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47 – Annual Tasks: Inventory check
8 Plays17 days ago
The second task that you should complete annually is performing an inventory check.
View the full report online: https://www.hstpathways.com/resources/surgery-center-industry-report/
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Transcript
Importance of Inventory Checks
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The second task that you should complete annually is performing an inventory check. By conducting an annual inventory check, centers ensure they can maintain consistent patient care, optimize financial management, and streamline daily operations.
Advantages of Narrow Inventory Evaluation
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Narrow inventory evaluation reduces the risk of overstocking or stockouts, enables accurate budgeting, and helps centers stay prepared for routine and unexpected scenarios.
Benefits of Tracking Inventory Levels
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Furthermore, understanding inventory levels and usage trends can lead to better decision-making, reduced waste, and enhanced patient care.
Role of Software in Inventory Management
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Inventory management software, such as HST, can provide historical data to help you make informed decisions. The software can also track current inventory against your minimum and maximum stock levels to guide reorder points and prevent stock outs or over purchases.
Supplier Relationships Post-COVID
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While supply chain issues are certainly better than they were immediately following COVID-19 disruptions, fostering good relationships with suppliers and having various supplies to choose from will help with better purchase deals and
Steps for Effective Inventory Management
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timely delivery. Next, let's walk through the key process steps for this phase.
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Step 1. Gather previous records, decide on a date, and inform relevant staff. Ensure that operations can either be paused or managed around the inventory process.
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Step 2. Prepare tools and resources such as inventory sheets, scanners, or dedicated software. Step 3. Assign teams or individuals to specific areas or categories.
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Step 4. Count every item on shelves, in storage areas, and in active use zones. Document quantities and, where applicable, expiration dates. Step 5. Enter the physical count results into the inventory management system or database. Step 6. Match physical counts against recorded levels.
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Investigate discrepancies to determine if they are due to theft, loss, or clerical errors. Step 7. Examine inventory trends, consumption rates, and wastage. Adjust PAR levels and ordering practices as needed. Step 8.
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Share the results with management or leadership for insights, feedback, and future planning. Step 9. Based on the findings, refine or create inventory management guidelines. The following key performance indicators will help you track your success, the number of expired or unusable items, and the number of discrepancies between expected versus actual inventory.