Supplier owned inventory (consignment) policy. 3364-40-06

Policy Class: Finance
Policy Action: Reaffirmation of existing policy
Purpose of Policy: To ensure UTMC maximizes its financial position as effectively as possible, the hospital will consider consignment options when acquiring medical supplies.  This policy sets forth the terms and conditions under which a supplier will provide consignment inventory of certain products in the quantities mutually agreed upon for the purpose of minimizing UTMC's investment in inventory, and to ensure that products are readily available when required to meet patient needs.  UTMC will not accept liability for products or equipment unless specifically stated and agreed upon.
This policy supersedes: n/a, Keywords: supplier-owned inventory, consignment agreement, consignment inventory, UTMC
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Abstract/Description: Policy Class: Finance

Policy Action: Reaffirmation of existing policy

Purpose of Policy: To ensure UTMC maximizes its financial position as effectively as possible, the hospital will consider consignment options when acquiring medical supplies. This policy sets forth the terms and conditions under which a supplier will provide consignment inventory of certain products in the quantities mutually agreed upon for the purpose of minimizing UTMC's investment in inventory, and to ensure that products are readily available when required to meet patient needs. UTMC will not accept liability for products or equipment unless specifically stated and agreed upon.

This policy supersedes: n/a
Subject(s): Administration
Finance
Faculty
Staff