HCM 542 CT 6

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Colorado State University, Global Campus *

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542

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Health Science

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Jan 9, 2024

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docx

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MANAGED INVENTORY WORKFLOW Managed Inventory Workflow Jessica Cook Colorado State University Global HCM 542: Healthcare Operations Management Professor Michelle Oddi December 24, 2023 1

MANAGED INVENTORY WORKFLOW 2 Managed Inventory Workflow Managed Inventory A process that aids the healthcare organization is with the used of a vendor managed inventory. The organization should be able to use more time to care for the patients and the vendor managed inventory will help place the focus of inventory levels in the hands of the supplier (Langabeer et al., 2021). The important piece that the healthcare organization will play is monitoring and maintaining up to date data, as shown in the workflow diagram. To understand the flow, it all begins with understanding what products the organization will need. Then the organization can begin bidding with multiple vendors, request information from the vendors, then submit proposals from selected vendors (Langabeer et al., 2021). Once the proposals are returned, quotes can be reviewed, which then leads to contract development. The contract will then be reviewed by both parties and signed. Now the supplier will help manage the inventory levels and handle shipping and shipping dates to deliver the products to the healthcare facilities.

MANAGED INVENTORY WORKFLOW 3 Vendor managed inventory has become very popular amongst various industries (Beheshti et al., 2020). For accurate data management the healthcare organization will work with the supplier to establish a series of elements to maintain inventory. The elements involve establishing the minimum inventory level of products, and the agreement for the supplier to maintain the ordering. Data is easily managed through a database over the internet and the supplier can simply write up the orders for the organization. Once the order has been verified by both parties, the items are prepared and shipped (Beheshti et al., 2020). The buyer generally has the option to pay for the order electronically. When the order is generated, the invoice will include all the necessary data. To include purchase order, order date, supplies, process, description of the items, quantity, price, and the date when shipped. Managing inventory in healthcare cannot always be as streamlined as the organization hopes, as the needs of the patients can change dependent on current conditions, such as COVID. It is important to understand the areas that can affect the inventory levels in the healthcare organization (Saha et al., 2019). First is the ongoing change in the condition of each patient, such as a change in treatment or procedure. Some patients may stay longer or shorter in the hospital than planned, which affects the number of supplies used. Some physicians practice differently and have some slight variations in treatment (Saha et al., 2019). Just a few components that show how healthcare influences can vary and have different effects on inventory levels. There are some benefits to consider as well when utilizing a vendor managed inventory. In this platform the inventory is maintained through software programs which help reduce the potential of human error when maintaining the manual inventory counts (Eswap, 2022). More of the responsibility now falls on the supplier, thus reducing the stress to monitor levels and reducing the fear of running low. A nice component is a reduction in costs, such as labor, as staff

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