Challenges and Solutions in Hospital Asset Management

Managing assets within a hospital has been a manual process for so many years, but not anymore! As this can be inefficient and costly — also conclude with some negative impact on the overall patient care. 

But what’s the replacement? 

Well, just to point out its significance, do you know, that healthcare facilities spend approximately 25-30% of their annual budget on asset management? 

And in a healthcare environment, where doctors, nurses, and other professionals need to pay their utmost importance to the patient. Precise asset management becomes both challenging and crucial at the same time. 

So, In this comprehensive read on hospital asset management, we’ll delve into some typical challenges hospitals face in asset management and explore solutions to tackle them. Also, learn about Medical Facilities in Tampa with this guide.

But First, What Exactly is a Hospital Asset Management? 

Hospital asset management refers to the system of managing the whole process around asset purchases, orders, payments, and more. From prescriptions to the medical supply, the system keeps track of all essentials in a healthcare facility. 

Challenges and their Solutions in Hospital Asset Management  

Efficient hospital management is a complex process and presents several challenges along the way. Here take a look at some of the most common challenges of hospital asset management: 

The complex medical supply chains rely so much on third-party logistics and distributors. And this dependency on any third party can sometimes result in some serious consequences. Such as in the situation where required medical equipment or medication is not delivered on time. 

The best way to solve this problem is to integrate a perfect procurement solution. This involves every activity involved in obtaining assets and other inventory within a company to conduct their day-to-day operations. 

The process involves negotiating terms, sourcing, purchasing items, receiving, reviewing the items, and of course keeping the record. And other than a procurement solution, you can also use advanced technology such as the Internet of Things (IoT), which will help you track the items from the warehouse to inventories. 

Ultimately, the prime solution for solving the complex supply chain challenge might be automating the whole asset management system. This will reduce human involvement, and potential errors and make the entire process efficient. 

Another major problem is the accurate record keeping of all the assets. And the manual process possesses major human errors into it. This whole maintenance process includes scheduling, prioritizing, and monitoring many assets in a healthcare setting. 

So, to handle the accurate list of all the inventory items, you can implement barcoding or RFID technology. This will help you efficiently track and identify a particular item in real-time. A perfect barcoding method will also allow automatically updating and generating items while significantly reducing the number of missing inventory items. 

Besides this, it’s also crucial to standardize the inventory process, such as storage and disposal. And also carry out regular check-ups and cycle inspections to identify discrepancies.

Hospitals and other healthcare facilities are always up to manage a large inventory of medical supplies. Due to the limited shelf life of this item, time management is a crucial component to ensure the patient’s safety, avoid wastage, and comply with the regulations. 

This is where a barcode or RFID technology helps you easily track the items’ expiry by sending automated notifications to the relevant staff members. Hospitals can also implement a “first in, first out” strategy to ensure that the older items are used before new ones. 

Another crucial component of properly utilizing expiry inventories is tom to implement an Enterprise Asset Management (EAM) software. This encourages collaboration by establishing a database that monitors inventories throughout their lifecycle.

Additionally, proper communication and coordination with the relevant staff can also prevent an overabundance or a lack of utilization of medical supplies.

Did You Know? 

25% of the nurses don’t always check for the product expiration date or recall information

Healthcare facilities are subjected to follow a wide range of regulations and guidelines regarding their assets management system. These guidelines often govern the carrying, storage, and distribution of medical supplies. 

And if a facility somehow fails to comply with these regulations, it can result in some severe consequences such as legal repercussions, compromised patient safety, or even damaged reputation. 

This is why it is often advised for hospitals to deploy a robust inventory management system that can help them easily track and monitor medication expiry, storage conditions, and rotation. 

Moreover, a digital system that is integrated with electronic health records (EHR), can also streamline the documentation and record-keeping process. 

Bottom Line 

Inventory management is a crucial component to ensure the operational effectiveness of any healthcare facility. And it can be a daunting task that possesses several challenges such as tracking inventories, managing stock, and compliance with the required regulations. 

However, adopting some innovative solutions such as automation, real-time tracking, and predictive analytics through a variety of software can help hospitals optimize their inventory management.

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