Missing equipment makes it difficult to complete most jobs. But in the world of healthcare, it’s about more than getting the job done. Locating critical assets like infusion pumps and ventilators could be the difference between life and death.
Even if your organization doesn’t perform life-saving procedures, tracking assets prevents the theft and loss of expensive medical equipment. It also helps you keep essential inventory in stock, reduce waste, and facilitate resource allocation for better patient flow. And for organizations that manufacture healthcare-related goods, effective asset tracking helps meet strict FDA requirements.
Here’s how healthcare asset tracking benefits your business — and the people who count on you to keep them well.
What is healthcare asset tracking?
Healthcare asset tracking is the systematic process of managing the location and status of various healthcare equipment and supplies. Knowing where these assets are helps you maintain operational efficiency, ensure items are available when needed, and reduce waste and mismanagement.
Here are some of the items healthcare organizations include in their asset tracking:
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- Pharmaceuticals: Many pharmaceuticals are sensitive to temperature and light, which is why it’s important to track their whereabouts and store them correctly. Asset tracking can also help ensure correct dosages.
- Medical supplies: Hospitals and clinics need a healthy supply of disposables like syringes, bandages, and IV tubing.
- Medical equipment: Medical machinery is expensive, and tracking equipment like IV pumps and imaging devices involves knowing their whereabouts and scheduling them for necessary maintenance.
- Lab specimens: Asset tracking helps maintain the chain of custody for blood samples, tissue samples, and other sensitive lab specimens.
- Personal protective equipment (PPE): Medical professionals always need gloves, masks, and other protective gear. Asset tracking includes maintaining supply and reordering when necessary.
- Medical waste: Knowing where sharps, biohazardous materials, and other hazardous substances are going keeps patients and staff safe.
- IT assets: Healthcare asset tracking also involves managing computers, mobile devices, and other IT equipment.
How does healthcare asset tracking work?
Tracking assets in hospitals, pharmacies, and clinics isn’t new. Before higher-tech tracking tools, staff would conduct manual inventory checks, record equipment usage and locations on paper logs or spreadsheets, and rely on paging systems to communicate when something went missing.
But these manual systems are time-consuming and prone to mistakes. Most organizations have moved beyond pen and paper, adopting tools like healthcare asset tracking software to monitor and manage equipment and supplies. Here are some common technologies modernizing tracking systems.
Barcodes
With a barcode system, each asset includes a physical code. Staff scan the item with a barcode reader when counting, moving, or otherwise tracking it. This method is low-cost, but it takes time and effort that many organizations can’t afford to lose.
Real-time location systems (RTLS)
RTLS uses a combination of technologies, such as Bluetooth, GPS, and ultrasound, to pinpoint asset locations in healthcare facilities or warehouses. This technology is especially useful in large hospitals where staff frequently move equipment.
Internet of Things (IoT)
IoT devices have sensors and software that collect and exchange data. In healthcare, IoT devices monitor medical equipment’s temperature, usage patterns, and maintenance needs.
5 benefits of healthcare asset tracking
Here are the key benefits of strategic healthcare asset management.
1. Optimized inventory management
Effectively tracking healthcare assets helps you maintain optimal inventory levels. This prevents overstocking, which is especially costly for items that expire if left unused for too long. It also limits stockouts so you always have the vital supplies you need.
2. Reduced operational costs
Healthcare organizations and manufacturers can use asset tracking to significantly reduce operational costs. Effective management prevents theft, misplacement, and spoilage — all of which lead to financial losses. Plus, creating an optimal maintenance schedule reduces downtime and repair costs for high-value assets like MRI machines.
3. Accurate asset usage and performance data
A successful tracking system provides detailed data on asset usage and performance, which is crucial for making informed decisions about maintenance, replacement, and utilization. Collecting accurate usage and performance data from things like surgical instruments helps determine the best times to sterilize or retire certain tools.
