized space of their own. So building maintenance management needs to be thoughtful and flexible in how it accommodates this trend over the next 10 years.

Nevertheless, employees who are physically at the office often prefer the option to work in collaborative “third-spaces” such as lounges, coffee bars or other gathering spaces free of confining walls.

Millennials and Gen Z workers want features such as bright open spaces in innovative buildings that offer amenities such as fresh food options and other extras that make leaving home for the office worth the effort.

It’s estimated that by the end of 2030, 30% of commercial real estate will be flex space, up from today’s figure of <5%. The area usage per person will drop from just over 200 sq. ft. to less than 150 sq. ft.  As the demand for flex spaces rises, it will be vital to consider how building retrofits can improve your space utilization.

Health and Wellness

Dovetailing the trend for increased flex space is the growing focus on the health and well-being of employees and occupants. Facilities management services will need to address this issue in two major ways.

First, as more workplaces face the challenge of having a multi-generational employee base and the occurrence of lifestyle-related diseases such as diabetes increases, there will be a need to reassess building design. This new field of  “wellness architecture” means buildings are designed with humans and their health in mind.

The workplace of the future needs to facilitate and promote a more comfortable, active and productive lifestyle for employees, young and old. For instance, instead of the dark enclosed stairwells that are common today, open and attractive stairways encourage workers to make a healthy decision to take the stairs.

Second, what a company has to offer in terms of wellness will be a weighty factor when it comes to recruiting and retaining top talent. According to a recent CoreNet survey, a whopping 80% of respondents said a health and wellness program at work was important to them.

Strategies to make the workplace healthier include things as simple as adding more live plants and increasing access to nature by creating peaceful outdoor spaces or expanding outdoor views. Meeting rooms can be used for yoga sessions at lunch.

Other changes to improve the health of a facility are less visible, but have a significant impact on the quality of the indoor environment. They include making sure construction projects are completed with non-toxic building materials, using chemical-free cleaning products and low-VOC finishes, and installing proper HVAC and air recirculation equipment.

The benefits of focusing on health and wellness go beyond making occupants feel better. Healthier environments reduce the cost of absenteeism and increase productivity–employees in green buildings scored higher in cognitive function than when they were breathing the air in conventional buildings.

Sustainability and Energy Maintenance

Fueled by the challenges of global warming and sustainability, an increase in environmental regulations will require companies to continue to look for ways to be more energy efficient and reduce their carbon footprint.

FMs may find pressure to innovate in this area comes from all angles–the public, investors and  board members in addition to regulatory agencies. Facilities management services will need to make concentrated efforts to reduce their energy and water consumption, use alternative and renewable energy sources, increase responsible sourcing and practice comprehensive recycling.

Forward thinking FMs will invest now in energy-saving improvements such as LED lighting, high-efficiency HVAC systems and preventive and predictive maintenance programs which monitor equipment to ensure its efficient operation.

Through technological advancements like the Internet of Things (IoT), managing energy use is now a set-and-forget task. Sensors provide real-time tracking which allows those in charge of building maintenance management to be proactive regarding energy consumption. In the most advanced building systems, usage can even be predicted and adjusted accordingly.

Outsourcing

Outsourcing certainly isn’t new, but more and more companies will rely on outsourcing’s agility to allow their in-house teams to focus elsewhere while saving costs.

The job of a facilities manager continues to grow in complexity. From the more traditional areas of overseeing leasing costs, personnel, asset management, energy consumption, and equipment maintenance to the newer areas that focus on customer service aspects like user experience and innovation to enhance their clients’ businesses, the responsibilities are exhaustive.

Outsourced facilities management services provide expertise, support and resources that together act as a strategic partner without the overhead and hassle.

Integrated Facilities Management (IFM)

When companies are looking for a provider to outsource their FM to, many will choose one who offers Integrated Facilities Management (IFM). As noted above, facilities management is quickly evolving, growing more complex at an unprecedented rate.

Ensuring the quality of their physical environments in a cost efficient manner demands a focus that simply isn’t part of an organization’s core mission. In addition to managing assets and maintenance, there’s the need for research and development in order to innovate and stay ahead of the competition.

