With the medical device distribution industry expected to grow 20.1% by 2020, we reveal some of the biggest medical device industry challenges and how a cloud-based, one system solution can overcome these problems.
Challenge One: Tracking Medical Devices
The growing number of medical devices with millions of product variations presents a challenge for the healthcare supply chain. With 6+ million medical devices on the market, information about these devices is often difficult to manage. Maintaining a medical device item master list often requires manual entry, leading to high risk of error, inconsistency, and incomplete data. Solution: The goal is to use an automated platform to identify, source, manage, document, track, and bill for device options.
Challenge Two: Excessive Waste
It’s been recorded that around $5 billion annually is wasted due to expired or lost medical devices – 45% of healthcare spending is assigned to supply chain. Solution: Reduce waste management and enable intelligent, informed purchasing decisions by gaining visibility of stock across all channels in real-time, including showrooms and warehouses, and track transfers between locations.
Challenge Three: Incomplete Records of Medical Devices
Many businesses rely on manual data entry to record information, which is a high risk strategy that can not only lead to incomplete records, but more challenges further down the line with reporting and billing. Product expirations and recalls need to be tracked in an efficient and timely manner, from inventory to clinical use and follow up. Solution: You need the correct information at your fingertips to notify clinicians and supply chain personnel for the next steps in the process.
Challenge Four: Lack of Information and Data to Make Smart Purchases
Disparate data creates inefficient business processes and makes it difficult to make informed decisions. Many medical device distributors find that their information lacks structure, is incomplete, and often unavailable when needed. Solution: Real-time reporting from one single source to drive business processes, support smart decision making, and harness the power of data like never before.