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Inventory Management has and will always play a crucial role in the Hospitals and other Medical Organizations where patients’ lives are at stake.

The main role of Inventory Management is to let the staff of the Medical Organization know the detailed information on the medicines as well as medical equipment in stock. In general, if we say an Inventory Management System is that manages all your inventory items and their related records, for instance: stock quantity count, purchasing, tracking, storage location, shipping, return, warranty, etc. It is one of the best things to implement for a medical organization as it can help to manage the inventory effectively and efficiently.

Why Inventory Management is crucial for Hospitals?

By comparison with other general organizations, there are more chances to get into trouble when it comes to inventory management in hospitals and medical organizations. These days, we have come across many cases of inefficiency in treatment procedures due to the lack of medicines or medical equipment in stock which could have been easily avoided if an Effective Inventory Management System would have been implemented beforehand.

When hospitals lose stock information, they don’t have much time to find out the exact inventory of their stocks. This happens because there are so many staff working in the hospital and every time there is a change in the stock of any item. They usually don’t take note of it. If something goes wrong with the medical or surgical devices, it can be very harmful to patients. Hospitals are also known for storing medicines that are not used at all or are outdated.

What difficulties are faced by Hospital administration?

• Shortage of Pharmaceuticals
• Loss or Theft of Surgical Equipment
• Loss or Theft of Pharmaceuticals
• Overstock of Pharmaceuticals
• The tracking Expiry date of Pharmaceuticals
• Missing out on a surgical Equipments Maintenance schedule
• Sorting of Medicines & Equipment
• Generating Bills & Creating Sales Reports
• No way of predicting the need for medicines and equipment

How Inventory Management helps in overcoming these challenges?

• Asset Tagging: It allows you to Tag assets or equipment which is essential to track their usage. And this can also inform you about the condition of the surgical equipment for its maintenance. This feature of tracking your assets efficiently removes the fear of theft and stolen assets (Surgical Equipment, Medicines & Medical devices). Asset tracking technologies such as barcodes, QR codes, RFID, etc can be put to good use for this.
• Efficient Stock management: It informs you about the expiry date of medicines and when the stock will be exhausted or is overstocked. It also enables you to easily sort the current stock of medicines and equipment and if the stock reaches a certain level, it starts alerting the management team about the situation.
• Real-time tracking: This means the inventory is updated all the time and it ensures you will always have exact accurate inventory counts. This will also help in reducing the expense by avoiding unnecessary overstocking of medicines.
• Prediction Analytics: It gathers the information that transforms into analytics, which enables you to make better decisions based on your organization’s historical data to estimate demands more precisely well in advance.

Overall, the Inventory Management System though a little bit costly investment but is the necessities of medical facilities as doctors need the help of medicines, equipment as well along with staff to cure a patient.

The Inventory Management can be used by hospitals, dental clinics, pharmacies, and many more medical organizations. It can be a great tool, however, you need to get the right inventory management software. Well, we can help you get Perfect Inventory Management Software! You can visit the website of our company to find out more about this.

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