This document describes an Internet of Things (IoT) based asset tracking system. It discusses the need for asset tracking in hospitals to improve safety and security. The proposed system uses Radio Frequency Identification (RFID) tags attached to assets to track their location in real-time using a GPS module. An Arduino microcontroller, ESP8266 WiFi module, encoder, decoder and rectifier are used to build the tracking device. A simulation of the system showed it could accurately display the coordinates of tagged assets. The system aims to develop a web and mobile application for easy monitoring of hospital equipment to improve operational efficiency.