WSSU BUSI 611 Inventory Management Strategies for Healthcare Research

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WSSU BUSI 611 Inventory Management Strategies for Healthcare Research Times New Roman, 12-point font Left justified One-inch margins Current APA format Numbered pages At least 20 scholarly articles from peer-reviewed journals, no more than 10 years old Block quotations for any quotes more than 40 words: Single-spaced with a double space separating quotes Indented 5 spaces from the left margin No quotation marks Reference page in current APA format including active URL links Single spacing between references and double spacing within the reference full_sentence_outline__attempt_2___1_.docx 1 FULL SENTENCE OUTLINE Full Sentence Outline: Inventory Management Strategies for Healthcare Caliese Cain, Montez Joseph, Hannah Maine, Aubin Noutchogbe, Kermetha Richardson Liberty University BUSI 611 Dr. Pamela Kelly September 20, 2020 2 FULL SENTENCE OUTLINE I. Introduction and Definition of Inventory Management A. Thesis Statement: Using simulation optimization, RFID, centralization, vendor managed inventory, outsourcing, and the Kanban method for inventory management can optimize or reduce costs associated with inventory management, maximize service levels, increase the production rate of pharmaceutical companies, reduce holding costs, boost screening rate, lower the medical selling price, and reduced wastage of resources. Rising costs of healthcare services, rapid growth in the demand for diagnostic systems and drugs, and low patients’ satisfaction are major issues that are faced by nearly every healthcare provider in the United States. B. Definition: Inventory from operations perspective is the acquisition and storage of materials that the use is deferred to the normal operating cycle (Langabeer & Helton, 2016). Thus, healthcare managers must define proper strategies to control costs related to inventory management and guarantee the safety stock for their facilities. 1. To remain competitive and viable, hospitals should establish efficient strategies systems pertaining to materials management processes. 2. Hospitals’ materials management tackles information related to patient replenishment demands, to supply chain and shipping and handling activities (Lambiase, Miranda, Riemma, & Sarno, 2013). a. The need to reduce costs by creating efficiency inventory management strategies has been on the rise over the past three decades. 3 FULL SENTENCE OUTLINE b. Inventory managers have a list of responsibilities such as inventory utilization, order fulfillment efficiency, revenue management and operational effectiveness. One of the most important is inventory c. The new trends in the hospital inventory management focus on improving efficiency, cost-effective, and cost reduction. C. Inventory management guarantees product availability with the need to control costs and therefore improves customer services. 1. Cafeterias and meal delivery services (in healthcare and all over) must effectively maintain their inventory management so as not to waste food or money 2. Technological advancements have aided in inventory management, as many hospital cafeterias use electronic tracking systems for their food and meal delivery systems, which have proven to reduce food purchases by 5% (saving money and food) (Brown et al., 2012). WSSU BUSI 611 Inventory Management Strategies for Healthcare Research D. Supply chain and logistics management plays an essential role in traditional industries, more importantly in the healthcare sector (Kritchanchai, Kritchanchai, Hoeur, & Tan, 2019). 1. Operation Rooms (OR) are responsible for about 60% of the total costs associated with hospitals; two major factors in cost reduction in the OR are the planning and appropriate distribution of available resources and the proper management and inventory of surgical supplies (Ahmadi et al., 2018) 2. To reduce costs and minimize inventory, surgeons should focus on the tools required to perform the daily activities instead of creating their lists of “just in 4 FULL SENTENCE OUTLINE case” tools (Ahmadi et al., 2018) which raise the cost of inventory and therefore of surgery and therefore of healthcare. a. When surgeons overstock, they are generally taking from the inventory stock and piling things up in the OR even though they might not even have to use it. b. When data is run, the amount of inventory needed for the OR cases can quite be predictable (Cardinal Health, 2013). 3. Hospitals must also be aware, in regard to surgical inventory costs, that reusable surgery tools (which must be sterilized between each use) need to be stocked enough that the surgeons can perform their jobs safely and efficiently, but not overstocked to lead to excess costs. By communicating with surgeons first-hand, inventory management specialists can more accurately determine how many tools need to be ordered and stored (Diamant et al., 2017). II. Types of Inventory Management A. Use of RFID in Inventory Management for Healthcare 1. RFID helps in tracking inventory and providing real-time information about stock levels, thus delays, costs of human interventions, and holding costs. 2. RFID enhances optimization of warehouse space and efficient tracking of stocks that reduce the costs of operations. B. Outsourcing of Inventory Management 1. Outsourcing and the collaboration model via a simulation technique offer a high cost-saving strategy. 