4. Enhanced patient care
Healthcare asset tracking ensures that essential medical equipment and medications are always available and in good working order. This directly contributes to improved treatment outcomes and patient satisfaction.
5. Regulatory compliance
Healthcare professionals understand the importance of adhering to the standards set by regulatory bodies like the Joint Commission and FDA. Healthcare asset tracking systems make compliance easier by providing accurate records of pharmaceutical and equipment usage, maintenance, and locations.
Common healthcare asset tracking challenges
The benefits of systematized healthcare asset management are clear, but that doesn’t mean it’s without challenges.
Implementation complexity
Deploying a comprehensive asset tracking system is complex and resource-intensive. It requires careful planning, integration with existing systems, and training staff for effective use and management. The initial setup, including tagging assets and configuring the software, can be time-consuming and costly, especially if you opt for an on-premises solution.
Network connectivity and security concerns
Healthcare asset tracking systems rely heavily on network connectivity, which means you need a robust, secure, and reliable network infrastructure. This prevents data breaches and ensures uninterrupted tracking. To protect highly sensitive patient data and comply with regulations, invest in secure networks and regularly update cybersecurity measures.
Healthcare-specific regulatory requirements
Regulations like the Health Insurance Portability and Accountability Act (HIPAA) protect patients, but they add extra steps to ensure compliance. The same applies to the FDA’s regulations for pharmaceutical companies and medical device manufacturers. An asset tracking system needs to meet the organization’s needs while maintaining patient safety and data privacy, and it can’t interfere with device operations — a difficult balance to maintain.
Implementation costs
While healthcare asset tracking leads to significant savings and efficiency gains, implementing more complex systems is expensive. Weigh the costs against the benefits, especially when paying for advanced technologies like RTLS and IoT. Set up your organization for a realistic return on investment. It may be worthwhile to start small and save money before investing in a robust system.
Data management
Tracking systems create massive amounts of data. And while it’s incredibly valuable, managing and interpreting it requires robust data management practices and tools. You also have to ensure the information is accurate, relevant, and secure.
Comprehensive asset tracking solutions
The right solution for your organization depends on several factors, such as the facility’s size and the assets you track. Here’s how Fishbowl can help.
Fishbowl Inventory
Fishbowl’s core software offers comprehensive inventory control, asset tracking, and order management capabilities. You can use it in a small- to mid-sized healthcare or manufacturing setting to:
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- Track medical supplies: Monitor stock levels of medications, PPE, and other consumables in real time to ensure availability and prevent shortages.
- Manage medical equipment: Fishbowl’s technology can show you the location, history, and utilization of expensive medical equipment.
- Optimize inventory: Set reorder points and automate replenishment to maintain optimal stock levels, reducing waste and minimizing storage costs.
- Streamline workflows: Fishbowl integrates with platforms like Dropbox, Salesforce, and all major carriers to automate inventory updates and improve efficiency.
- Integrate with QuickBooks to manage finances: Use a QuickBooks integration to seamlessly sync asset data with financial records for accurate accounting.
Fishbowl Manufacturing
Fishbowl’s manufacturing solutions are perfect for facilities involved with the production of medical devices or pharmaceuticals, helping you:
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- Track raw materials: You can monitor the raw materials necessary for the production process.
- Manage production schedules: Well-choreographed production schedules help meet demand and minimize waste.
- Track finished goods: When you manufacture medical devices or pharmaceutical products, Fishbowl tracks where they are and where they need to go.
- Achieve accurate reporting and analytics: Generate detailed reports on inventory levels, asset utilization, and maintenance history to identify trends.
Let Fishbowl take your healthcare asset management to the next level
Fishbowl’s inventory tracking solutions offer a comprehensive and flexible platform for healthcare asset management. By providing real-time visibility into asset location, usage, and other needs, Fishbowl helps you optimize resource utilization, reduce costs, and improve patient care.
Are you ready to level up your facility’s asset management? Schedule a demo of Fishbowl, the intuitive, scalable, and user-friendly inventory management platform.