Is your healthcare organization struggling with inventory management? Look no further! Implementation of hospital inventory management software can track supplies, streamline operations, and control costs. Partner with Montar HealthTech for easy deployment and enjoy the benefits of custom software development, consultation, app development, implementation, and ongoing support. Simplify your inventory management with Montar HealthTech today!
Introduction
A recent survey shed light on a startling reality: 83% of hospitals are still bogged down by manual inventory methods, and only 15% have stepped up to automated RFID systems. This leads to significant challenges: 69% report delays in procedures due to missing items, 64% face issues with wastage, and even more concerning, 27% have used expired products on patients, with 23% witnessing patient harm due to shortages.
Against this backdrop, hospital inventory management software is a pivotal tool. It not only promises to balance inventory levels but also enhances operational efficiency. This blog will explore how such software can revolutionize inventory management, melding cost-effectiveness with improved patient care.
What Is Hospital Inventory Software?
Inventory management in hospitals involves overseeing medical supplies and equipment. It includes tracking their use, predicting future needs, and ensuring proper storage. Inventory management systems help hospitals by maintaining updated lists, assigning staff for oversight, and managing recalls and expiry dates. This avoids redundancies, optimizes resources, and ultimately saves money. With well-handled inventory, hospitals can improve patient care while being cost-effective.
Periodic inventory management relies on manual data entry and updating employee performance records. It involves counting inventory at set intervals, typically weekly or similar periods. While suitable for smaller healthcare setups, it becomes challenging for larger organiations. This method requires manual updates of supply and equipment records, leading to potential errors.
Larger healthcare facilities benefit more from advanced automated systems that prioritise accuracy. Manual entry demands extra labour and detracts from essential tasks. Therefore, periodic inventory management suits smaller facilities better, especially for tracking smaller item inventories.
Perpetual Inventory
Perpetual inventory stands apart from periodic systems by automating inventory updates and eradicating manual efforts. Using radiofrequency identification (RFID) tech and advanced software, it efficiently tracks medical products and assets in healthcare facilities. Though its development can be challenging, its immense benefits make it a valuable investment for healthcare setups.
This system effortlessly monitors purchases, deliveries, and changes in inventory, keeping records current. Automation reduces staff burden, allowing a focus on patient care. It can optimise inventory by managing notifications, alerts, and demand forecasts, enhancing efficiency and patient care.
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Benefits of Medical Inventory Management System
Inventory management software is a game-changer for hospitals, offering numerous advantages by optimising inventory processes. Here’s a rundown of key benefits:
Efficient Resource Allocation: Hospitals juggle various medical supplies and equipment. This software fine-tunes resource distribution, ensuring vital items stay stocked while curbing excess or expired inventory.
Cost Savings: Preventing overstocking and stockouts saves hospitals money. Stockouts force emergency purchases at higher prices while overstocking ties up funds that could be utilised elsewhere.
Reduced Wastage: Avoiding expired or unused supplies and drugs is crucial. The software flags approaching expiration dates, aiding hospitals in using items before they become unusable.
Accurate Demand Forecasting: Advanced software analyses historical usage and current demand, accurately predicting future needs. This allows hospitals to order supplies based on real-time demand, averting shortages or excess inventory.
Time Efficiency: Manual inventory tracking is time-consuming and error-prone. Automation speeds up the process, allowing staff to focus on patient care rather than manual record-keeping.
Enhanced Patient Safety: Tracking lot numbers and expiration dates ensures that only safe products are used on patients, enhancing safety standards.
Regulatory Compliance: Strict regulations govern medical supply storage and usage. Inventory software aids compliance by ensuring proper tracking, storage, and usage of items.
Sustainability: Efficient inventory management minimises waste, aligning with a hospital's sustainability goals by reducing environmental impact.
Thus, implementing healthcare inventory management software equips hospitals with a robust system to efficiently manage resources, reduce waste, ensure compliance, and prioritise patient care.
Must-Have Features of Healthcare Inventory Management Solution
Hospitals leverage inventory management software to monitor and manage their inventory levels effectively. Here's the list of its must-have features:
Centralised Database: The software offers a centralised repository to store comprehensive inventory details—item descriptions, quantities, suppliers, expiration dates, and precise locations within the hospital.
Real-Time Tracking and Automation: Hospitals can monitor inventory levels in real-time. The system automatically updates counts as items are received, used, or expire, ensuring accuracy.
Automated Reordering: Setting up automated reorder points triggers purchase orders when inventory dips below a specific threshold. This prevents shortages and maintains a steady supply of critical items.
Barcode and RFID Integration: Barcode or RFID technology accurately tracks inventory items. Scanning codes during receiving, usage, or restocking updates the software promptly.
Forecasting and Demand Planning: Advanced features analyse historical data to predict future consumption patterns, aiding hospitals in stocking inventory accordingly.
Expiration Tracking: Managing limited shelf-life supplies and medications becomes seamless. Hospitals prioritise items with impending expiration dates, minimising waste by utilising them before expiry.
Supplier Management: This feature tracks supplier performance, negotiates contracts, and compares prices to ensure optimal purchasing decisions.
Cost Optimization: Improved visibility into inventory levels and usage patterns helps identify cost-saving opportunities. Hospitals reduce overstocking, lower carrying costs, and negotiate volume discounts with suppliers.
Analytics and Reporting: Generating reports and analytics evaluates inventory performance and usage trends, enabling informed inventory management strategies.
Integration with Other Systems: Seamless integration with EHR and billing systems ensures accurate patient charging for medical supplies used during treatments.
User Permissions and Access Management: Customizable permissions control access to specific inventory sections, safeguarding data integrity and security based on roles and responsibilities.
A medical inventory management system is optimal for hospitals' diverse requirements. It enhances efficiency, minimises waste, optimises costs, and ensures seamless operations for healthcare facilities.
Conclusion
Off-the-shelf hospital inventory management software is available, but tailored solutions fit best for each healthcare facility.
Customised software suits hospitals with specific needs, planning expansion, or never used inventory software before. Montar Healthcare revolutionises hospital inventory management by offering software developmentwith the following key features:
Tailored Solutions: Addresses unique inventory challenges in healthcare settings.
Data-Driven Insights: Real-time analytics for better inventory control through informed decisions.
Seamless Integration: Smooth integration with existing systems to minimise disruption.
Security: Prioritizes robust data security while handling sensitive patient information.
Scalability: Suits small clinics or large hospitals, scaling to meet diverse needs.
Key Takeaways
Healthcare facilities encounter a challenging task in efficiently managing their inventory due to too many or insufficient supplies.
Fortunately, hospital inventory management software can control costs and streamline operations by effectively tracking supplies.
Partner with Montar HealthTech for easy deployment and enjoy the benefits of custom software development, consultation, app development, implementation, and ongoing support.
