Hospital buildings, in view of the heavy cost incurred, need to be insured against any damage due to accidental fire, earthquake, flooding, lightening, collapse or damage by violent mobs.
Depending upon the value of policy, the premium may vary from a couple of lakhs to a couple of millions per year. However, the premium is worth its value and is a must for every hospital.
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Like buildings, the equipment installed in the hospital may cost up to 40 to 50% of the total capital cost of the hospital.
They have to be fully operational and fully utilized so as to recover the cost within its short life of 5 to 6 years. But due to accidental fire, earthquake, electrical short circuiting, theft or other hazards, there can always be a danger of losses.
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It is prudent that the hospital should have the equipment covered by insurance policy in addition to the annual maintenance contract.
Safety of Cash:
Of all the assets in the hospital, cash held with the cashier may be the most lucrative and tempting target for the criminal elements.
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Depending upon the hospital and the level of business activities, cash collected may go up to millions of rupees.
Although due to medical insurance policies, credit card/debit card system and requirement of pan card for cash payment of Rs 50,000 and above, a large number of payments are through cheque or online transfer of money.
Still the cashier collects a large amount of cash which needs to be safely managed by a documented system. Some of the safety aspects are outlined below:
1. Having a documented system of safe management of cash in the hospital.
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2. Employment of accounts manager and staff for handling the cash, after proper credentialing, verification of antecedents and checking of past references.
3. Having a strong treasury chest, floor mounted with a double lock system and well secured in a suitable place away from the public/staff movement.
4. Fixing the upper limit of cash to be kept in the cashier’s desk drawer. Surplus cash to be deposited in the treasury chest at a fixed timing before lunch and in the evening
5. A running account of the amount deposited/withdrawn and remaining balance to be maintained every time the chest is opened.
6. Treasury keys to be held by two separate officially designated officials and the treasury is to be opened/closed by both together.
7. All the cash collected during the day should be deposited in the bank account by evening before closure of the bank.
8. Transportation of cash to and from the bank can be very hazardous. Instances of cash snatching/robbery are not uncommon these days. It is essential therefore, that cash should be escorted by armed guards in closed vehicles.
9. Cashier window and treasury chest should be covered by the CCTV camera and the security guard should be present in the area round the clock.
10. Cashier’s desk should have the gadgets for automatic counting of currency as well as identification of fake currency.