Add to that the need to orchestrate a shift to a service culture; recruiting, training and retaining talent; and keeping abreast of health and safety regulations and the most advanced technologies, and you end up needing skill sets and a knowledge base covering a wide range of services.

The future of facility management will be marked by an increase in IFM providers whose purpose is to fill the gap and offer organizations streamlined operations to supercharge their business productivity. Not only does this reduce the number of suppliers an organization has to deal with, it allows for one point of contact, enhancing accountability and control.

Conclusion: Kickstart Future Growth

The future growth of facilities management will be influenced by several key trends that center around technology, sustainability and people. The way ahead may seem daunting, but as with eating the proverbial elephant, just start with one bite at a time.

If you’re not already using an automated solution to manage your facilities–work orders, maintenance, assets and more–that’s a good place to start. Here at MRI NETfacilities, we offer intuitive and flexible solutions to help you transform your organization. Reach out if you have questions, or better yet, take a look at what we can do with our no-obligation, free demonstration.

MRI Software wins 2021 Top Workplaces Award

Here at MRI Software, we strive to amaze in all that we do, and that includes amazing partners, clients, and especially our own employees. It’s for this reason that we’re thrilled to announce that MRI Software is a 2021 Top Workplaces Winner in the Technology Industry!

Awarded to companies on both national and regional levels, Top Workplaces are evaluated based on surveys sent out to all MRI employees in the U.S. These surveys are used to gauge employees’ overall satisfaction at their workplace in categories including but not limited to:

  • Work/life balance
  • Support of managers
  • Clued-in leaders
  • Company values
  • Helpfulness
  • Culture and adaptability

This year, MRI Software has placed in the Top 100 Workplaces on a national level based on anonymous, positive feedback from MRI employees and without the knowledge of senior leadership or supervisors. MRI ranked well across all categories, but we’re particularly proud of our high scores in the specific areas of work/life balance, support of managers, and culture and adaptability.

Supporting employees with a flexible workplace

This award is an incredible honor that we at MRI do not take lightly. After a challenging year for many, our organization has adapted to the changing landscape in public health and the global real estate industry. When strict public health measures became necessary in March 2020, MRI Software was already equipped with the work practices necessary to implement an immediate, company-wide work from home policy with relative ease. The transition was handled well by employees and supervisors alike, with teams participating in virtual happy hours and with supervisors frequently checking in on employees to ensure they were equipped for success in their day-to-day operations.

We’re grateful for this exciting award win, and we’re thankful for our incredible employees whose work and support keeps MRI moving into the future. Learn more about MRI Software and our award-winning team here.

Meeting the needs of affordable housing with loan servicing

This blog was written by Elaine Magil, Director, Advisory & Transactions at TCAM, An MRI Company

Affordable housing loans are far more complex and varied than standard first mortgage commercial and homeownership loans. Often issued to fill gaps in the financing structure, affordable housing loans can have a wide variety of funding sources, payment terms, and compliance requirements – all of which have changed over time as programs have evolved. Most affordable housing loans are also very long-term; now, after decades of funding loans to promote affordable housing, most lenders find themselves with complex portfolios of non-standard loans.

TCAM, An MRI Company (TCAM) has first-hand experience of these complexities, having worked with affordable housing portfolios across the country for over 10 years. For instance, among our city housing department clients, TCAM recently found that one had more than 100 borrowers, 23 funding programs, a changing definition of “surplus cash” or “residual receipts” over time, multiple deferral period arrangements, and 46 different interest rates – all in a portfolio of roughly 300 housing loans. Similarly, a recent public housing authority client’s portfolio included not only developer interests in its properties, but a total of 76 loans that included seller notes, ground leases, gap financing to co-developers, and bond issuances on its own properties as well as others. For organizations involved in financing affordable multifamily and single-family homes as well as community facilities, the volume and complexity of oversight can rapidly grow overwhelming.

Why loan servicing?

