Inventory stands out as one of the most expensive and unwieldy asset in most healthcare organizations. You should ensure proper management of inventory in order to reduce unnecessary healthcare costs while at the same time improving the efficiency of the supply chain. Such a supply chain constitutes consumers and businesses that provide healthcare insurances to employees in healthcare organizations. Listed below are the top 5 inventory mistakes to avoid.


  • Investing in additional storage space


If you fail to order the right amount of materials and equipment for your organization, then you may be forced to set aside additional storage space.  Excess materials like medical supplies and bandages need to be inventoried. This, in turn, has a high likelihood of draining your organisation of its funding. You should focus on how inventory problems occur and on ways that can help save money on storage facilities instead of leasing extra space to store excess materials. Undeniably, purchasing excess inventory wastes a lot of money that can affect how your organization’s budget is impacted in the future.


  • Tracking inventory only on an annual basis


You stand at a high chance of committing an inventory mistake if you only do a physical tracking of your inventory at the end of the year. Carrying out a physical tracking only at the end of the year exposes your organization to ordering either few or extra equipment. This, in turn, jeopardizes your ability to extend proper health care services to your patients. Following this, it is of immense significance that you integrate software as well as regular checks of your inventory in order to cut down the amount of times spent in placing orders and in committing inventory errors.


  • Failure to train employees on proper use of software


Most health care organizations use software solutions to track and manage their inventory. These software solutions play a key role in helping employees understand which doctors requested for certain equipment and identify those who placed particular orders. You should not stop after investing in your inventory management software; you should go an extra mile and pay for your employees’ training on proper use of the software. If you leave your employees learn on how to use the software on their own, then they stand a chance of making errors when ordering for excess materials.


  • Failure to include specialist in inventory management


You should work with specialists to help you manage inventory accurately. For instance, reverse logistics specialists can help you manage waste generated by expired medications. Such specialists are well equipped with knowledge and infrastructure necessary in transferring surplus pharmaceuticals to hospitals that need them. Specialists help medics and the entire hospital resolve their inventory management challenges. These specialists recommend procedures necessary for improving data accuracy in healthcare organizations. If you follow these procedures carefully, then your product information will be updated regularly; thus, improving forecasting as well as reducing overspending on supplies.


  • Lack of proper business intelligence


You need proper business intelligence with regard to inventory costs. You should ensure that your system is in proper working condition in order to track costs associated with all equipment. This play a key role in helping you carries out an effective cost analysis for all equipment and tests.


You should be careful on how you handle and manage your inventory in order to avoid unnecessary costs in your healthcare organization. It is vital that you incorporate proper business intelligence, specialists, training of staffs, regular tracking of inventory, as well as ordering the right amount of materials in order to attain proper management of your inventory.