Inventory Management as an Essential Component in all Healthcare Facilities

Updated: Mar 2

It is time for hospital facilities to realize the crucial role of inventory management in the healthcare industry. In fact, an incredible and effective inventory management system allows a hospital to monitor their day to day operations.


This article discusses the significance of inventory management in hospitals, nursing homes, and private clinics. It outlines the benefits and challenges to this systemized endeavor in assisting a healthcare facility in regulating its equipment.


Scroll down to know more.


What is Inventory Management?


Inventory management denotes the dynamic and well-managed system of adding raw materials and finished products to an inventory. An inventory is mainly a storehouse for hoarding essential equipment that caters to the needs of the present and the future.

The process of inventory management incurs the following steps:

  • Placing an order or the required equipment.

  • Safe and secure storage of the procured items.

  • Understanding the applications of the hoarded products and using them as per the everyday needs.

  • Maintaining a proper checklist of the procured items, products used, and unused procurable.


Why Opt for Inventory Management?


Inventory management assists a hospital or a medical store to update their records with the entry and exit of the pharmaceutical products.


Furthermore, an efficiently managed inventory caters to the everyday requirements of the hospital staff. It keeps them aware of the items which they have and the ones which need timely procurement.


Therefore, healthcare facilities are suggested to concentrate on this activity for their successful accomplishment. In fact, advanced digitization has made medical facilities to switch to online inventory management systems rather than manual ones.


This is because online systems engender time-saving and speedy inventory regulation for the hospital staff.


In addition to the above, other specific reasons you should consider while opting for inventory management are as follows:

  • Authentic invoice generation.

  • Scarcity of medications.

  • Loss of surgical appliances.

  • Overstocking of medical items.

  • Saving products from potential damage.

  • Advancing the longevity of medical products

  • Eliminating their exposure to the external environment.


Benefits of Inventory Management


Inventory Management incurs outstanding benefits for the entire healthcare unit. Some of its pertinent advantages constitute:


1. Methodical Asset Management

First and foremost. Inventory management caters to the optimal monitoring of available stocks. It lets the stock inventory manager acknowledge the available medications and the ones which need re-ordering.


Furthermore, this efficient assessment of pharmaceuticals also aids in locating the manufacturing and expiry dates of the available stocks. In this way, it keeps the manager well-informed about the medicines which can be put to use and those which require discarding.


2. Real-Time Tracking

Next, inventory management online software helps in the real-time tracking of pharmaceutical items. It enables the manager to observe the real-time medicine count each moment he/she examines the inventory.


3. Accurate Procurement

An efficient inventory aids in the effective evaluation of the accurate items available in the healthcare warehouse. It helps to curb product shortages and never lets you go out of stock.


4. Saves Time and Money

A decent inventory saves both time and money for a hospital. It does so with the means of technologically advanced inventory management devices.

Featured with a unique barcode, inventory scanners other management software identify each product in the stock and record their presence. This eases down the task of the inventory manager while maintaining the records.


5. Paves the Way for Customer Satisfaction

Last but not least, remarkable inventory management enhances customer satisfaction. Especially applicable to private pharmaceutical shops, a good inventory makes it easy for the chemist to hand you the suitable medication in less time.

This makes your customers contented and keep coming back to you whenever needed.


Restraints to Inventory Management


Despite numerous benefits, here is an outline of the potential challenges which inventory management anticipates encountering:

  • Inefficient processing due to a dearth of trained managerial staff.

  • Limited visibility due to increased pharmaceutical stock.

  • Peaking up competition among different healthcare facilities.

  • Lack of space in small hospitals and private clinics.

  • Varied Customer Demands.

Inventory Management and Global Crisis


The contemporary scenario traces a pertinent link between inventory management and global crisis. This is mainly due to the ongoing COVID-19 medical emergency and the worldwide financial crisis on the card.


Amid such an alarming and contesting situation, each hospital facility must work on its inventory management skills. Additionally, they should ensure the availability of pharmaceutical products for all patients in distress.


Some of the major steps which hospitals need to take amid this challenging pandemic storm are:

  • Forecasting the demand from their available inventory models and patterns.

  • Performing advanced calculations and conducting a careful observation of the shelf stock.

  • Identifying overstock items and opt for redeployment strategies.

  • Having a list of alternatives for the non-available stock.

  • Understanding the dynamic demand changes and updating their inventory management services in accordance with those transformations.


Altogether, every healthcare facility should have a well-equipped inventory management system. It accelerates their chances of successful operation and renders them the leading medical units in the country.


ZEPNURhealth is here at your service to realize your dream of running a successful hospital. Our company facilitates easy and comfortable procurement of medical and healthcare equipment across India.


Talk to our procurement and planning experts! Call now on 1800-102-8348.


Sources




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