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Find out how to solve healthcare's $5 Billion inventory waste problem today. Then get back to the ridiculous gifs we found this week. 

WATCH: How Steward Hospitals Saved $16 Million

2/23/2021

Text reading 'How Steward Health Care prevented the expiration of $16 Million'

If you missed watching our webinar live, it's not too late.

This presentation about how Steward Health Care hospitals were able to save more than $16 Million in under a year by reallocating their excess medical supplies went pretty great, if we do say so ourselves. 

Michael Prokopis, Steward's SVP of Supply Chain, and Carl Natenstedt, our CEO, spoke with Molly Gamble of Becker's Hospital Review about the challenges and successes that come with a project of this scale.

And we got to answer some great questions about how product is sold on the secondhand market, the difficulty of doing this at a standalone facility, and more. 

 

Some of the big lessons learned were that excess piles up in the first place due to: 

  • Fear of shortages. This is the big one, especially in a year where too many hospitals have been out of stock for too many products. 
  • Advancement of technology. As new products come out and clinicians adopt new standards, the old stuff sits and expires. 
  • Changes of contract. If you've got conversions, you've got new product that displaces the regular use of the product you've already got on hand. 

 

And when it comes time to remove supplies from the shelves, the biggest challenges are: 

  • That same fear of shortages. Explaining the process and the guarantee of having six months' worth of product in stock will be key to overcoming this. 
  • A fear of disagreement. Will the folks who have been stocking and pulling from the same shelves for the last 20+ years get upset when you try to change what's on those shelves? Probably. But that's not a good enough reason not to try. 
  • And a fear of change. We're all creatures of habit. But convenience is no excuse for ignoring opportunities to become more efficient and provide better care. 

 

Because we're committed to saving hospitals money, we're making this webinar available totally free. You can stream it in the video below. Or, if your work computer frowns on YouTube, you can still watch the original presentation on Becker's sign-up page. Fill out the form, and watch whenever it's convenient for you. 

 

Still want more info? Our case study about how Steward was able to move, sell, and donate their excess inventory is available here. And Steward's news about being able to donate nearly $3 Million to charity is here

And if you're interested in a free analysis to see how much excess you might have on hand, just reach out

 

Topics: reallocation, Z5 Reallocate, supply chain management, savings, medical logistics, hospital supply chain, healthcare supply chain, medical supply chain tracking software, service system for hospital inventory, inventory management system, management of hospital inventory, webinar

Alex Diamond

Written by Alex Diamond

Raised in the armpit of East Texas before escaping to the civilization of Austin, Alex is an author and former radio/podcast personality. If you ever run into him, ask him about the day he split his pants in front of the Lone Ranger.