Lost revenue and time due to error-prone consignment inventory management are serious issues for manufacturers of high-value medical devices. Implementing an error-free and cost-effective remedy to more accurate stock control is closer than you think.
Worldwide sales of some medical devices have fallen by more than 11% and medical budgets have been pushed to their limits in 2020. Keeping track of devices at their point-of-storage as well as their point-of-use has never been more critical to realizing their full value to manufacturers in terms of revenue, and medical staff and patients in terms of safety compliance.
By having a clear picture of where medical stock is and when it is used, manufacturers can manage hard-pressed budgets more successfully, and also release highly trained staff from the time-sapping pressures of manual paperwork or the task of tracking down lost stock on shelves that haven’t been restocked. Not to mention the improvement in patient safety.
Facing a global challenge
The trials facing inventory management are widespread and some of the statistics are staggering. The Nursing Times suggests that nurses in the UK spend the equivalent of one week in every month hunting down equipment and supplies. In 2016, more than $50,000 of stolen equipment was found being resold online after disappearing from a single institution in New York. From a medical device manufacturer’s perspective specifically, sales representatives can spend as much as 30%-40% of their time on consignment tracking and administration, rather than promoting or selling.
As manufacturers know only too well, when mistakes are made and stock is lost, they don’t get paid. And as well as balancing budgets, medical organizations also have to consider their legal obligations regarding the traceability of medical devices. What is needed for both parties is a faster, more accurate method of consignment tracking which doesn’t literally cost an arm and a leg!
More accurate stock tracking with a single device
Smartphone scanning, gives you error-free medical device tracking at point-of-storage through to point-of-use, providing a seamless trail from consignment delivery to patient sheets. What’s more, by using Scandit computer vision software, all of this data can be collected easily, reliably and efficiently with your own smart device.
By making use of the familiar technology in your pocket, Scandit’s software transforms any mobile device into a powerful enterprise-grade scanner. Operation is simple and ergonomic, and there’s no need for expensive, maintenance-heavy Bluetooth or RFID
Scandit computer vision software is deceptively clever. Using a single smartphone device, you can accurately scan, read and parse UDI labels, GS1 or HIBC with any barcode symbology and even serialized non-barcoded products in any hospital or storage condition, including low light, glare or when products are tightly packed on a shelf.
With a scanning range comparable with the best dedicated devices, a smartphone equipped with Scandit scanning software can easily scan and parse data from products located on the top and bottom shelves without excessive stretching or bending. The addition of augmented reality visually displays critical information such as GTIN, LOT and expiry dates. There’s no reason to ever lose or waste a medical device again.
Watch Scandit in action:
Saving time and money with a single scan
The fast-moving pace of a hospital environment requires multiple products to be stored in various different locations, making inventory management time consuming and costly.
With Scandit’s MatrixScan, you can capture multiple UDI labels in a single scan, accurately recording the content of an entire medical shelf or a patient sheet at once. In the same way as RFID but more accurately and without the need for extra equipment.
By digitalizing patient sheets after surgery, clinicians save precious time compared to the tedium of inputting product codes manually. Stock is automatically replenished correctly and immediately so there’s less risk of lossed stock or revenue.
As well as saving time, smartphone scanning is an ideal opportunity for medical device manufacturers to lower their total cost of operation, while still experiencing the same speed and convenience.
The management and maintenance of Bluetooth scanners and RFID equipment can be excessively costly. The investment required for Scandit’s computer vision technology is far less as it can be integrated easily on any smart device and on any existing system. Smartphones are less costly to maintain and/or replace, and with most staff familiar with their operation, training costs for their usage are minimal.
The proof is in the performance
Barcode scanning has been proven to eliminate errors and reduce costs associated with medical consignment tracking. For example, Miami’s Veteran Affairs Medical Center believes such an approach has enabled a saving of between $5,000 and $10,000 each month, simply by allowing the prioritization of products close to expiry date, therefore reducing waste.
Scandit offers the most robust and accurate way of achieving the same result simply using everyday smartphones. Our award-winning SDK is easily integrated with any system and adds high-performance barcode scanning, optical character or text recognition (OCR) and augmented reality (AR) to native mobile apps, on any smart device.
If you are keen to improve the efficiency and accuracy of your medical consignment tracking, contact us to find out how easy it is to apply Scandit computer vision technology to smart devices.