Optimizing inventory management in hospitals. ML-based inventory consumption prediction models.
Use our RTLS software infrastructure as the backbone for implementing best practices in hospital inventory management & inventory tracking based on location. This apart from patient waiting times tracking, asset management, facilities management, and staff tracking.
Hospital Inventory management
The cost incurred for running stores and expenditures forms 35 to 40 percent in a hospital inventory management scenario. In small and medium-sized hospitals this expenditure is on the higher side because of the absence of other costs and this forms the major share of costs apart from employee salaries. As we always emphasized cost containment, the obvious area to which attention should be drawn is hospital store inventory management. An effective and efficient approach to material management reduces material costs and expenditures. Three areas where the transaction of materials can be monitored and are process-oriented are
– Purchase – Storage – Supply/allocation
Stores and warehouse inventory can be of different types and are supplied by specific vendors. On the one hand the supplying vendors may be limited in number. On the other hand vendor selection based on various criteria is also important. Some organizations do the purchase of materials through different departments whereas others do it under the umbrella of a single store and the whole process is made centralized. Depending on the policy of the hospitals the processes are carried out; however centralized processing of inventory is effective and easy to monitor.
Process of hospital inventory tracking & optimization
Often it is noticed that in small hospitals there is no defined process of material procurement. As and when required, the material is ordered and stored. When stored, there is no proper record maintenance or surveillance method to monitor the dispensing of the material. Let’s take a look at how the process can be managed simply and how the effective use of hospital inventory tracking fits and gives benefits to the user
Hospital pharmacy inventory management best practices
Periodic budget planning for materials and forecast of demand (Based on prior information on the usage of material, Use of Data analytic tools are very helpful in this process, regular use of hospital MIS and insight of data of the hospital materials usage helps in taking a calculated decision). Hospital inventory management best practices involved the need to collect data on inventory counts using staff members and find ways to improve patient care through optimized healthcare supply chain partners using a cloud-based solution.
Procurement is the process where the right vendor selection and proper negotiation can save the hospital a good amount of money. Sometimes vendors may look costly, but usage of their material, if they are quality tested, can save the hospital a lot of money in the long run. Negotiation is another aspect where judging the pulse of the vendor and vendor analysis and comparison can build a long-term relationship with the vendor with an emphasis on quality materials.
Receipt, an inspection of the material, and payment When materials from the vendor reach the hospital, they should be properly inspected, high-value items and equipment should be checked by skilled and experienced professionals and they should be made the process owners for this and be responsible for the same. The documentation of this process is very much necessary for future tracking surveillance and action when required. Any material found to be defective has to be replaced soon and proper documentation helps in the same. The payment for the materials procured is done after proper checking documentation and approval and the points of contact for this should act diligently to avoid losses or unnecessary expenditure. When there is a scope of payment in installment or promotional offers are given, situational analysis and cost-benefit analysis should be put into practice using healthcare inventory management software
What are inventory management software systems?
Storage Proper storage of materials as specified by the vendor and the user requirements are equally important. While storing the hospital should make proper systems and policies in place so that secured storage, easy retrieval of material, and dispensing are ensured. This saves time and restricts a messed-up dispensing counter. Proper labeling of materials and separate storage of hazardous materials help in the quality aspects and safety aspects of users and patients using RTLS in hospitals for inventory tracking.
Hospital inventory tracking using inventory tags.
With the help of inventory tags, hospitals can now automate the process of stock take in an automated manner, hence the accuracy will improve and the manual labor efforts will become negligible. The storage racks can be light-picking enabled to improve the efficiency in locating medicines. Temperature, humidity, and other environmental parameters can be tracked using the inventory management system.
Control over the inventory For hospitals, the decision-maker should always have an eye on the inventory tracking, and cost of inventory and put control into practice so that money is always mobilized for more important materials and revenue-generating materials used more frequently in the processes. Some of the systems for inventory control are periodic or cyclic systems, Two-bin systems, lead-time concepts, minimum-safety-buffer stock concepts, economic order quantity, ABC analysis, turnover inventory, physical inventory, etc. Every hospital is different, so any single method may not be ideal for a particular situation. Hence as and when required the concepts may be applied for a better outcome. Along with the above processes, there should be proper issue and distribution practices, usage policy, disposal, and condemnation methodology.
Lower hospital inventory management costs, optimize medical supplies in your hospital, and help medical staff make decisions based on hospital inventory prediction in real time. Management of medical stock level with inventory tracking serial numbers. Track healthcare inventory to optimize supply chain management, and accurate expiry date action plan in real time.
Pilferage is considered a major hindrance in material cost containment. Often kickbacks or other kinds of cash involvement to purchase personnel can make a hole in the vessel. These fraudulent incidents can be avoided by regular internal audits. Often it is cited as a “lack of time” result, but appointing an external agency at an affordable cost can save the hospital ten times the cost of the auditor. Regular supplier performance reviews, supply price comparisons, and management audits can help the hospitals better manage the materials.
Predictive analytics – We apply business analytics techniques to forecast the consumption of various supplies in your hospital to optimize inventory costs. The deep learning Hospital MIS tools are configured to analyze vast data of 4 to 6-year consumption and bring high levels of accuracy to derive accurate purchase order preparation.
Call us to know more about hospital inventory management tracking software, implementing best practices with inventory optimization and prediction of consumption.
