A successful medical practice is very challenging to operate, especially in the growing economies of the world. Regardless of the nature of the medical clinic, the primary administrative challenges in terms of inventory management are almost the same. For example, most common ones include; unclear patient demands, limited physician access to inventory information at all times and drug storage issues.

Needless to say that this adds to the stress and emotional burden that can affect your productivity and performance. It is no wonder that careful handling of your inventory can play a major role in the smooth functioning of your medical practice. However, as a healthcare provider, I have observed that the manual management and handling of inventory is associated with several issues; for example:

– The manual handling and processing of inventory information is more time consuming and less efficient

– The manual process is more expensive in the short-term as well as long term.

– The chances of errors or casual mistakes is fairly high

How can you apply technology and innovation for better management of inventory?

Experts throughout the world are developing new products to improve the speed and efficiency of the medical practices. This is in line with the overgrowing demand of smart technologies in other fields. Many inventory management solutions exist, and this article should serve as a testament to their need.

Why should you consider smart tools for inventory management in your practice?

It is understandable that a lot of physicians are old-school when it comes to the management of clinical practice. But isn’t it annoying if you have to waste a lot of your precious time to get one tiny bit of information? Wouldn’t it be more helpful if you have access to all the data and information with the click of a button? Indeed it is and perhaps this is the reason why most Asian clinical practices are now implementing smart technologies for the management of inventory functions.

Here are some classic benefits of using smart technologies for the management of inventory:

Efficient use of available resources

– Introducing smart technology allow medical practices to maintain high efficiency that translates into better patient satisfaction.

– Efficient management of inventory helps in building a stronger relationship with clients, partners, patients and their attendants.

– It also makes it easier for physicians and staff to effectively manage time.

Positive impact on profit

– Medical practices can increase profits and minimize losses by reducing the expenses. This is partly achieved by smart management of inventory and partly due to minimal requirement of skilled labor

– Most of the above listed software allows you to measure the demand and usage of different products in the clinical practice. The data thus obtained can be used for predicting the profits and managing the inventory automatically.

Cost reduction

– Use of technology reduces the requirement of paying extra cash to fill some urgent orders. It is imperative to mention that cost of supplies can be reduced several folds if orders are placed in bulk.

– In addition, without an efficient system in place, the extra cost of record keeping, transportation and shipping to patients is very high.

– Use of smart technology also limits the risk of overstocking or carrying expired drugs that can negatively impact your profits.

Limited requirement of skilled workers

Proper management of inventory is hard without smart technology in place. This is because, you would require skilled staff at all times, which may lead to unnecessary dependence on some workers. Fortunately, with the use of smart software, there is little need to train the staff or pay extra to hire additional workforce. The smart software are designed for non-skilled workers to add and retrieve information without any difficulty.

For example, with the click of a button, you can know the status of your stock, location of the reserves and when next consignment is due. In simple words, more staff can be used to serve patients or other important functions instead of worrying about your inventory.

Save time and effort with technology

Most software are also equipped with special functions; such as:

– If you supplies are low, the system sends a reminder or notification so that you can take an appropriate action.

– You can also use automatic re-fill service for some supplies at regular intervals

– Orders can be placed well in advance so that you can effectively manage your time

– You can also cancel existing orders with one-click

– The system can help in identifying different suppliers and sellers so that you can make a better choice

Our recommendations

For best results, it is highly recommended to conduct a thorough market research of all available software. It is always a good idea to speak to a customer service representative so that you can clear your questions, queries and concerns. In addition, you should also analyze your requirements. This is mainly because, smart software can help doctors and physicians in making vital decisions about the inventory. These decisions are made after considering the usage of certain supplies and drugs, demand and stocking as well as price and profit margins on certain products.

In conclusion, smart choice of technology for managing your inventory is not only helpful for your practice but also boosts productivity, profitability and helps reduce your costs.