Tune in and learn about the importance of healthcare providers reexamining their inventory management approaches in a dynamic environment. Terry Schwarzenbach shares insights into this process for health systems after periods of critical supply shortages and more. This episode is sponsored by Cardinal Health.
Summary
The Importance of Reevaluating Inventory Management Approaches for Healthcare Providers
In today's dynamic environment, healthcare providers need to reexamine their inventory management approaches. After periods of critical supply shortages, it is crucial to optimize inventory strategies to avoid future disruptions. In this episode sponsored by Cardinal Health, Terry Schwarzenbach shares insights into this process for health systems and more.
Decisions Based on Data
The healthcare supply chain professionals should make decisions based on data. Analyzing historical data can help identify areas for improvement and fine-tuning inventory strategies. By regularly monitoring and analyzing data, healthcare providers can make smarter decisions and avoid future supply shortages.
Optimizing Inventory Strategies
Optimizing inventory strategies is essential for better supply chain management. Healthcare providers need to assess their needs, decide which products they need to keep in stock, and which can be sourced on-demand. Providers can evaluate their supplier contracts, delivery schedules, and storage capacity to ensure that the right products are available when needed.
Alternative Storage Options
Alternative storage options, such as third-party warehouses, can help healthcare providers optimize inventory management. Terry Schwarzenbach mentions that this option is becoming more widely accepted by healthcare providers. The provider-owned inventory in third-party warehouses can help providers free up space, reduce labor costs, and ensure inventory integrity.
Ensuring Product Does Not Expire
One crucial aspect of inventory management is ensuring that products do not expire. Healthcare providers need to monitor expiration dates and rotate stock when necessary. Providers can assess their needs and match them with the expiration date; for example, if the provider needs more extended-term products, it might benefit from a longer shelf life.
Terry Schwarzenbach's advice for healthcare providers reevaluating their inventory management approach includes making decisions based on data, optimizing inventory strategies, and ensuring product integrity. By embracing new storage options and utilizing technology to manage inventory, healthcare providers can better prepare for future disruptions and improve supply chain management.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to podcasts@beckershealthcare.com
This episode aired on 10/19/2022 and can be listened here.
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