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5 Healthcare Inventory Management Techniques to Cut Down Cost

Apr 21, 2018

The development of new technology in healthcare is growing at a rapid rate. The healthcare industry revolves around thousands of daily tasks. Numerous patients get admitted every hour who require constant supervision. In the effort to provide superior service and, healthcare companies often ignore keeping track of their inventories. Healthcare companies possess inventories that comprise of perishable goods as well as medical instruments which need to be stocked correctly. The same is the case of miscellaneous hospital equipment which tends to go missing if unsupervised. Often, hospitals lack the capability to accurately estimate the quantity of hospital equipment required at a specific time. Meanwhile, having an excess of rental equipment like stretchers and X-ray machines take up space and add to costs. To streamline inventory management techniques and automate supply and medication distribution, hospital executives need to implement best practices such as investing in a hospital supply management system and streamlining inventory management tasks. One of the most critical aspects of any hospital inventory management system is the maximization of technological resources.

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Here are five tips for healthcare companies to improve inventory management techniques and reduce their overall costs:

Collect data from the Supply Chain

Using supply chain data can save healthcare companies billions of dollars. The data can be used to determine if the inventory management techniques used are as cost-effective as they could be. According to a recent survey, supply data has been siloed in the past. However, more healthcare companies are looking to build IT systems that use value-based reimbursement models. Using these value-based models, organizations can more accurately link supplies needed and patient outcomes.

Make Responsibilities Clear

Employees involved in inventory management must have a strong understanding of his or her role in the function. Be it cleaning the rooms, ordering the supplies, or checking the purchase orders for accuracy; it is essential that the staff in healthcare companies understand what their role is and how it contributes to the success of inventory management techniques.

Quantzig’s advanced supply chain analytics solutions not just help you to optimize inventories but empower you with real-time insights to make appropriate decisions and gain better control over the inventory. Request for more information to know more about the business benefits of supply chain analytics.

Better Organize Supply Room

A hospital supply area that is not well maintained can pose a serious hindrance to healthcare inventory management. Disorganization is a bad situation for any supply room of healthcare companies leading to problems ranging from lost revenue caused due to misplaced supplies to not having an ability to tell how much of a particular item is available. It is advisable to organize the supplies in a linear fashion, which makes the frequently used tools easy to find. In order to reduce the number of wasted materials, try placing products that will expire the soonest towards the front when organizing the supplies.

Adopt a Lean Strategy

The inventory management techniques used by healthcare companies have costs outside of the supplies purchasing. There are several factors to be considered in the price. For instance, movement and management costs expired products, excess supplies, and purchase price variance. A better understanding of the expenses can, in turn, save healthcare companies more money. Implementing a lean supply chain will ensure that healthcare companies have the right number of supplies at the right place when and where they are required.

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