Asset Intelligence and Management

Asset Intelligence and Management

EZOfficeInventory Blogs Budget Control Hospital Tracking System

How A Hospital Tracking System Helps You Stick To Your Healthcare Budgets


Optimal and efficient functioning of health organizations around the world requires a vast array of medical inventory. It is only then that local clinics, hospitals, veterinary establishments and dental clinics offer their patients the best care possible. Healthcare organizations are constantly feeling the effects of strict regulations and shrinking budgets. With a tight budget comes the increased pressure to better manage resources. Poor asset management practices can have very serious consequences apart from consumed time looking for lost assets and poor financial accountability.

When millions of dollars in hospital equipment go missing every year, budgets are immensely impacted along with patient care. Improved financial performance stems from better budgeting, control, and planning. When moving from volume to value, you really can’t depend on complex data integrations and manual spreadsheets to generate accurate financial plans. What you direly need is an integrated platform that includes long-range forecasting and helps you in operating budgeting to give you the control you require and the insight you need.

Stop messing with the already tight healthcare budgets by missing out on the countless benefits that a sound and robust asset tracking software bestows healthcare organizations with. We have garnered some ways that enable the hospitals to stick to healthcare budgets using hospital tracking system.

1. Helps in preventative maintenance management

preventive maintenance hospital tracking system

Think about a situation where a patient requires a certain medical equipment urgently. The staff successfully locates it but it is broken or maybe not performing at its optimum level. What good it is to locate the equipment then! Two things happened. Patient’s healthcare got compromised and the hospital builds up on unnecessary expenditure that could have been saved if preventative measures were taken.

Preventive management optimizes the health of all the medical equipment serving as a lifeline for patients.

One way hospitals can build on their efficiency in asset tracking is by proper management of equipment using an effective hospital tracking system. It not only offers preventative management of medical supplies and inventory but also predicts potential issues they might encounter. Regular preventive maintenance helps to find and fix most issues before they even show up. These issues cause more harm to your medical equipment and inventory making you pay extra costs. No wonder, they say better safe than sorry. Also, preventative maintenance checks are less time-consuming and cheaper compared to emergency repairs and replacements that could come with costly and extra major repairs.

Asset tracking solutions track everything from bedside devices important for saving lives to pharmaceuticals. Being aware of where the medical inventory is, what their maintenance history is and what their current condition does not only help to save precious lives but also saves the hospital from extra costs they might end up paying on top of already tight budgets.

Read more: How Does the Health Sector Use Hospital Equipment Maintenance Software

2. Ward off financial penalties by meeting compliance requirements

Staying within compliance is a major issue for every industry but healthcare organizations and hospitals have to face stricter regulations concerning patient care and privacy. The hospital administration constantly needs to make sure that they meet the compliances and regulations issued by the government, agencies and also vendors of the medical equipment they are using.

The best way to always remain on the safe side is by using a hospital tracking system which can generate accurate reports whenever an audit is performed. You don’t have to go all haywire to get your hands on the information needed and easily prevent financial penalties from noncompliance with regulations. With an asset tracking solution in place, you can shun all your worries about whether or not the hospital will be fined for complying with the issued regulations and compliance.

Read more: Best Practices in Managing Hospital Inventory: The Complete Guide

3. Prevent missing or stolen medical assets

Nothing can chew away at your health care budget faster than misplaced, lost or stolen medical assets. It is no more a secret that 10 to 20 percent of hospital’s mobile assets are lost or stolen during their useful life. Imagine the trauma of paying all over again for something you already have. Millions of dollars go to waste every year because of misplaced or stolen assets that could have been saved only if a robust hospital tracking system was set in place. Tracking assets may seem like an overwhelming task but a digital solution makes it easy and simple to perform.

You will not only be able to locate your asset easily but will also know who last used the asset in case you want to know whom to hold responsible when a medical equipment gets stolen or missing. The hospital staff will remain more alert and conscious when they know all the medical assets are being patrolled. Hospital officials will have the knowledge of where exactly the medical assets are at all times. With lesser missing or stolen assets, you will be able to save a lot of money. You can then spend all those millions of dollar you save on improving healthcare initiatives, hiring more staff or doing research.

Read more:  How A Hospital Tracking System Helps You Stick To Your Healthcare Budgets

4. Records maintenance history and provides reports

Wear and tear can happen to all medical devices and assets but forgoing maintenance can cause even lesser efficiency. Maintaining medical devices and equipment regularly helps to keep them working at their optimum and also conserve or even extend their lifespan. Medical professionals can then utilize them within moment’s notice. Keeping a record of when were these assets last inspected, replaced, updated or fixed is vital for their optimal functionality.

With access to up-to-date maintenance history on the entire medical inventory, there remain lesser chances that the equipment will fail to work when the patient direly needs it. The asset tracking solution also sends real-time alerts to the administration whenever maintenance, inspection or testing is due. Therefore, it saves the hospital all the money it spends on making repairs, fixes, and replacements. Having all the details on the entire lifecycle of assets reduces equipment downtime and enables critical equipment to be assessed.

Read more:  Hospital Inventory Management: 3 Ways to Track Healthcare Assets Seamlessly

hospital tracking system reporting

Reports and data analytics helps hospitals chalk out effective financial plans.

Medical inventory software allows the management to keep track of asset utilization, equipment trends, and even vendor contracts. It offers reports on inflation, depreciation, and budgeting. All this proves to be helpful in identifying trends associated with asset maintenance or usage and then planning out financial approaches accordingly. Highlighting actual or potential medical inventory problems aids in increasing the overall efficiency of hospitals and healthcare organizations. Detailed reports of asset and inventory finances help medical organizations understand their spending habits and projected profits which aid in making financial plans every year.

Want to know about our hospital tracking system?

EZOfficeInventory is a leading hospital inventory management software utilized by healthcare organizations around the world. Optimize medical inventory and exercise more control over the healthcare budgets!

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