Most loan servicers, and most mortgage servicing systems, are designed to service highly standardized loans – 30-year fixed single-family mortgages, for instance, or must-pay FHA or Fannie Mae multifamily loans. The affordable housing industry today lacks comprehensive loan servicing for government and non-profit housing lenders that provide a variety of debt products including single-family loans, cash-flow contingent subordinate loans and hard/must-pay amortizing loans. Most servicing systems are designed to help mortgage lenders track and collect payments on must-pay senior debt including amortizing single-family and multifamily loans. These traditional loan servicing systems and operations cannot handle loans on which regular payments are not due or loans that are repaid subject to available cash flow.

The complex and varied loans of many affordable housing and community development lenders call for specialized loan servicing. For these portfolios, loan servicers must have the technical skills and systems needed to process and track large volumes of transactions and information. However, they also need to be able to handle extensive variation in payment terms and amortization schedules, and to calculate cash contingent payments. They need to track complex and varying compliance requirements – on the part of both the borrower and the lender’s funding sources. They need to understand the client’s goals and stakeholders – and what those goals mean for the servicer’s interaction with borrowers.

How TCAM can help

Recognizing this need among our clients and colleagues, TCAM – supported by the technological capabilities of MRI Software, our parent company – is now providing specialized loan servicing. Our highly customized loan servicing is able to support organizations whose portfolios include:

  • Multifamily property loans, including those funded by HOME, CDBG, NSP, trust funds, AHP and local housing programs
  • Commercial facility loans
  • Economic development loans
  • Single family property loans including down payment assistance, shared appreciation, and local programs
  • Ground leased or land trusted properties
  • Loans repaid from cash flow or sales proceeds, as well as those making monthly payments of principal and interest
  • Loans forgiven over time

Building on our extensive experience in loan oversight, reporting, compliance, and administration, as well as our well-earned reputation for providing flexible, responsive supports to affordable housing owners and capital providers, TCAM is ready to take on portfolios of any size. Our staff have worked with over 15 clients in markets across the country to carefully calculate soft- or non-traditional loan payments due, credit these payments correctly across principal, interest, and accrued balances, and even help lenders anticipate payoff events. We tailor a scope of work that responds to each client’s needs and in-house capabilities, but TCAM’s offering includes all major loan affordable housing loan administration needs, including:

  • Client and borrower online portals to easily check balances, view reports, make electronic payments, and more
  • Generate and send borrower invoices and statements
  • Provide a call center for borrower questions
  • Tailored investor reporting
  • Operate a client-specific lockbox
  • Bookkeeping of loan balances with careful administration of credits, accruals, and debits
  • Reconciliation and data validation of bank and borrower data
  • Delinquency management
  • Specialized processing and data management software systems able to accommodate non-traditional loan types
  • Online storage of key property and loan documents
  • Multiple payment processing options

The TCAM-MRI platform provides a comprehensive solution to loan servicing that is uniquely capable of helping organizations service and meet their goals for subordinate, cash flow, and deferred payment loans as well as loans with periodic required payments. Clients are better able to maximize collections on cash flow loans and/or other debt with deferral periods. In addition, the TCAM-MRI platform provides the data and document collection and management information systems and reporting capacity needed to track the many program features that fall outside traditional mortgage servicing needs. Learn more about loan servicing here.

How hospitals benefit from CMMS software

CMMS, or computerized maintenance management systems, are proven to increase productivity in the workplace. Traditional tracking methods, such as spreadsheets, come with many disadvantages and are generally inconvenient, especially for hospitals. This is because human errors can result in harm or negligence of patients who depend on specific care. CMMS software is computerized and automated, meaning there is little to no room for error. You will no longer need to dedicate hours to tracking and administrators will have more time to focus on other important tasks.

Some of the main advantages of CMMS software in hospitals include:

1. Easily Track Assets and Equipment

CMMS software for hospitals can help you track your assets and equipment with ease. Hospitals and clinics typically have a lot of equipment to keep track of including, but not limited to:

  • Medical imaging machines
  • Surgical devices
  • Infusion pumps
  • Medical lasers
  • Life support equipment

Additionally, with CMMS software, you will be able to identify the exact locations of company vehicles and schedule maintenance accordingly.

