Inventory is one of the largest expenses for any medical operation. And having the right inventory can mean the difference between life and death. When people’s lives are at stake and medical costs are rising, inventory tracking can have dramatic effects. Inventory is playing an increasingly important role in financial viability of procedurally based medical practitioners, clinics, and hospitals. This occurs because hospitals and these healthcare entities maintain, dispense, and use durable medical equipment DME Billing more abundantly than ever before.
Following are the advantages of inventory management in hospitals:
Surgical instruments represent a large investment for most healthcare organizations. We are familiar with the small, stainless steel surgical instruments found in dentists’ offices, but some surgical instruments, especially those used in hospitals, are very high in cost. Since these instruments can’t be replaced easily because of their cost or availability, it makes sense for the healthcare to effectively manage this inventory. Effective inventory prevents loss and theft.
Many healthcare organizations manage implantable devices such as aneurysm clips and cerebral spinal fluid shunts. All these implantable devices follow strict manufacturing guidelines. They also have a particular serial number. This serial number tracks the device’s movements starting at the manufacturing plant to final implantation in a patient. An effective inventory control system allows a healthcare organization to determine exactly which device was used on a specific patient for a specific operation. The healthcare organization, the manufacturer and the medical device distributor use the information to trace the medical device’s history and Document Management movement.
Many healthcare organizations have group-buying contracts with distributors and manufacturers of healthcare related products. Because of these group contracts the healthcare organization purchases goods at reduced prices. Making the most of these contracts relies on an effective inventory control system. A good inventory control system reduces the risk of stock-outs and keeps the organization in compliance with the group-buying contract.
Inventory Control software is a system for tracking inventory levels, orders, sales and deliveries. It can also be used in manufacturing industry to create a work order, bill of materials and other production related documents.
Benefits of using Inventory Control software for inventory control in hospitals:
The amount of time that can be saved is by far the biggest benefits of inventory management software. An inventory list is updated electronically each time the sale is made. The only thing manager has to do each day is to take a print of report highlighting stock to be restocked.
An additional benefit of using inventory management system is the accuracy it ensures. When an inventory list is maintained by hand, the margin of error widens with each update. If one mathematical error occurs, disaster may happen.
By using inventory management software, one can ensure that all the documents, presentations and reports relating to inventory are uniform in their presentations regardless of who has created it.
Inventory management plays a crucial role in each industry including hospitals. It has now become a very easy task to manage hospital inventory with the help of amazing software which was before a cumbersome task for nurses and hospital staff. It has been doing wonders by saving time, money and increasing accuracy.