What’s inside:
RFID Cabinets go way beyond providing a storage solution for medical devices, tissue and implants. Modern, AI-powered smart cabinets have emerged as indispensable tools for healthcare operations, management and leadership.
This blog looks at the impact of smart cabinet technology on:
- Optimized medical inventory management and control
- Minimized wastage and cost of medical devices, implants and consumables
- Enhanced patient safety
Medical inventory is the second highest expense for healthcare organizations after staff. Despite this, many healthcare providers have room for improvement when it comes to the efficient management of high value medical inventory.
RFID smart cabinets are a crucial management tool, shedding light on inventory levels and providing vital data that can inform and improve inventory management and control. The most advanced smart cabinets are powered by AI software and have the power to through efficiencies and data-driven decision-making, providing a strategic solution that tackles healthcare inefficiencies head on.
In this blog, we will look at the significance of RFID smart cabinets as a crucial management tool, shedding light on the benefits they offer to healthcare organizations.
Reducing hospital inventory management costs
Cost containment is a top priority for healthcare organizations, and RFID smart cabinets can be a game-changer. They offer full visibility into inventory and real-time, item level tracking. Once a full picture is achieved, providers can streamline their inventory and data insights and predictive analytics enable more informed procurement, reduced wastage and significant cost-savings.
Read how Sheba Medical Center reduced the cost of excess inventory by between $2-3 Million.
Minimizing medical device wastage
Wastage is a significant concern when it comes to medical inventory. RFID-enabled smart cabinets excel at minimizing waste. They highlight low-turn items that are rarely used or duplicate items that are no longer needed. Inventory analytics assist materials managers in determining the ideal restock volume and order frequency for different items, thereby preventing stock surpluses and the subsequent wastage of expired items.
Read how the introduction of smart cabinet technology resulted in significant cost savings:
At Sheba Medical Center wastage through expiry was eliminated: “The amount of waste related to discarding expiring items has dropped to zero.”
Smart cabinets support ease of item location
With an RFID automated cabinet nurses can effortlessly locate the precise inventory items they need, expediting product preparation for surgeries and procedures. It brings an end to hours spent hunting down stock items. Smart cabinets give nurses the gift of time.
Read how smart cabinets are helping perioperative nurses to reclaim 75% of lost time each day.
The role of RFID cabinets in patient safety
RFID smart cabinets play a crucial role in enhancing patient safety.
Automated, timely requisitions ensure the continuous availability of products, preventing surgery delays and cancellations, and ultimately leading to improved patient outcomes.
Smart cabinets also generate expiry and recall reports, identifying unsafe items that need to be removed from stock, and reducing the risk of accidental usage and risky ‘never events’.
Heart Vascular and Leg Center case study “The wastage of inventory due to expiring products, plus surplus, unused items was estimated at $75,000, and this has now been reduced by 97.3%.”
Managing consigned stock
Where providers are looking to improve cashflow and reduce responsibility for expired items, consignment may be a good option. When real-time, accurate item tracking is achieved, vendor-managed stock is much easier to manage for both parties.
Advanced RFID smart cabinets can offer both vendors and providers shared inventory visibility, promoting trust and transparency. Gaining joint vision supports improved synergy between both parties and optimizes consignment.
“The hospital was able to shift to 100% consignment and all inventory management is now on one central digital platform that is shared with suppliers, achieving full traceability and joint responsibility for the vendor-managed inventory.”
Next-generation implant management
RFID smart cabinets, equipped with cutting-edge AI software are the cornerstone of optimized inventory management, and empower hospitals and ambulatory surgery centers to make data-driven healthcare decisions that enhance hospital performance.
A major benefit is the reduction of labor involved in inventory management after the introduction of technology, and the healthcare sector is embracing technologies such as AI and machine learning, as it looks to tackle inefficiencies.
The AI health care market is projected to expand to $36.1B in 2025, a growth rate of 50.2% and according to the Harvard Business Review, AI-powered technologies like machine learning will be able to save the US healthcare industry $150 billion yearly by 2026.
By leveraging the benefits of RFID technology, healthcare organizations can reduce costs, improve efficiency, and, most importantly, ensure the safety and well-being of their patients.
RFID smart cabinets are not just cabinets; they are a vital asset for optimized healthcare inventory management.
If you want to achieve real-time data on your medical devices, tissue and implants, contact us to discuss the range of smart cabinet configurations that suit all types and sizes of stock.