5 FULL SENTENCE OUTLINE 2. Outsourced distribution networks enhance the efficient and effective flow of inventory from point of supply to point of demand, thus addressing issues of management inventory costs. C. Centralization of Inventory Management 1. Centralization, which uses a pull system, eradicates inventory delays and costs associated with the delays. 2. Centralization can be implemented internally to support optimal inventory management. D. Kanban method for Inventory Management 1. Using the Kanban method, which involves the use of careful and strict monitory of inventory items without engaging in a constant inspection, helps in reducing the costs of inventory by eliminating backlogs. WSSU BUSI 611 Inventory Management Strategies for Healthcare Research 2. The Kanban method is the best because it is transferrable and sustainable. E. Enterprise Risk Management 1. The first phase of an enterprise risk management (ERM) program is the identification of risks. 2. Accurate identification is essential to a proactive and effective ERM function. III. Benefits and Challenges of Inventory Management A. Inventory Management serves a variety of functions to ensure the smooth running and availability of products. B. Healthcare supply chain management has a significant impact on quality and financial improvement (Kwon, Kim, & Martin, 2016). 1. The supplier relationship management (SRM) tool for efficiency 6 FULL SENTENCE OUTLINE 2. The importance of inventory management during epidemic crises reveals the necessity to implement integrated systems (Paul, & Venkateswaran, 2018). C. The purchase of pharmaceuticals and medical supplies can be up to 35% of a larger corporation’s budget (Langabeer & Helton, 2016). 1. In 2009, hospitals spent $27.7 billion on drugs. A major goal of inventory management in healthcare must be to improve the medication inventory (Gebicki et al., 2013). 2. By paying attention to the specific cost, availability, and expiration date of each medicine, inventory can be used more efficiently to save the hospital money (Gebicki et al., 2013). 3. In order to save funds hospitals should attempt to ensure that they know the accurate cost of medications and not assume that it has decreased (Rostagi & Singh, (2019). 4. Stock-outs of essential medicines at the clinic level are an important and widely acknowledged public health problem (Leung, Chen, Yadav & Gallien, 2016). D. Tackling the biggest inventory management barriers 1. Procedures and services a. When in the OR inventory management can be ineffective, because there are a wide range of procedures being done. b. Staff cannot keep up with supplies once a procedure has been performed for the fact another might be scheduled behind it. 7 FULL SENTENCE OUTLINE c. Implementing technology that identifies what products are on the shelves can resolve issues from having too many products stocked, ultimately reducing variability for the enterprise (Cardinal Health, 2013). 2. Products that are obsolete and recalled are also making inventory management difficult. When products expire, they are no good and cannot be used anymore; a. If this is not being watched there could be lots of products that are expired with no new products being ordered. WSSU BUSI 611 Inventory Management Strategies for Healthcare Research b. If a product is recalled that can harm the preexisting stock since all of the product will need to stop being used and an alternative product will have to be used to replace it. 3. Running out of supplies can be hazardous in hospital settings. a. Running out of supplies can delay treatment (Iannone et al, 2013), b. Hospitals tend to have higher than needed supply on hand which can be financially challenging. IV. The Role of Technology in Inventory Management A. To improve efficiency and patient care, healthcare organizations introduced the real-time locating systems (RTLS) and the radio-frequency identification (RFID). High-precision indoor real-time location (RTLS) responds to many challenges in various sectors of activity (Kotzen, 2013). This has been utilized to inventory both equipment and staff. Utilization of this can decrease the need for “extra equipment” (Kamel & Berry, 2012). 8 FULL SENTENCE OUTLINE B. The use of RFID tags helps management locate products or medical devices by using radio waves to wirelessly identify the characteristics of that object. 1. Nurses scan the barcodes on medications before distributing them to patients. This allows the hospital to track the inventory of medication, as well as maintain the data of what to charge patients’ insurance for the medicine (Boulous & Berry, 2012). 2. RFID also helps to reduce theft of supplies, which reduces costs for inventory management. RFID can replace paper or manual logs, increasing efficiency of hospital staff, ultimately increasing profit for the hospital (Moslehpour et al., 2011). C. Centralization of Inventory Management 1. Centralization, which uses a pull system, eradicates inventory delays and costs associated with the delays. 