Every year hospitals and hospital staff go through the annual budget process. Departments submit projections for their 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 healthcare facilities are experiencing budget cuts. According to the American Hospital Association, the growing number of regulatory requirements increase administrative expenses and staffing needs. Supply chain organizations must reduce cost while maintaining a high quality of care for the patients. And many times your financial savings goals are tied to your overall compensation.
Common methods to achieve savings goals include:
- Renegotiating contracts
- Leveraging GPOs
- Standardizing products
- Closely managing consignment
- Gaining control of “miscellaneous” spending
- Changing the process
Unfortunately, all the low-hanging fruit is gone. You probably have already done each of these, maybe multiple times.
What would you do with access to an untapped source of savings without having to lift a single finger?
You have it. It's sitting right on your shelves. It's excess and unused medical supply inventory that expires and is thrown out. We call this inventory “deadstock.” Hospitals know they have it, they know it's a problem, and they don’t have a great way to identify these items.
If they are able to identify these items, the traditional methods of disposing of them are time-intensive, labor-intensive, and ultimately never get done because they are not high enough on the priorities list.
An email to your counterpart at another hospital is not a best practice.
Z5 provides a complete solution to identify and eliminate likely deadstock. Whether your staff conducts the count or our staff does, Z5 analyzes the inventory results and presents opportunities for savings. Real savings. Large savings. Savings that significantly help you achieve your annual savings goal. Even better, we will do the work to make it happen.
Whether you realize all your financial savings target or a portion thereof, this is an easy way to get there without a high degree of disruption and a minimum of time and effort required by your staff.
Learn how easy it is to get started. Sign up for a demo by clicking the button below.
About Z5 Inventory
Every organization in the healthcare industry struggles with inventory. So Z5 Inventory’s founders set out to solve the problem. Using our unique Count, Reallocate, Buy platform, Z5 Inventory can not only count your inventory, but turn the slow-moving and excess stock on your shelves into savings in your pocket.
Want to learn how much we can save you? Contact us.
Headline photo via Depositphotos.