Comparing Supply Tracking Technologies
Hospitals and health systems in the US are typically generating annual revenues in the hundreds of millions to billions of dollars. Their profit margins are razor thin and getting squeezed tighter each day. Yet hospitals, and specifically their procedural areas like the ORs, Cath Labs and Interventional Radiology, are sitting on tens of millions of dollars of inventory that are being managed by a lot of manual processes.
Billion dollar companies in other industries have typically spent millions of dollars and countless hours over the past several decades upgrading their supply chains using the latest available technologies to ensure that they have exactly what they need when they need it, while minimizing any excess inventory. These just-in-time inventory systems boost profits and reduce waste by ensuring inventory processes are kept running at optimal levels of efficiency. In fact, much of Amazon’s recent domination of the retail space can be attributed to significant investments made to optimize its supply chain operations.
The effect of poor inventory management practices is even more extreme in healthcare compared to other industries, with undocumented medical devices directly impacting top-line revenues.
Read more of the whitepaper about the pros and cons of implementing 4 common point of use systems to help you evaluate various options as you look to upgrade your hospital’s supply chain.