Benefits for Healthcare Management
MedTrac gives managers the ability to create evidence based savings. As an example, improvements in supply chain management solutions provide a largely untapped source of savings and improved efficiency in the UK health sector. A report undertaken by McKinsey on behalf of the UK Department of Health highlighted that "although significant savings have already been captured, there is still an opportunity, estimated at £1.1–1.9 billion ($2.5-$3M), which could be realized through procurement savings. We estimate that £300 million ($400M) of this could be achieved by the elimination of waste in the NHS through over-ordering, simply by introducing effective supply chain improvements alone."
Benefits for Finance
MedTrac enabled one NHS Trust to achieve a recurring 10% cut in overtime, while another captured one-time savings of £600,000 ($790M) through rationalizing its stock levels. By optimizing inventory, hospitals can increase the number of turns, cut cash-to-cash cycles and free money tied up in inventory. This brings substantial increases in working capital and cash flow. By automating the ordering process, hospitals reduce manual effort and free up staff time. This can be in the order of 1.5 hours per day for nurses, who are freed from unnecessary responsibilities.
Benefits for Procurement
MedTrac transforms requisitioning, making the process simpler, quicker and more efficient as well as reducing errors. By knowing what’s in stock, and when it will expire, you can cut inventory write-offs significantly. Having the ability to track items from delivery to patient, means staff can identify bottlenecks and shift spare items to where they are needed. Improved information also helps optimize the frequency, size and contents of consignments and the potential benefits of bulk buys.
Benefits for Clinical Staff
To provide high-quality patient care, clinicians must have the right items available exactly when and where they are needed. MedTrac replaces manual procurement systems with automated ones that meet the demands of sophisticated healthcare organizations. Knowing exactly where items are is a significant source of confidence for clinicians. It also saves the time so often wasted in searching for equipment or supplies. In addition, better control over stock levels and automated ordering improves staff productivity.
Benefits for Suppliers
Well managed medical supply chains provide more accurate product information when orders are placed. Setting consignment levels is straightforward – reducing the amount of emergency orders. Healthcare providers using the MedTrac Consumption Management solution have enhanced visibility into their consigned stock positions right down to the lot and expiration level. This enables better collaboration between parties, reduced stock management efforts and fewer write-offs.
"Using MedTrac has meant that staff has more time to spend running the department and caring for patients rather than concentrating on inventory management and stock control"
- North Bristol NHS Trust