Infuse Value in Hospital Procurement – VIZI by Medikabazaar

The hospital Industry faces a lot of challenges, the prominent ones being regulatory, pricing, profitability, procurement, clinical and manpower. The biggest and most prominent out of these is procurement.

Let’s understand the importance of procurement from patient care and business cost perspectives through a survey finding by Cardinal Health, one of USA’s leading medical supplies aggregators. The result is thus: 40 percent of surgeries get cancelled due to inventory stock-outs. That’s 4 in every 10. The second fact is this: procurement is going to be a hundred-billion-dollar industry soon.

Adverse effects on patient care due to inventory shortage is reflected in the balance sheets as patients lose trust and find other solutions. Footfalls decrease. Excess inventory stored due to fear of this scenario wastes space and strains the budget. Hospital staff also spend a lot of time in manually checking and counting inventory to figure out required medical supplies. Time equals money as well.

So the key point is this: hospital inventory management is the biggest player for hospitals to reduce costs and enhance patient care. In the post-COVID era where profitability is affected due to a multitude of reasons as well, the only way forward for hospitals right now is cost-effective operations. And this is where VIZI by Medikabazaar, a smart hospital inventory management system, comes into the picture.

MEDIKABAZAAR’S BRAINCHILD: VIZI

Right now one of the early tools developed to maintain optimum inventory levels is VIZI, a winner of the BW Disrupt TechTor Award 2020. It is a hospital inventory management system based on Artificial Intelligence and Machine Learning designed to produce accurate stock projections. A standalone product of Medikabazaar, India’s largest online B2B portal for medical supplies, VIZI enables control over medical supplies inventory through features like actionable purchase lists, recommended safety stock, ability to raise requests for quotations, and buying online. In a nutshell, it tells hospitals what, when and how much medical supplies to buy, and solves the problems of untimely and manual procurement, stock-outs and excess stock by maintaining optimum inventory levels.

VIZI can perform the following functions:

  1. Manage unpredictable consumption patterns to maintain right stock levels
  2. Manage inventory intelligently by procuring on a timely basis
  3. Generate alerts on reserve/safety stock to avoid stock-out situations
  4. Minimize returns and procedure cancellations
  5. Avoid stock excess, shortage and expiry

HOW IT WORKS

Like charm, we would say. Here is the simple process to kick-start VIZI into action:

  1. Upload your historic consumption data
  2. This data set will then be analysed by VIZI
  3. You will then download the projections

Your actionable purchase list is ready for you to purchase supplies!

TO CONCLUDE

Global giants like Toyota have implemented methods like Kaizen, and their lean inventory does wonders for them. The business world is replete with many such examples where technology has changed traditional ways for the better, permanently.

Inventory management is a gap which has the potential, if plugged correctly, to improve both profitability and level of care. The future of healthcare lies in data-driven analysis and decisions and especially in the unstructured Indian healthcare infrastructure, the most critical problems cannot be solved with conventional, incremental thinking. Path-breaking health-tech solutions are the way forward for the Indian healthcare infrastructure in the face of the new normal.

Solving this one crucial problem can unlock savings up to 30% of your hospital’s supply procurement cost. VIZI is the tool you need to improve your procurement planning process using structured, reliable and accurate data projections.

Learn more about VIZI – Hospital Inventory Management System through the link and schedule a free 30-minute demo with us to know our limited period offer.

Contact us for the same at info@medikabazaar.com or +91 9707232323.

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