Medical Equipment Inventory – A Key Part of Supply Chain Optimization
When maintained correctly, medical equipment inventory becomes an important part of improving equipment management in a healthcare organization, which in turn plays a key role in enhancing the company’s bottom line.
With better equipment management comes improved access to, quality of, and use of medical devices; as well as constructive insight into the company’s financial position, giving management a foundation on which to make better business decisions.
Insights Gained from Inventory Management
To provide an optimal operational advantage, equipment inventory must include an accurate, up-to-date record of all assets held by the organization, one that includes the current status of every piece of equipment. Why is this important? For a medical company, their equipment inventory provides the basis for decisions on business operations.
Some of the key management insights gained from equipment inventory include:
- A technical assessment of devices, which provides details of the type and quantity of equipment and its current operating status. This ascertains whether there is sufficient functioning equipment on hand for current and upcoming demand;
- Asset management facilitates the accurate scheduling and tracking of preventive maintenance, repairs, expiries, alerts and recalls, which minimizes equipment shortages due to malfunction or disrepair;
- The value of inventory, which allows for accurate economic and budget assessments of the company.
If equipment inventory is inaccurate, inventory management cannot be done properly, these insights will become incorrect, and the business decisions based on them will be negatively affected.
Supply Chain Optimization
Accurate equipment inventory – and good inventory management – also plays a critical part in supply chain optimization, and the insights it provides in that area can lead to numerous operational improvements.
Recently, Trindent Consulting was engaged by a leading medical devices company to optimize their supply chain. Some of the biggest contributors to sustainable supply chain savings that we uncovered were linked to poor inventory management. With a focus on optimization, all aspects of the information derived from the company’s equipment inventory were examined. Our team specifically focused on inventory category parameters, turn times, product expiries, and forecast inventory needs because of their high impact on inventory management.
Once the data derived from equipment inventory was corrected, it allowed for a streamlined supply chain inventory process to be implemented. As a result, waste was reduced, fill rates were improved, net field inventory levels were reduced, and the company realized significant – and sustainable – annualized savings.
How Trindent can Make It Happen
With deep industry knowledge, Trindent understands the specific challenges of healthcare, and works with our clients to implement and deliver sustainable results. Click here to learn how Trindent can help you optimize your medical equipment inventory, enhance your inventory management, and improve your supply chain.