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Proficient Hospital Inventory Management with FSN Analysis

20 Feb
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Proficient Hospital Inventory Management with FSN Analysis

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Healthcare organizations are well known for their need for stocks to meet their day-to-day needs. There is a high degree of volatility in stores when it comes to hospitals, for the healthcare services provided by them. It is crucial for the hospitals to manage their stocks, in and out, thereby attaining high value by avoiding misuse or wastage of the stocks at the hospital FSN analysis is a logistics and supply chain management technique, that is highly important to understand the stock requirement and availability. Nowadays, this FSN Analysis is carried out with a reliable Hospital Management System. A software that manages the hospital, can assist in inventory management, with its FSN analysis module.

FSN Analysis

 

The term FSN analysis refers to the concept of inventory management, which keeps track of fast-moving, slow-moving, and non-moving stocks. This is an objective of the logistics sector, that is applied to various industries where the stocks maintained, need to be managed properly due to multiple reasons like managing the inventory, saving costs, and maintaining customer satisfaction. 

 

This analysis is carried out in sectors like manufacturing, food and beverages, healthcare, etc., It is employed to track the available stock, manage demand and supply, and avoid obsolete stocks.

 

Fast Moving Stocks – This refers to the items in an inventory that are always in demand and keep moving. These items keep moving in and out of the inventory, and their rate of consumption is comparatively higher than the other items.

 

Slow-Moving Stocks – These items in the inventory are known to have low demand, but they are being used by the customers. Unlike the fast-moving stocks, these items are consumed lesser, meaning the space occupied in the inventory should be low too.

 

Non-Moving Stocks – This implies the stocks that have completely zero demand from the customers and could mean that there is no requirement to have this stock in the inventory.

 

Applying FSN Analysis in the healthcare industry:

Here are a few areas that are supported by applying FSN analysis in a hospital setup. 

Inventory Control: This is the main aspect of carrying out FSN analysis, as it involves the idea of managing stocks at the hospital, and also helps to prioritize based on the needs.

 

Cost Savings: The ability to analyze and know the fast-moving items, helps to negotiate better prices or discounts, at the time of purchase. Also having an idea of non-moving and slow-moving stocks helps to avoid unnecessary costs. 

 

Procurement Decision-Making: Analysing the inventory allows healthcare organizations to decide on the correct quantity of orders to place, thus avoiding overstocking or understocking. 

 

Obsolescence Management: Supervising non-moving items helps to avoid storing obsolete items in the inventory.

 

Customer Satisfaction: FSN Analysis guides to improve customer satisfaction by avoiding the risk of stockout.

 

Practical FSN analysis from the hospital management software:

 

A Hospital Management System has become an essential utility in a hospital setup, to manage every operation from day to day. It is effective in helping to carry out daily tasks without pressure, as all the activities, from appointment management to managing room availability, billing, and invoicing are handled from a single interface. As a feature, inventory management is also supported by the software, thus making it possible to manage stocks and avoid unwanted costs to the hospital. Thus, using reliable, up-to-date hospital management software is greatly helpful in managing the hospital’s stocks and thereby keeping up with customer satisfaction.

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