When It Comes to Medical Practice Management, Information Is King

Medical practice management impacts healthcare in surprising ways. For instance, one study found that price transparency for patients, insurers, and doctors could help dramatically reduce spending. In an often opaque and technical healthcare industry, information is king. But how can accurate and timely data help individual practices and facilities strengthen their own balance sheets?

medical management

Medical Practice Management: Information Is King

Many practices use EHRs, billing software, and other programs to help run their office. One area that is often overlooked, however, is the need for inventory management. It’s hard to keep track of item use during a typical busy day, but without proper tracking supplies can run dangerously low, affecting patient care and leading to costly rush orders. What’s worse, well-meaning employees may over-order certain items to avoid future shortages, but these products can sit unused on the shelf and eventually expire. What if you had a way to track inventory use in real-time, and knew exactly what to order, and when to order it?

Some offices that use complex technical systems will still rely on an Excel spreadsheet to track inventory. In theory this is possible, but in practice it is extremely difficult to monitor the hundreds of items that are used in even a small office, along with all their varying expiration dates. The better solution is to utilize advanced and affordable inventory management software to do the heavy lifting. Features to look for include:

  • Bulk item scanning and loading
  • Real-time supply level tracking
  • Expiration date monitoring and alerts
  • Automated purchase recommendations and enabled order creation
  • EDI connectivity to major suppliers
  • Patient-item assignment and usage control
  • Profit/Cost analysis and reporting
  • Cloud-based operation, so no software to download and maintain

The best programs will also offer dedicated customer support and reasonable payment plans that do not require a large upfront purchase. Used properly, the right medical inventory software can help you reduce unnecessary waste and better manage your supply spending. In an increasingly challenging healthcare environment, the key here and elsewhere is to have timely and accurate information.