How do you measure up?
Last month, Z5 Inventory partnered with Steward Health Care and Becker's Hospital Review to share the step-by-step process that enabled Steward hospitals to save more than $16 Million in a year. (If you haven't had a chance yet to watch that presentation, check that out here.)
As part of that presentation, we polled supply chain and hospital finance professionals to check their estimates against our facts. Some of the results surprised us, even though Z5's entire purpose is to help hospitals with their inventory struggles.
Only 1/3 supply chain leaders had an accurate view into the amount of excess inventory they have on their shelves. The average hospital carries 15-30% excess, but the majority of respondents estimated theirs much lower. We hate to think optimism is dangerous, but it can prevent us from realizing that there might be problems to solve.
A project to move, sell, and donate excess inventory was seen as at least somewhat difficult at 80% of all healthcare providers. The reason why was made clear in one of the other results from the survey...
The biggest obstacle in the way of optimizing supply levels is a lack of time and other resources. No huge surprise there. Time has never seemed more at a premium than in the last year, and as that problem doesn't look like it's going to be solved anytime soon, hospital supply chains will have to partner with organizations that have the time and resources to help them.
We might know some people who could help. Find out what resources Z5 Inventory can provide to turn your excess into savings that you can then use to provide better care to your community.
