What I Learned While on the Road

8/3/2017

I recently returned from two weeks on the road visiting customers and prospects.  I started in Washington, DC, then on to Baltimore, Boston, Cincinnati, and finally Los Angeles.  My new favorite motto is “if you have time to spare, then go by air” but that is for another blog.

Continue Reading
Read More

Your bottom line is going to thank you.

6/28/2017
0 Comments Written by Steve Cote

Admit it. You made a mistake. We all make mistakes, right?

Or, maybe it wasn’t you who made the mistake, but someone who reports to you (which makes you responsible anyway).

Under forecasted expenses? Check.

Too much overtime for staff? Check.

Bought too much inventory and now you can’t use it? Check.

The checks could go on and on. There is, however, one check that your bottom line will be thanking you for. I’ll get to that in a second.

Continue Reading
Read More

Topics: physical inventory count, selling medical inventory, Z5 Count Software, inventory valuation, inventory audit, healthcare, supply chain, Boston Children's Hospital, new client spotlight, inventory

New Client Spotlight: Boston Children's Hospital

6/21/2017
0 Comments Written by Stacia

Boston_Children's_Hospital_Z5_Inventory.jpgZ5 software and Z5 provided services will be used to complete a physical inventory count at Boston Children’s Hospital, pictured above.

We're proud to announce that Boston Children’s Hospital has selected Z5 Inventory to perform a physical inventory count within designated areas of the hospital. Our team will coordinate and complete the count using Z5 Count, our iPad app, later this June. 

Continue Reading
Read More

Topics: physical inventory count, selling medical inventory, Z5 Count Software, inventory valuation, inventory audit, healthcare, supply chain, Boston Children's Hospital, new client spotlight, inventory

How are you going to meet your annual financial savings goal?

6/16/2017

Every year hospitals and hospital staffs go through the annual budget process. Departments submit projections for their budgetary needs, projects are prioritized and re-prioritized, meetings are held to discuss the merits of each, and at the end of the process funds get allocated.  

Wouldn’t it be great if it were that easy?

Many hospitals and other health care facilities are experiencing budget cuts. According to the American Hospital Association1, a growing number of regulatory requirements has increased administrative expenses and staffing needs for compliance. Supply chain organizations must reduce cost while maintaining a high quality of care for the patients. Many times your financial savings goals are tied to your overall compensation.

Continue Reading
Read More

Topics: physical inventory count, selling medical inventory, buying inventory, selling medical supplies

Inventory counts are fun! Don’t you agree?

6/13/2017

 

You live in a world filled with boxes, packages, bins, shelves, storage rooms, items out of order, manufacturer name changes, and did I mention the unreadable labels?

Ok, I think you get the point. It’s a big job to take on, but you are the force behind the management of most hospitals second biggest expense: inventory.

Let’s explore a bit further...

Continue Reading
Read More

Topics: physical inventory count, buying inventory

5 Myths That Lead to Poor Inventory Management

6/6/2017
0 Comments Written by Stacia


Have you heard of 
Asclepius?

No, he's not one of the new resident physicians.

Greek mythology celebrates him as a hero - and the god of medicine. You might recognize one of his accessories; the rod of Asclepius, a snake-entangled staff. To this day, it's a popular symbol for medicine and healing.

According to the ancient Greek myths, Asclepius traveled from town to town with a potion that contained magical properties. The potion, bestowed upon him by the goddess Athena, enabled him to perform miraculous cures - from healing pain to bringing people back from the dead.

Like many Greek gods and goddesses, Asclepius was destined to meet a tragic end. Bringing mortals back to life offended and angered Zeus, king of the gods, who chose to punish him with death by thunderbolt. Now, Asclepius is rumored to live forever as a constellation in the sky.

Myths are fascinating, imaginative, and frequent in the realm of medicine. Today we're going to call out five of the most common inventory-management related myths and what you can do to avoid falling for them. Read on...

Continue Reading
Read More

Topics: physical inventory count, selling medical inventory, buying inventory, selling medical supplies

Hospitals Can Now Buy & Sell Medical Supplies and Inventory Directly Through Z5

4/18/2017
0 Comments Written by Stacia

It's April. That means it's time for wildflowers, warmer weather, and for most - a little spring cleaning.

No one really likes spring cleaning, but it's a necessary evil. This holds especially true for hospitals, as excess inventory that will eventually expire or remain usused can amount to millions in lost product (aka, dollars).

Are you one of the many hospitals facing this challenge? If so, continue reading.

We've decided to share a few more details regarding our signature pCommerce solution, which offers hospitals and systems an avenue to liquidate excess, unused, or slow-moving inventory directly through Z5 - versus hassling with an auction or assortment of purchasing companies.

Continue Reading
Read More

Topics: physical inventory count, selling medical inventory, buying inventory, selling medical supplies

Your inventory is saying a lot, and it's saying "I am cash!"

3/20/2017

Can inventory counts alleviate the financial challenges listed in the latest ACHE survey?

Top 3 overall healthcare challenges surveyed across 383 CEO's were as follows (with financial challenges leading the list):

  1. Financial challenges
  2. Government mandates
  3. Patient safety and quality
Continue Reading
Read More

Topics: physical inventory count

Z5 Inventory Welcomes Baylor Scott & White Medical Center – Lakeway as a Customer

3/2/2017
0 Comments Written by Stacia


Z5 Inventory is pleased to welcome Baylor Scott & White Medical Center – Lakeway to our growing list of thrilled customers. This month, Baylor Scott & White Medical Center – Lakeway used Z5 Count, our innovative iPad based software to take their semi-annual physical inventory count. What was once a long and laborious process was completed quickly and effectively by a small group of Baylor Scott and White Medical Center – Lakeway employees.

Continue Reading
Read More

Topics: Baylor Scott & White, technology, new client, physical inventory count, growth, Austin, TX

“Consignment is not my problem.” Actually, it is.

4/20/2016
1 Comment Written by Admin

Inventory management has become a key focus at all healthcare providers as a result of the Affordable Care Act (ACA) and an ever increasing need for operating capital. In the past, providers have turned to a consignment strategy for infrequently used but very expensive items like catheters, stents, and heart defibrillators. However, consignment practices in healthcare are really a strange deal. Not only do these practices include the complexities of the change of ownership inherent to consignment, they also utilize a disconnected vendor managed inventory (VMI) approach.

Why is this concerning? Hospitals are now putting some of their most expensive inventory in the hands of people who directly manage your stock and have the ability to invoice directly. Yet, it is very common for materials managers to say consignment offerings do not require them to track the inventory with the same scrutiny as owned inventory. Everyone in the chain of command will probably disagree out of principle, but no one is trying to do much about it. Imagine if we told the CFO that consignment vendors have little to no oversight or independent auditability. The statement is probably not a good conversation starter. The frugal climate created by ACA and competing incentive packages for vendor reps are completely at odds. As a result, the motivation for fraud to occur can only go up.

Healthcare is spending millions on ERP, MMIS, Lean, Kanban, and other inventory management technologies, and yet we still think consignment and third party management of the inventory is sustainable. It could be sustainable if the vendor is fully integrated into the inventory process, but typically they are not.

Fraud is Real
Before everyone goes “oh, we don’t have fraud”, you are really just lying to yourselves. Here are just a few examples of fraud taking place as a result of consignment practices in healthcare.

Continue Reading
Read More