Do some items almost always sell together? The answer to effective inventory management lies somewhere between these two extremes.

Inventory Control is one of the core functions of a supply chain department. To request permission to reproduce AHA content, please, Essentials of Health Care Supply Chain Certificate Series, Sourcing Strategies During and After COVID-19, Forming a Medical Logistics Crisis Action Team (MEDLOG CAT), Achieving Excellence in Health Care Supply Chain Logistics, Optimizing Supply Chain using UHF-RFID Technology, Optimizing Technology For Revenue Cycle Success: Vendor Solutions and Training - Part 3, Optimizing Technology For Revenue Cycle Success: Components and Terminology 101 - Part 1, Materials Management Information System (MMIS), Global Unique Device Identification Database (GUDID) Draft Guidance for Industry, Center for Devices and Radiological Health, U.S. Department of Health and Human Services Food and Drug Administration, Medical Device Excise Tax - What You Should Know, Navigating the Economic Storm: A Prescriptive Approach for Healthcare Supply Chain Professionals, IRS Issues Final Rule Implementing Medical Device Excise Tax, Catholic Health Association of the United States (CHA), Healthcare Supply Chain Association (HSCA), The Challenges and Opportunities of Contract Price Alignment in Healthcare, The Official Comment of AHRMM to the United States Department of Health and Human Services Food and Drug Administration (FDA) regarding Unique Device Identification for Medical Devices Docket No.
Explain how to set up par levels and evaluate when to change them. Things like mobile scanners and POS systems can help you stay on track. Regardless of how you do it, make it a point to physically count your inventory regularly to ensure it matches up with what you think you have. Inventory management is a crucial piece of a business’s profitability, but a lot of SMBs don’t practice good management practices when it comes to the items they sell. ( Log Out /  Is it seasonal? Items in the C category are lower-cost items whose inventory turns over quickly. Association for Health Care Resource & Materials Management. Identify how to keep the general ledger accurate. This course is also available as part of the Essentials of Health Care Supply Chain Certificate Series. Good inventory management software makes all these tasks easier. Inventory Control is one of the core functions of a supply chain department and a necessary component of operating a hospital. Be consistent in how you receive stock, 9. The Essentials of Inventory Control program has been modified into an interactive format consisting of four modules and an exam. FDA-2011-N-0090, 21st-Century Health Care Supply Chain: The Keys to Making Technology and Collaboration Practical, Not Just Buzzwords, Low Unit of Measure (LUM) UDI Single Device Work Group Report, Report of the GUDID Clinically Relevant Size (CRS) Work Group, CQO Movement Case Study: Procurement of Blood Products, Leveraging Millennials and Technology to Weather the Perfect Storm, Comparison of Ways to Replenish Storage Areas, Changing the Way We Do Business: A Case Study of Lean Six Sigma in Healthcare Supply Chain Management, Developing a World-Class Purchasing Department, Improving Supply Chain Reliability To Mitigate Demand Surges And Supply Shortages: A Three-Part Plan for Increasing Supply Resilience, 155 N. Wacker Drive, Suite 400, Chicago, IL 60606. Having a POS system that won’t talk to your inventory management software isn’t the end of the world, but it might cost you extra time to transfer the data from one system to another, making it easy to end up with inaccurate inventory counts. Make sure that you keep a record of the product information you have for items in your inventory. This course is also available as part of the Essentials of Health Care Supply Chain Certificate Series.
Understand completely the sales lifecycle of these items, including how many you sell in a week or a month, and closely monitor them. These are the items that make you the most money; don’t fall short in managing them. Information should include SKUs, barcode data, suppliers, countries of origin and lot numbers. Summarize the effects of reducing inventory. Have a discussion with your supplier about the issues and find out what the problem is. Some businesses do a comprehensive count once a year. Upon successful completion of the four modules, you will receive a certificate in inventory control of healthcare supply chain management.

All rights reserved. Inventory is a necessary component of operating a hospital.

Change ). Categorizing your inventory into priority groups can help you understand which you need to order more of and more frequently, and which are important to your business but may be costly and move more slowly. Prioritize your inventory. Do you know when certain items sell faster or drop off? Inventory Control is one of the core functions of a supply chain department.

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An unreliable supplier can cause problems for your inventory. The inventory control system should provide you with the ability to select configured storages locations indicating where there available capacity to store the tire. Again, this seems like a no-brainer, but it goes beyond simply adding up sales at the end of the day.

Some businesses go the other way, though, and overstock items “just in case.” While you’re sure to always have the items your customers are looking for, the risk with this strategy is bleeding money from your business. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account.

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AHA does not claim ownership of any content, including content incorporated by permission into AHA produced materials, created by any third party and cannot grant permission to use, distribute or otherwise reproduce such third party content. Customers become frustrated when the items they’re looking for aren’t available on the shelf or through your website. Change ), You are commenting using your Twitter account. Distinguish the three ways to view accuracy; count accuracy, gross dollar accuracy, and net dollar and how to measure each. Inventory control has numerous benefits for a business; however, it does not have to be complicated. ( Log Out /  Demonstrate cost saving measurements by effectively managing inventory. At least some of those customers will go elsewhere for the missing item. The B group is what’s left – those items that are moderately priced and move out the door more slowly than C items but more quickly than A items. Now in its Second Edition, Essentials of Inventory Management gives inventory professionals the information they need to maximize productivity in key areas, from physical stock issues to problem identification and resolution to technologies like RFID and other automated inventory mechanisms. Categorizing your inventory into priority groups can help you understand which you need to order more of and more frequently, and which are important to your business but may be costly and move more

But as your business grows, you’ll spend more time on inventory than you do on your business, or risk your stock getting out of control. For an efficient and successful inventory control here are certain important conditions or elements. Recognize the difference between inventory turnover rates vs. the ABC Analysis and determine when to use each. Define the difference between annual inventory control and perpetual inventory control methods and describe the benefits and pitfalls of each. 6.

Recognize the advantages and disadvantages of using traditional vs. cycle counting. Is there a specific day of the week when you sell certain items? ( Log Out /  Take the time to check inventory and order restocks of all your items yourself. Small discrepancies in how new stock is taken in could have you scratching your head at the end of the month or year, wondering why your numbers don’t align with your POs. By following some simple guidelines and with the use of