2. Centralization can be implemented internally to support optimal inventory management. D. Kanban method for Inventory Management 1. Using the Kanban method, which involves the use of careful and strict monitory of inventory items without engaging in a constant inspection, helps in reducing the costs of inventory by eliminating backlogs. 2. The Kanban method is the best because it is transferrable and sustainable. V. Future Research and Conclusion A. Optimization simulation, RFID, centralization, outsourcing, and the Kanban method can minimize the hospital’s expiry rate, increase the production rate of 9 FULL SENTENCE OUTLINE pharmaceutical companies, reduce holding costs, boost screening rate, and lower the medical selling price. WSSU BUSI 611 Inventory Management Strategies for Healthcare Research B. Future studies should try to examine the effects of demand uncertainties on inventory management and workloads. 10 FULL SENTENCE OUTLINE References Ahmadi, E., Masel, D. T., Metcalf, A. Y., & Schuller, K. (2018). Inventory management of surgical supplies and sterile instruments in hospitals: A literature review. Health Systems,8(2), 134-151. doi:10.1080/20476965.2018.1496875 Bandi, C., Han, E., & Nohadani, O. (2019). Sustainable inventory with robust periodicaffine policies and application to medical supply chains. Management Science, 65(10),4636-4655. doi:10.1287/mnsc.2018.3152https://pubsonline-informsorg.ezproxy.liberty.edu/doi/pdf/10.1287/mnsc.2018.3152 Boulos, M. N., & Berry, G. (2012). Real-time locating systems (RTLS) in healthcare: A condensed primer. International Journal of Health Geographics,11(1), 25. doi:10.1186/1476-072x-11-25 Brown, T., Hernandez, D., & Vaughn, M. (2012). Work Smarter, Not Harder: Madigan Healthcare System Implements the Use of a Nutrition Management Information System to Decrease Food Purchases and Improve Inventory Control. Journal of the Academy of Nutrition and Dietetics,112(9). doi:10.1016/j.jand.2012.06.071 Buschiazzo, M., Mula, J., & Campuzano-Bolarin, F. (2020). Simulation Optimization for the Inventory Management of Healthcare Supplies. International Journal of Simulation Modelling (IJSIMM), 19(2). Cardinal Health. (2013). 10 barriers to effective inventory management. https://www.cardinalhealth.com/content/dam/corp/web/documents/whitepaper/CIMS_W hitepaper_10Barriers_Effective_Inventory_Management.pdf. 11 FULL SENTENCE OUTLINE Diamant, A., Milner, J., Quereshy, F., & Xu, B. (2017). Inventory management of reusable surgical supplies. Health Care Management Science,21(3), 439-459. doi:10.1007/s10729017-9397-3 Etges, Ana Paula Beck da Silva, Grenon, V., Lu, M., Cardoso, R. B., de Souza, J. S., KliemannNeto, F. J., & Felix, E. A. (2018). Development of an enterprise risk inventory for healthcare.BMC Health Services Research, 18(1), 578-16. doi:10.1186/s12913-018-3400 Frazier, S., & McComb, S. (2015). Sustainable and Transferable Inventory Management System for Small Healthcare Facilities. In IIE Annual Conference. Proceedings (p. 3054). Institute of Industrial and Systems Engineers (IISE). WSSU BUSI 611 Inventory Management Strategies for Healthcare Research Gebicki, M., Mooney, E., Chen, S., & Mazur, L. M. (2013). Evaluation of hospital medication inventory policies. Health Care Management Science,17(3), 215-229. doi:10.1007/s10729-013-9251-1 Guerriero, F., Miglionico, G., & Olivito, F. (2020). Inventory management strategies for the Calabrian hospitals system. RAIRO-Operations Research, 54(3), 795-813. Iannone, R., Lambiase, A., Miranda, S., Riemma, S., & Sarno, D. (2013). ModellingHospital Materials Management Processes. International Journal of EngineeringBusiness Management, Kamel Boulos, M. N., & Berry, G. (2012). Real-time locating systems (RTLS) in healthcare: A condensed primer. International Journal of Health Geographics, 11(1), 25-25. doi:10.1186/1476-072x-11-25 Kumar, D., & Kumar, D. (2018). Managing the essential medicines stock at rural healthcare systems in India. International journal of health care quality assurance. Langabeer, II, J. R. and Helton, J. (2016). Health care operations management (2nd ed.). Burlington, MA: Jones & Bartlett Learning. ISBN: 9781284050066 12 FULL SENTENCE OUTLINE Leung, N. Z., Chen, A., Yadav, P., & Gallien, J. (2016). The impact of inventory management on stock-outs of essential drugs in sub-saharan africa: Secondary analysis of a field experiment in zambia. PloS One, 11(5), e0156026. doi:10.1371/journal.pone.0156026 Moslehpour, S., Jenab, K., & Namburi, N. (2011). Smart RFID Based Design for Inventory Management in Health Care. International Journal of Industrial Engineering & Production Research,22(4), 231-236. Retrieved September 10, 2020. Rastogi, M., & Singh, S. R. (2019). An inventory system for varying deteriorating pharmaceutical items with price-sensitive demand and variable holding cost under partial backlogging in healthcare industries. Sadhana (Bangalore), 44(4), 1-10. doi:10.1007/s12046-019-1075-3 Priyan, S., & Uthayakumar, R. (2014). Optimal inventory management strategies for pharmaceutical company and hospital supply chain in a fuzzy–stochastic environment. Operations Research for Health Care, 3(4), 177-190. Saha, E., & Ray, P. K. (2019). Modeling and analysis of inventory management systems in healthcare: A review and reflections. Computers & Industrial Engineering, 137, 106051. … Get a 10 % discount on an order above $ 100 Use the following coupon code : NURSING10

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