CMMS software will also store the history of your assets, meaning you will be able to see what work has been done on a specific machine in the past. The reliability, downtime, and labor hours spent on your machines will be accessible, which can help you quickly fix any bugs or assess the reliability of a particular machine at any given time. New employees will find this information useful when acclimating to your system.

Simply put, CMMS software will help you keep tabs on the location and work performed on every asset in your hospital. This will ensure that your operations don’t get interrupted and run more smoothly.

2. Increase Efficiency

CMMS software will store all of your documents in one place. This eliminates guess work and makes it simpler to find your documents, thus helping to increase efficiency in the hospital.

Since the software keeps tabs on your equipment and assets, you will be able to know when to carry out maintenance. You can schedule maintenance jobs in advance or whenever the need arises.

3. Schedule Preventive Maintenance

The scheduling of maintenance is one of the key functions of CMMS software. As noted before, the software can help determine when maintenance is necessary. In hospitals, preventive maintenance on assets is critical and can potentially help to save a patient’s life.

Regular preventative maintenance also has the potential to make patients more comfortable during the day-to-day. For example, doors and windows should be kept in perfect condition so that they don’t start to work improperly or making distracting noises when opened or shut. CMMS software will also help you keep the premises accessible and convenient for handicapped patients.

4. Respond to Patient Requests Promptly

With CMMS software, you will be able to receive and respond to requests from your patients. Those requests will be stored in the system, so you won’t have trouble recalling them when you need to solve problems. This will increase the overall comfort of your patients and add convenience for the hospital staff who fulfill the requests.

5. Help with Budgeting

CMMS software is not necessarily meant for accounting purposes; however you can easily track your business expenditure by looking at the records in the system. This can help you determine your budgets and even predict your financial future as a hospital. CMMS software is able to track and provide printable records of costs of labor, replacement parts, and other regular maintenance procedures, which can help you come up with or adjust the details in a budget.

6. Increase Productivity in the Hospital

Hospital CMMS software is configured to help you identify the tasks that are assigned to certain employees, including the expected deadlines in place. The software will also help you schedule regular maintenance, meaning there will be less downtime. Overtime costs will also be significantly reduced with CMMS because of the ability to track all elements of a task. Emergency repairs will be minimized thanks to the software’s ability to schedule recurring and preventative maintenance of your assets and equipment.

7. Reduce Manual Workload

Unstructured manual methods, like spreadsheets, will end up wasting a lot of your time and money. It is estimated that hospitals spend an average of 2 entire days every week entering data with these manual methods. This time should be spent on more productive and important work in the hospital.

CMMS software is automated and purposely doesn’t take a lot of time to work with. In addition, the software can offer insight into your assets and equipment. For example, you will be able to see how many hours you spent on downtime and that will allow you to make any necessary changes.

You should also note that these systems are computerized and will not have the trappings of possible human errors. With manual methods, administrators can easily make errors and this can have major consequences in hospitals. Ambulances and hospital equipment must be regularly maintained because any small errors may risk the lives of patients.

8. Track Employee Performance

CMMS for hospitals don’t just track your assets and equipment; they also follow the performance of your staff. At the end of the day, you will be able to determine which employees are excelling and which may need extra training. With this data, you will be able to increase employee efficiency throughout the hospital. It will show you how much time employees are spending on individual tasks and this metric can help you analyze their capacity. The performance of your drivers can also be tracked with CMMS, as accidents can cause you to lose a lot of money.

9. CMMS Software Pays for Itself

CMMS for hospitals has a high return on investment. On average, the software pays for itself within the first 15 months of use. That makes it a worthwhile investment for any medical institution.

With CMMS software, your hospital will run more efficiently and save you money. The software helps you schedule maintenance for your equipment and assets, so you never have to carry out emergency repairs. A CMMS system is a wise investment and will pay for itself in a short period of time.  CMMS software for hospitals will also help you analyze employee performance, primarily based on the time they spend on certain tasks. With this information, you can easily determine which members of staff need further training.

Improve the efficiency and overall productivity of your hospital by using CMMS software.