It is the minimum quantity of supplies set apart as an insurance against variations in supply and demand. 12/18/2013 4 PowerPoint Presentation: Since these resources are idle when kept in the stores, inventory is defined as an idle resource of any kind having an economic value. Most web browsers block content or generate a “mixed content” warning when users access web pages via HTTPS that contain embedded content loaded via HTTP. Ampicillin 1 gm is 2000 units , The cost of placing order ( Oc ) is Rs.   Embed: Healthcare sector is growing rapidly because of emerging two tier and three tier cities, addition of new hospitals. Thus inventory management is the process of deciding what and how much of various items are to be kept in stock at optimum overall costs to the health care system. We also offer building cleaning services as a part of our building management services. EOQ is a tool for the same. 12) By improving the buyer seller relationship, selecting the right source of supply in terms of location, quantity/quality etc. 3) HML :- - Commonly used for management of consumable items. And they’re ready for you to use in your PowerPoint presentations the moment you need them. The most expensive item is at the top followed by the next less expensive and the cheapest item which has consumed least amount will be at the bottom. Misc Administration handles the buisness. Know the real-time location of each for efficient inventory and recall management. HTTPS (Hypertext Transfer Protocol Secure) is a protocol used by Web servers to transfer and display Web content securely. The direct cost is the higher price we pay for procuring a substitute from an alternate source. Importance of Hospital Inventory Management in the Healthcare Industry. Distance Education Post Graduation Program in Aviation Management. Inventory control is a scientific system which indicates as to what to order, when to order, and how much to order, and how much to stock so that purchasing costs and storing costs are kept as low as possible. 4) A well designed and defined Inventory Control system . It uses a variety of data to keep track of the goods as they move through the process, including lot numbers, serial numbers, cost of goods, quantity of goods and the dates when they move through the process. Adopting Automated Inventory Management Systems. If get exposed to hot, humid and hostile weather and storage conditions lead to disintegration, colour changes , growth of fungus in glucose-saline bottles etc. F-S-N analysis is specially useful to control obsolescence, spillage and deterioration in all kinds of items. Maintenance 9. Or use it to create really cool photo slideshows - with 2D and 3D transitions, animation, and your choice of music - that you can share with your Facebook friends or Google+ circles. That places an additional burden on your hospital p… The report is covered in 150 pages covering 5 major players in the industry. This research will investigate blood inventory management in a hospital, and develop a mathematical model to manage blood … The organised event industry in India is estimated to be over Rs. - Global Facility Management is a leading provider of integrated services specializing in multi-unit, commercial & healthcare spaces. Thus the order point is the minimum level and the combination of the order point and the total order quantity is the maximum level. This is greatly influenced by lead-time. WWII Christmas tree problem (Newsboy problem) Whitin’s stochastic extension of the EOQ model. It’s rarely one-size-fits all, and you can’t settle for … Other terms related to hospital include hospice. Types of Inventory Control System cont… 12/18/2013 72 Double Bin system: Double Bin system Types of Inventory Control System cont… 12/18/2013 73 PowerPoint Presentation: None of the above systems are exclusive or foolproof, particularly when we cannot control the procurement time and the market availability of the items. The aim is to reduce this cost without compromising with the quality of supplies (drugs). Goods Order Inventory System Pro is an advanced and highly sophisticated software, which is being utilized as a hospital inventory management system by many le… Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Types of Inventory Control System cont… 12/18/2013 67 PowerPoint Presentation: Basically the “min/max " approach relies on the combination of two factors: ( 1) the order point, and ( 2) the total quantity to be ordered. Outsourcing of Clinical Engineering Functions: If a CE management firm will be assuming responsibility for the maintenance of clinical equipment, an accurate inventory is vital to ensure the department is staffed with the necessary technicians. In the Ideal model, drugs are issued in response to demand and the stock on hand steadily declines until the point at which an order must be placed. - MBA in Healthcare Management involve in quality healthcare services and making them more accessible for a larger population. Hence in simpler terms inventory may be defined as list or stock of items in store, which one can count, measure or weigh. User training 7. Inventory Costs Carrying cost • cost of holding an item in inventory Ordering cost • cost of replenishing inventory … The figures can be expressed in days, weeks, and months. To prevent users from facing this, Use HTTPS option. Such an analysis enables the administrator to give more attention to vital and essential items. Do you have PowerPoint slides to share? May be that is the reason that the business world says- Inventories are yard of business or the necessary evils as they drain out the company's profit. - Title: INTRO TO INVENTORY MANAGEMENT Author: Preferred Customer Last modified by: nerimj Created Date: 5/28/1995 4:18:48 PM Document presentation format, - Subhas Bose Institute of Hotel Management is known as the best hotel management college in Kolkata to get skilled with professionals. There is usually an inverse relationship. - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. • Supplies management – significant costs involved 30-40% of the average hospital’s budget (Neil, 2005) • Many different supplies • Many different locations • Little or no visibility of inventory at point-of-use • … How to Reduce Inventory cont… 12/18/2013 35 PowerPoint Presentation: 10) Standardization and variety reduction. With advanced information technology and modern management concepts, supply chain management will fully optimize some aspects ,such as patients healthcare, healthcare service delivery model, controlling … Quickly locate a complete list of equipment – by category or status (in use, soiled, or clean). The operational definition of inventory would be the amount of raw materials, fuel and lubricants, spare parts and semi-processed material to be stocked for the smooth running of the plant. Main Functions Planning and organizing, 9. Below are four of the biggest hospital inventory management issues. This system permits ordering the optimum quantity of each item required. 12/18/2013 77 PowerPoint Presentation: Thank You!!! 12/18/2013 48 Methodology for ABC analysis: Methodology for ABC analysis i )Work out the annual consumption cost of each item/drug . 12/18/2013 61 F-S-N Classification: F-S-N Classification The classification of the items is based on the consumption pattern or the movement of the items from the store. For example, an excess … Inventory control it is an important aspect of material management. The probable delay (D) is estimated from the past experience and graded as Dl (Least delay), D2 (mean delay), and D3 (maximum delay). There are essentially two types of retail separated by how and where a sale takes place. K1, K2 and K3. And, best of all, most of its cool features are free and easy to use. The rising of drugs and medical supplies cost directly affect the total expenses of the hospital. - http://thehotelschool.com | The Hotel School in Delhi offers different types of Hotel Management courses , they also put special emphasis on culinary arts. 10,00,000. First, online retail (eCommerce) where the purchase takes place digitally. Introduction to Inventory Management 1.1.1. A combination of V-E-D and X-Y-Z methods may give some indication about the items that should be disposed off so as to trim the inventories. Quality of supplies set apart as an insurance against stock outs f-s-n classification exercise will in! Following manner good inventory management calculated by multiplying the average estimated consumption during (... Change in import duty/custom duty specially before the budget well as in the industry ordering the quantity! Challenge is in holding enough stock to ensure a high level of in. 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