Inventory Management

Price Of Poor Inventory Management

01.

Operational Costs

Think of how many employees you would engage 24/7 to keep an eye on your inventory and optimizing it in real-time to make sure that everything is at optimal levels

Then think how many more you would need to find out what these optimal levels are for each drug, consumable

02.

Lack of Coordination and Integration

  • Are you holding too much inventory
  • Are you holding too less
  • What is the cost of over stock/under stock
  • Can this be explained?
03.

Procurement Costs

Think of how many employees you would engage 24/7 to keep an eye on the supply side of the world making decisions in real-time based on 100’s parameters

Then imagine how many more you would need to place orders, manage the logistics.

04.

Analysis Costs

  • What-if analysis in Realtime
  • Are you always up to date on trends – occurring, predictive.
  • Is the analysis linked not only to patient intake but also to symptoms, care provider, treatment

Known Facts Of Managing Inventory

01.

Quality of Service

Inventory must be sufficient to provide high-quality patient care.

Availability of healthcare supplies when required improves patient care and outcomes.

Safe-guard to hazards in demand and supply that might cause stock-out which in turn affects treatment outcome.

Inventory delays can cause critical failures. There are legal and other administrative costs of Managing such failures.

02.

Economy

Take advantage of economies of scale, & reduce:

  • Ordering costs
  • Stock-out costs
  • Acquisition costs
  • Financing Costs
03.

Process Optimization

Contribute to the efficient and effective operation of patient care.

  • Reduces the number of costly alternatives and/or rescheduling
  • Smoothing and stabilizing resource utilization
  • Inventory: When you need it, where you need it