How to Create a Consignment Strategy
Consignment items have been a frequent subject of conversations we have with inventory managers in procedural areas of hospitals. Many hospitals that we’ve visited have a mix of consigned and owned products in their inventory. However, when you dig deeper you’ll find that many supplies were added to inventory as consigned or owned for inconsistent reasons. And digging even deeper, you find that oftentimes a decision to own or consign an item was made years ago and the decision hasn’t been re-visited in years. Other than departments that chose to consign everything or own everything, we have rarely come across a hospital that has a specific consignment strategy that is documented and followed consistently.
Read more on this subject in our whitepaper, which includes an in-depth explanation of how to conduct your own consignment data analysis and how to set a strategy for reviewing your owned vs. consigned mix.