How to Manage Medical Inventories through an Inventory Management System

There is a large sum of assets and medical supply of which the healthcare industry has to keep a track of. Check-ups that are regular to surgeries and the supplies used in it, there is a long-list to it and it would lead to an employee investment of time, plus this technique is also open to human error. An organization always wants to keep good track and manage their supplies in a very effective way.  

To keep a good track the company can use Asset Management Software for accurate monitoring with no downtime. When this organization has this software installed, it is easy for the employees to focus on more important tasks.  Managing the assets is not easy when the organization has multiple assets to take care of. And on the other hand, there are some organizations which need to manage their assets as they are very valuable and are supplied in large quantities and their time-to-time reporting is very important. In this blog, we will learn how to manage Medical Inventories through Inventory Management Software, let us dive right in.

Better Medical Inventory Management with Inventory Management Software

In the healthcare industry, there is a lot of costly equipment used, for them, it is one of the inventories, which is fixed with them. The other stock of inventory that the healthcare industry has is medicines, they usually have that medication in bulk, which makes it very hard for them to keep a track of their expiry date, for which they can take the help of an Inventory Management Software which will enable the staff to monitor inventory from the time it was purchased for patients to consume, till the time they were sold out to those patients. It even helps to send out alerts when an item is about to get expired.  

According to Cision, the Healthcare Asset Management market will reach up to USD 34270 Million by 2028.  

These days hospitals deal with all sorts of suits on their employee, because of mismanagement and ignorance. This situation can be easily dealt with the help of Inventory Management Software which alerts the management whenever any asset is on the brink of getting expired.  

Inventory Management System

With Inventory Management in place, it has become very easy for organizations to keep track of all their assets & inventories so that they can now focus on things which are more core. Inventory Management tells if there are enough stocks available and that there is no shortage of inventory at any given point.

Inventory Management for Healthcare Industry

With the increasing life expectancy and everyone’s capability of taking the benefit from healthcare, the number of patients is always increasing and the record is set. With this comes a lot of data for a hospital to store and act on., be it medication, be it their allotment or the assets in the room or the staff that is dealing with the patient. All this requires a lot of bookkeeping. With this comes the role of Inventory Management which is capable of keeping a track of all the above-said things.  

According to Statista, India’s Healthcare sector is estimated to reach on 372 billion dollars by 2022.  

With the increasing number of patients, the cost is also increasing which is then coupled with having more Inventory in hand and which then leads to a lack of processing if things are not managed well.  

To improve the overall efficiency, it is a must for the healthcare industry to have Inventory Management Software which keeps everything on track.  

Advantages of using inventory management in the medical industry

Management of Medical Inventory

Saving time

‍You might not have seen some staff member sitting ideally in any hospital. They have a lot to do, in times like this automation of reports and management of Asset/Inventory is what they will prefer above anything else. It will save their time, and bring efficiency and accuracy to work which is ultimately beneficial for the organization.

Have Assets in hand as and when needed

‍It is not an easy task to manage all the assets and to have them as and when required. In the healthcare industry, it requires a lot of management work to do so. Making the Inventory available is Inventory Management System’s job.

Enhanced Reliability

‍Assets are meant to be available for the user all the time. Not forgetting basic real tear of asset, for that too we have regular maintenance in place. Keeping a track of this maintenance schedule and making the asset/inventory available is made easy with the help of Inventory Management Software.  

Accurate Information

Reports and data stored in the system of Inventory Management Software are always up to date and change on a real-time basis. Which makes it easy for the staff member to rely on the data and take decisions and assign inventory accordingly.

Cutting the expense

With the help of the Inventory Management System, the healthcare industry will be cutting its expenses for stolen/misplaced goods. Already they have invested enough in costly assets, it is time for them to save now.  

Conclusion

Healthcare Industry was initially not into Inventory Management but later they realized its importance and now they are tilted towards unlocking more doors. Their trust in this fully automated software is very encouraging. This is the perfect time for any organization in the Healthcare Industry to install an Inventory Management System in their environment and have a taste of this Software.  

Frequently Asked Questions

1. Can the Inventory Management System stop the misuse of Inventory?

Yes, Inventory Management System is capable of stopping the misuse of Inventory.

2. Is it possible to combine Tagging and Inventory Management systems?

Yes, tracking is made easy by tagging the Inventory in Inventory Management Software.

3. Give a few examples of Medical Inventory?

Drug samples, syringes, test tubes, ventilator, ECG etc.