Describe the process of inventory management and how it impacts/related to the role of a healthcare manager (200 word minimum).

Give your personal opinion to Mercedes Whitted and Daron Newton with a total of two pages.

Mercedes Whitted

The process of inventory management in healthcare includes:  collection of data from supply chain, assign team members responsibilities clearly, Frequently Analyze Usage, Order Frequency, Organize the Supply Room More Efficiently, Consider New Hospital Inventory Management Technology, Improve Recordkeeping, Adopt a Lean Strategy (Wilson, 2017). By collection the correct data it can ensure that the order will be filled correctly and on time. When team members are assigned concern task it will guarantee that the order will be fulfilled and if something is missing that will be the go-to person for questions, concerns and issues. It is important to check and see how often concern items are ordered to keep those items on the shelf.  By organizing the supply chain, it will be easier to find what needs to be ordered. Improve or create way to recordkeeping organize. Create or adopt lean strategy to decrease issues with the ordering process. It is important for the organization where the supplies are purchased to do targeting cost to reduce price for healthcare organizations to purchase their goods more often. As the healthcare manager it is important to review different prices and vendors to check and see if prices have increase to make sure that the better products are being purchased.

Reference

Gapenski, L. C. (2012). Healthcare Finance?: An Introduction to Accounting and Financial Management (Vol. 5th ed). Chicago, Ill: Health Administration Press. Retrieved from http://search.ebscohost.com.libauth.purdueglobal.edu/login.aspx?direct=true&db=nlebk&AN=516239&site=eds-live

Wilson, M. (2017, January 27). 7 Hospital Inventory Management Techniques to Reduce Costs. Retrieved January 14, 2019, from https://www.afflink.com/blog/7-hospital-inventory-management-techniques-to-reduce-costs

Daron Newton 

Hello Class,

The process of inventory management plays a crucial part in how healthcare providers manage their finances. Inventory management can be defined as the process of ordering, storing an organization’s raw materials and finished products (Investopedia, 2017). As technology continues to become more and more advanced. Organizations have to continue to invest in inventory software to become more efficient in managing their inventory. According to Quantzig, there are 5 techniques to help make an impact on how inventory management is utilized. (Quantzig, 2018). 

One technique is to collect data information from supply chains, which can help a company determine how to be more cost-effective when it comes to managing inventory. Companies can also use such techniques as requiring employees to take responsibility in know how the process of inventory management really operates because they will be the ones that will be responsible for making sure the inventory is clean and in order (Quantzig, 2018). By ensuring that the inventory is organized and maintained. This will allow healthcare providers to keep better track of their inventory so that the company maximizes their profits.

V/r,

Daron

References

Kenton, W. (2018). Inventory Management, Investopedia. Retrieved from https://www.investopedia.com/terms/i/inventory-management.asp

(Quantzig). (2018). Top Five Healthcare Inventory Management Techniques. Reterived from https://www.businesswire.com/news/home/20180509005737/en/Top-Healthcare-Inventory-Management-Techniques-Quantzig