Mastering Three Healthcare Inventory Management Techniques Can Help You Cut Down Costs | Quantzig

31 Mar

Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of its latest article that lists the top healthcare inventory management techniques to cut down cost.

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The advent of technology in healthcare is reshaping the entire healthcare ecosystem. The healthcare industry revolves around numerous tasks. While serving patients with utter care, healthcare companies often fail to keep track of their inventories. Healthcare inventories include perishable as well as non-perishable goods that need to be monitored. To ensure the smooth functioning of healthcare inventory management systems, companies need to invest in medical supply inventory management.

Worried about the rising cost of inventory management? Talk to our analytics experts for healthcare inventory management tips.

According to Quantzig’s supply chain analytics experts, “One of the most critical aspects of any healthcare inventory management system is the maximization of technological resources and analytics tools.”

Three Techniques to Improve Healthcare Inventory Management

Healthcare inventory management systems help monitor and track medical supplies. If medical supply inventory management systems fail it will not only impact organizational operations but will risk lives if medical supplies aren’t available when required. Here are the three most important tips to improve healthcare inventory management.

  1. Leveraging the data collected from supply chains can help your organization to save a fortune. This data can be used in determining cost-effective inventory management techniques. Especially by using value-based models, healthcare organizations can accurately link required supplies with patient outcomes.
  2. Frequently analyze the usage vs order frequency. It is important to know the ratio of usage and order to manage the healthcare inventory efficiently. The knowledge of usage and order ratio helps in periodic adjustment to ordering patterns.
  3. Create an environment of continuous performance monitoring which will aid in setting realistic goals. Start with measuring the cost of available inventory and later compare the cost of supplies. It will give you proper visibility on the process of medical supply inventory management.

The inventory management techniques used by healthcare companies have certain hidden costs that don’t include the cost of supplies. Contact us today to know more about tackling the hidden costs of healthcare inventory management using analytics.

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