Importance of Inventory Management in the Healthcare Industry

Inventory Management plays a vital role in the Healthcare Industry, especially when people's lives are at stake. The Inventory Management Software provides detailed information on medicine batches & stock and is also very useful in maintaining doctors' equipment.

Overall, it manages your inventory, purchases, sales orders, payments, etc., protecting your company from potential damage. Inventory management is important for every business type, whether a medical company or any medical store.

Why Inventory Management is Crucial for Hospitals?

Infizo Stock Software for the Healthcare Industry

With the help of Infizo Stock software, any hospital or medical store can maintain precise and updated stock records, especially for pharmaceuticals and surgical equipment. It is one of the most significant tasks for any hospital organization.

As pharmaceuticals and surgical equipment are the most utilized items in a hospital, each hospital should consistently maintain a good stock of medicine.

Not just that, it should also have vaccines and degradable products used during operations or surgeries, such as masks, syringes, gloves, etc.

We know that medicines are costly and small surgery equipment is also expensive. So, it is really important for the healthcare department to keep track of these items. The big investment is a huge and enough reason to keep track.

What difficulties are faced by Hospital administration?

- Shortage of Pharmaceuticals

- Loss or Theft of Surgical Equipment

- Loss or Theft of Pharmaceuticals

- Overstock of Pharmaceuticals

- Tracking Expiry date of Pharmaceuticals

- Sorting Medicines

- Generating Bills

- Creating Sales Reports

- Saving Medical devices from getting stolen

Most of these problems can be resolved with asset tracking technologies such as barcode, QR Code, RFID, etc. These technologies provide real-time location and track inventory, helping minimize inventory theft and misplacement.

When you have huge warehouses, it allows you to find the required inventory without wasting any time.

According to Statista, “This statistic shows the distribution of the global radio-frequency identification (RFID) healthcare market in 2016 and a forecast for 2021, sorted by application area. It is estimated that by 2021 around one-third of the market will be generated in the area of inventory management.”

Other Asset Management Features Infizo Stock Provides to Our Clients

- Asset Management Software

- Asset Tracking Software

- CMMS Software

- Inventory Management Software

- Preventive Maintenance Software

- Utility Management Software

- Purchase Requisition Software

- Helpdesk Ticketing System

- Purchase Order System

How Inventory Management helps in overcoming the challenges?

It informs which pharmaceuticals are low in stock, how much is available in stock. It keeps track of all the medicines, also assisting you in managing them and alerts you when the expiry of medicine is approaching.

When it keeps tracking your assets efficiently, there is no fear of theft and stolen assets (Surgical Equipment, Medicines & Medical devices). It also informs you about the condition of the surgical equipment for its maintenance.

Hospitals have implantable medical devices such as surgical clips, which are costly but small in size. This means they can be easily stolen. But these medical devices have a serial number through which you can track their movement with the inventory management system until they are utilized for the patient.

We know that in a hospital, there are several assets that are precious. If any assets get stolen, no wonder they can lead to unfortunate consequences.

Also, it can make a bad reputation for the hospital. This is why inventory management software is very important.

Overall, the Infizo Stock System is the ideal solution for all Hospital requirements and necessities of clinics and hospitals.

These days, various Inventory Management Software can be availed from the market & some companies also offer their service. It can run on different platforms.

The software is compatible with Apple iPhones and Android Smartphones and tablets. Inventory Management Software is a necessity for a hospital to run efficiently and effectively.

What are the advantages of an Inventory Management System?

1. Asset Tagging for Check-in check-out process

To expand the efficiency of the Inventory Management System, you should use asset tagging. As a professional practice, do not use the serial numbers as they may have been used before hence it can be a duplicate serial number and can lead to error. Tagging equipment is essential to track usage.

2. Efficient Stock management

As we have mentioned earlier, you can well manage all your pharmaceuticals with the software. It also informs you about the expiry date of medicines and when stock will be exhausted or is overstock.

Overall, the software also enables you to easily track the current stock of medicines.

3. Use analytics to make effective decisions

The inventory management systems gather information that transforms into analytics, enabling you to use inventory efficiently. You can make better decisions to estimate demands more precisely.

4. Real-time tracking

The software provides you real-time tracking, meaning the inventory is updated all the time. You will always have exact accurate inventory counts.

You can also track inventory orders and automatically reorder when stock is low. If the product doesn't reach its destination, you will receive a notification for it.

How Does Infizo Stock's Inventory Management Software Help?

You get a complete view of your inventory stock available at different locations.

View all inventory transactions on a single page.

Get alerts & notifications when inventory goes below the defined level.

You can set reorder limits for each particular inventory.

Add, move & change inventory from one location to another.

Create requests for new purchase order items.

Upload files and images for references.

EndNote

We know that a doctor in a hospital has many objectives, but the end goal of the doctor is saving a life. However, a doctor needs the help of medicines, equipment, and staff to cure a patient. But most importantly, hospitals and doctors need an inventory management system.

So that they can provide medicines from inventory to a patient and the doctor can perform surgery with clean, rust-free equipment.

The inventory management system also assists hospital staff. It increases accuracy and saves time as well as money. When a hospital manages inventory successfully, it enhances profit margins.