If you are switching from a pen-and-paper, mental-note-type inventory system to a modern inventory tracking system, you are likely expecting greatness and a weight to be lifted off your shoulders and those of your fellow providers. That is good. You should.
However, beyond that, you should also expect advanced technological abilities within your new hospital inventory system, so you are not only tracking inventory better, but also setting yourself up for inventory success for years to come.
Insysiv’s Track, Velocity, and Vector are great examples of modern inventory management systems for your hospital, helping improve visibility and streamline other tasks across your departments. So, here is what you should expect from a modern inventory visibility platform.
The Ability to Track the Dates of When Product Comes in and When it Expires
Providers have much on their plates, and relying on memory or sticky notes to determine when inventory products come in and when they are set to expire is not a strategy set up for success. Fortunately, with modern inventory tracking systems, hospitals can rely on the data the systems collect to provide accurate information.
With a modern hospital inventory tracking system, such as Track and Velocity, providers can access accurate data showing exactly when products were put on the shelves and their expiration dates, including a countdown as the expiration date approaches. In addition, with waste tracking, providers and leaders can see exactly how much the wasted inventory costs and what caused the product to expire, whether due to overstocking or unnecessary purchasing.
The Ability to Track Purchase Patterns and Which Departments Use What
If your hospital does not know which department is using what, or how to track purchases in general, there is no way to know when items are used up, whether products are needed, or whether the budget should shift to prioritize one department over another. With a modern inventory system, all of this can be avoided.
Software such as Track, with its RFID capabilities, can track each SKU, following its journey from being ordered, being put on the shelf in a certain department, and being utilized by that department. Additionally, it can track if it is moved throughout the hospital or used by other departments. This is beneficial as this data can then help find purchase patterns and determine whether or not inventory is necessary with those departments, and what those departments need exactly. With visibility into purchase patterns and departmental use, budgeting and spending can be improved.
Automation Power to Purchase Products When Necessary
Wouldn’t it be efficient if your hospital could automate the purchase process? Well, with a modern inventory system, it is very possible. This level of automation can take the task off of providers and give time back to what matters, such as patient care. When your inventory system has data on exactly what is needed, what will be used, and by which department, automated ordering can be implemented.
This can be done with systems like Track. Track has requisitioning and replenishment via bidirectional integration with materials management systems and seamlessly handles “bill-only” orders. Automation is a capability your hospital should expect from your new inventory system.
To See Your Average Cost, Spending, and Usage Patterns
Your hospital may have a budget it adheres to for inventory purchases, but is that budget based on actual usage data and departmental needs? Your hospital’s inventory budget should be more than just a number you have in the back of your mind. It should be a working number based on the necessary cost, spending, and average usage patterns in your departments.
Insysiv’s Vector is able to provide all this information and more. With Vector, you get access to average case costs and volume matrixes, supply spend per physician, direct supply costs, and cost and contribution margins. With these data pieces, your hospital can see the average cost month over month and year after year, and which department and provider is using which products. You gain data on every detail of your inventory, enabling smarter decisions.
To Accurately Forecast What is and Isn’t Needed Throughout The Year
Without a modern inventory-tracking system, visibility is low, which limits your ability to forecast what your hospital and departments need throughout the year. Forecasting can be extremely beneficial for getting ahead on ordering and budgeting, but it only helps when you have the correct data to base your decisions on.
A modern inventory system that can increase visibility and, in turn, enable forecasting is Insysiv’s Velocity. With Velocity, you can forecast your organization’s demand for these products so you can make commitments to vendors for savings. Velocity helps you get ahead on potential savings and deals across your vendor choices and inventory purchases. The ability to forecast can save you time and money throughout your hospital.
Overall, without a modern inventory system in your hospital, you are not running on accurate data because visibility is lacking. With programs such as Vector, Track, and Velocity, visibility becomes the priority, ensuring you can make decisions about vendors, purchasing, and budget based on accurate data at all times. If you wish to implement any of these programs in your hospital, contact the team at Insysiv.