Managing consignment inventory efficiently presents an ideal scenario for suppliers and hospitals alike. However, the reality often reveals significant challenges and potential pitfalls that can lead to time-consuming and costly errors. Understanding and avoiding these common mistakes is crucial for streamlined inventory management in the healthcare industry. 

Hospital Consignment Inventory: 4 Common Vendor Conflicts:

1. Lack of adaptability

   COVID-19 exposed the need for resilient healthcare supply chains, intensifying fears around disruptions. IDC emphasizes that healthcare must adapt to changing conditions and prepare for the post-pandemic “next normal.” With serious impacts on finances and patient care, supply chain disruptions are now the second-highest priority for healthcare CEOs, just after patient safety, according to a survey of 138 hospital leaders by Sage Growth Partners.

    

2. Lack of transparency

   Healthcare organizations often struggle with adaptability due to limited visibility – specifically, the lack of fast access to centralized, real-time data from scattered sources and siloed systems. This hampers efforts to assess needs, monitor stock, and forecast demand accurately. Simply put, if you can’t see or measure it, you can’t manage it. mymediset LiveSync addresses these challenges by providing real-time tracking, automated processes, centralized data, and proactive alerts, ensuring efficient and compliant inventory management.

    

3. Cost management

   Rising demand for personal protective equipment (PPE) and medical supplies has sharply increased costs, with supply expenses now expected to surpass personnel costs as healthcare’s largest expenditure. Studies show that many inventory decisions during disruptions are inefficient, with nearly half proving unnecessary. This is due to limited visibility and a reliance on historical ordering patterns and physician preferences rather than actual usage and anticipated demand, leading to waste, delays, and high carrying costs.

4. Operational harmonization

   Challenges with system integration – across organizational, process, and technological levels – contribute to rising costs and visibility issues. Effective data integration across diverse ERP, legacy supply chain systems, and external sources, along with interoperability with tools like RFID readers that feed product data back into these systems, is essential for cohesive operations. 

Implementing precise location tracking and robust inventory systems can resolve these conflicts, boosting efficiency and vendor trust. Reach out today and learn more about innovative consignment inventory solutions such as mymediset LiveSync!