Inventory Management Software for Healthcare Delivers Critical Savings

Inventory Management Software for Healthcare Delivers Critical SavingsInventory Management Software for Healthcare is critical for saving costs and saving lives. Within any healthcare institution, medications, medical supplies, computer equipment, machines, and other inventory must be tracked and managed efficiently. If it isn’t, healthcare providers can end up spinning their wheels as they try to locate available inventory. Without inventory management software for healthcare, it’s extremely difficult to be sure for a hospital to estimate with accuracy how much inventory they need to carry. Too much can mean wasted money, while too few can affect patient care.

With inventory management software for healthcare, healthcare institutions are able to automate a significant part of this process and maintain accurate inventory levels. They can also monitor when items were received, how long they’ve been on the shelves, when they have been used and when they should be discarded, if applicable. Inventory management software for healthcare can also help organizations define reorder levels, issue invoices to patients and create inventory reports, including such details as current inventory, inventory expiration dates, track which items are approaching reorder levels, track expenses, and identify inactive inventory items. Some software solutions also help manage the prescription-filling process, allowing pharmacists and technicians to view the prescription and generate an invoice quickly.


“With inventory management software for healthcare, healthcare institutions are able to automate a significant part of this process and maintain accurate inventory levels. “


From a safety standpoint, it’s obviously imperative that healthcare institutions be able to track instruments, so they can maintain proper sanitation standards and reduce infection. Additionally, inventory tracking enables healthcare institutions to track specific medical devices – for example, a pacemaker implanted in a patient. That pacemaker contains a specific code which may be tracked from the time the hospital receives it to the time the patient receives it. The patient’s physician, then, is able to track with absolute certainty the exact device used for a patient.

It’s worth noting that many healthcare institutions today maintain group-buying contracts with distributors and manufacturers. This arrangement allows organizations to purchase inventory in bulk – and therefore, at a lower cost. Accurate inventory management is key here because when you have to order outside of the terms of your contract, you subsequently pay a higher fee.

Needless to say, a manual tracking system for a healthcare institution could create chaos and confusion. Such systems – usually consisting of an Excel spreadsheet – prevent multiple users from entering information at the same time. They’re also very error-prone, aren’t in real time, and are rather one-dimensional; staff can’t create reports, generate invoices, set up alerts and notifications, etc.

Asset Panda’s powerful inventory management software for healthcare gives institutions the ability to track and manage their inventory in any way they want. Its robust features offering includes fully customizable options from reports, notifications, and alerts to security settings and more. You can add as many users as you’d like, and because the system syncs with the cloud, you have the assurance that your data is always in real time. Simply download Asset Panda’s free mobile iOS or Android app, and you have everything you need to manage the entire lifecycle of your healthcare inventory.

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