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Questions and Answers
What does a Stock Out Rate of 8% indicate about the inventory?
What does a Stock Out Rate of 8% indicate about the inventory?
How does improper management of inventory impact a facility?
How does improper management of inventory impact a facility?
What is a primary feature of a computerized inventory system?
What is a primary feature of a computerized inventory system?
What is the role of Stock Locator Systems in inventory management?
What is the role of Stock Locator Systems in inventory management?
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Which of the following statements about inventory systems is incorrect?
Which of the following statements about inventory systems is incorrect?
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Why is effective space utilization crucial in inventory management?
Why is effective space utilization crucial in inventory management?
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What type of information do manual inventory systems typically keep track of?
What type of information do manual inventory systems typically keep track of?
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How does inventory serve a role similar to cash in a facility?
How does inventory serve a role similar to cash in a facility?
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What is a significant disadvantage of computerized inventory systems?
What is a significant disadvantage of computerized inventory systems?
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What is an essential factor affecting the Stock Out Rate calculation?
What is an essential factor affecting the Stock Out Rate calculation?
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Study Notes
Inventory Management Overview
- Effective inventory management is crucial for healthcare services, ensuring adequate supplies while controlling costs.
- Inventory includes reusable equipment and consumable items used to provide patient care.
Types of Inventory
- Consumable Inventory: Items bought, used, and discarded (e.g., cleaning supplies, disposable wrappers).
- Reusable Inventory: Relatively inexpensive items like medical devices that can be reused.
- Capital Equipment: High-cost assets requiring careful purchase planning (e.g., sterilizers).
Inventory Management Goals
- Prevent stock outs of essential supplies to ensure uninterrupted patient care.
- Manage inventory efficiently to control operating costs and quality of care.
- Address both official (recorded in balance sheet) and unofficial inventories (found in various storage areas).
Inventory Challenges
- Too Much Inventory: Leads to excessive cash tied up, risk of damage/obsolescence, and increased management requirements.
- Too Little Inventory: Causes supply shortages, emergency purchases, and can negatively impact patient care.
Financial Aspects of Inventory
- Facilities spend around 30% of operating budgets on consumables, representing an average of 50 days of usage in inventory.
- Unofficial inventory often exceeds official inventory in value.
Storage Standards
- Storage areas must remain clean, with packages protected from contamination and damage.
Inventory Control Systems
- Requisition Systems: Users request items from a central storage location.
- Case Cart Systems: Prepared carts for specific procedures in the operating room.
- STAT Orders: Immediate needs for supplies signified by the term "Statim."
Automated Inventory Tracking
- Utilizes bar codes and RFID for accurate inventory management.
- Bar Codes: Rectangular patterns representing information for tracking.
- RFID: Wireless identification system transmitting information via radio waves.
Inventory Control Techniques
- ABC Inventory Control: Focuses effort on high-value items (A Items) more than low-value items (C Items).
- Min/Max System: Orders initiated when minimum stock levels are reached.
- Just-in-Time (JIT) System: Maintains minimal stock, receiving deliveries as needed.
- Consignment System: Inventory stored by suppliers; costs incurred only upon usage.
Cost Considerations
- Total acquisition costs include purchasing price, storage, disposal, theft, and obsolescence.
- Emphasis on managing these costs without compromising quality.
Inventory Turnover and Service Levels
- Inventory Turnover Rate: Frequency of inventory purchase and replacement within a year.
- Service Level: Percentage of items readily available when orders are placed (e.g., a service level of 92% means 92 out of 100 items are in stock).
- Stock Out Rate: Percentage of items unavailable upon ordering.
Information Systems for Inventory Management
- Proper inventory management is vital as inventory equates to cash.
- Manual Systems: Utilize cards with detailed item information.
- Computerized Systems: Process transactions quickly and provide organized, useful data for decision-making.
- Stock Locator Systems: Assign specific locations for all items to streamline tracking.
Space Utilization Techniques
- Effective space management is critical, as storage space is often limited in healthcare settings.
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Description
This quiz covers the key concepts of inventory management outlined in Chapter 17. Students will explore various inventory replenishment systems including par-level, automated supply systems, and requisition systems. Successfully completing this quiz will enhance your understanding of sterile storage and transport in healthcare settings.
