Build Your Own Efficient Hospital Inventory Management Software

It must take a lot of effort to manage and track supplies like medicines, medical equipment, and more with so much going on in a hospital setting, right? Wrong! 

Any sufficiently big hospital uses powerful hospital inventory management software to streamline day-to-day tasks like inventory tracking, placing new orders, ensuring proper distribution, managing overstocking and stockouts, and getting rid of expired supplies. Capable of providing real-time figures related to stock levels and usage patterns, hospital inventory management software is a special category within healthcare management software that helps facilitate smooth operations. 

In fact, according to a recent report from Verified Market Reports, the healthcare inventory management market size is expected to reach $6.45 billion by the end of the year 2030! 

Not sure how healthcare IT services like hospital inventory management software development may benefit your medical business? This blog is for you! 

A Primer on Hospital Inventory Management Software 

Healthcare inventory management software solutions are specialized tools built for the healthcare industry. These tools make tracking, management, and optimization of supplies, equipment, pharmaceuticals, and pretty much everything in between as easy as it gets. In addition to streamlining a plethora of processes in the healthcare industry, these software solutions can also be integrated with other systems like electronic medical records and electronic health records to impact several medical processes positively. 

As per a Yahoo! finance report, the market that caters to healthcare software for medical businesses is expected to cross $30 billion by 2028. Amazing, isn’t it? And these numbers also highlight the increasing demand for healthcare IT services. 

Hospital inventory management software helps ensure timely access to important medical supplies to enhance patient care and operational efficiency – all while maintaining minimal waste and costs and keeping regulatory compliances in check. 

Architecture of HIMS 

The architecture of hospital inventory management software integrates various components and systems to create a cohesive and efficient ecosystem. This architecture ensures real-time tracking, optimal inventory levels, and seamless operations across the healthcare facility. Below are the key components and their roles within the ecosystem: 

RFID Tags and Readers 

RFID, more commonly known as Radio Frequency Identification, tags are attached to inventory items, enabling real-time tracking and automatic identification. RFID readers placed at strategic locations within the hospital capture data from these tags, providing accurate inventory counts and locations. 

Mobile Hospital Apps 

Mobile apps provide on-the-go access to the inventory management system for hospital staff. These apps enable functionalities such as checking inventory levels, placing orders, and receiving alerts. Mobile accessibility ensures inventory management is efficient and responsive to the hospital's dynamic needs. 

Business Intelligence & Analytics Tools 

BI and analytics tools are crucial for generating insights from inventory data. These tools help in trend analysis, forecasting, and decision-making by providing comprehensive reports and dashboards. Analytics enable hospital administrators to optimize inventory levels, reduce waste, and improve overall efficiency. 

EDI to API Connectors 

Electronic Data Interchange and API connectors facilitate seamless integration with external systems. These connectors enable data exchange between the inventory management software and other hospital systems such as Electronic Health Records, Laboratory Information Systems, and suppliers' databases. This integration ensures data consistency and streamlines procurement processes. 

Electronic Health Records 

The EHR system stores patient information and clinical data. Integration with the inventory management system ensures that inventory usage is linked to patient care, allowing for accurate tracking of supplies used per patient and aiding in cost management and billing. 

Laboratories, Insurers, & Clearinghouses 

Integration with laboratory systems ensures that laboratory supplies are tracked and managed efficiently. Connectivity with insurers and clearinghouses facilitates the billing and reimbursement process, linking inventory usage directly to patient care and insurance claims. 

Clinicians & Physicians 

Clinicians and physicians interact with the inventory management system to requisition supplies and ensure availability of necessary medical items. Their input helps in maintaining appropriate stock levels and ensuring that patient care is not disrupted due to inventory shortages. 

Medical Equipment Suppliers 

Suppliers provide the necessary medical equipment and supplies. Integration with suppliers' systems through EDI or API connectors ensures timely replenishment of stock, automated reordering, and real-time updates on order status. 

Implementation of this Ecosystem 

The ecosystem of hospital inventory management software encompasses all these components working together to create an efficient and responsive system. At the core are the hospitals that utilize this system to manage their inventory effectively, supported by seamless integration with various stakeholders, including laboratories, insurers, clearinghouses, clinicians, and medical equipment suppliers. 

This integrated architecture ensures that hospital inventory is managed in real-time, reducing waste, optimizing stock levels, and ultimately improving patient care. By leveraging advanced technologies like RFID, mobile apps, BI tools, and integration connectors, hospitals can maintain a streamlined and efficient inventory management system. 

7 Reasons for Businesses to Invest in Hospital Inventory Management System Development 

There isn’t just one but several reasons why medical businesses are heavily investing in the development of hospital inventory management systems. Let’s take a detailed look at each of these benefits. 

Enhanced Accuracy & Efficiency 

Hospital inventory management software automates several tasks like stocks level tracking, supply reordering, and managing expiration dates to streamline all kinds of processes involved in hospital inventory management. In addition to reducing the room for human error, the software also ensures that the inventory data is always up to date for accuracy and efficiency. 

Significant Cost Savings 

Healthcare inventory management software, just like inventory management software in any other industry, helps with optimization of inventory levels as well as reducing waste – all leading to significant cost savings. Designed to prevent stockouts and overstocking, these solutions minimize the risk of expired supplies to further drive these savings. 

More Personalized Patient care 

By maintaining optimum supply levels, healthcare inventory management systems encourage healthcare providers to focus solely on providing high-quality, reliable care for patients. Thanks to zero treatment delays because of proper availability of medical items as they are needed, patient outcomes automatically improve. 

Regulatory Compliance 

Healthcare is one of those industries that need to stick to strict regulations and standards, and that applies to healthcare inventory management software too. The systems ensure HIPAA compliance and adherence to other regulations concerning storing and handling medical equipment.  

Real-time Visibility 

By offering a real-time visibility into inventory levels and usage patterns, hospital inventory management software enables healthcare facility owners to make informed decisions when it comes to adjusting reorder points or reallocating resources. 

Optimized Inventory 

The real-time visibility and all its benefits put together ultimately empower healthcare providers to optimize their inventory levels to suit the needs and that too, without excess stock. The predictive and forecasting capabilities of these software solutions help ensure that you always have the right amount of stock readily available, leading to reduced costs and minimal risk of stockouts. 

Seamless Integration 

Custom hospital inventory management systems are designed to integrate with other healthcare apps. This integration smoothens cross-department communication and data sharing for improved workflow and collaboration within your healthcare facility. 

Since its inception, the healthcare industry has been among the top priorities of Seasia Infotech. Among our revolutionary work in the industry, there are hospital management software solutions, healthcare apps, and more. 

Key Features & Functionalities a Healthcare inventory Management System Must Have 

A hospital inventory management system is only as good as the features it has, and so, the key to achieving business efficiency and success is feature-rich software. Below is a list of features and functionalities you must include in your custom hospital inventory management software. 

Instantaneous Data & Reporting 

One of the most important features of hospital inventory management software, instantaneous data and reporting gives you access to real-time information about the inventory levels and anticipates changes.  

Expiry Date Tracking 

In addition to keeping track of the expiry dates of all items in the inventory, this feature also sets up automatic alerts to make the staff aware of when an expiry date is approaching. 

User Management 

Since details about a hospital inventory count as sensitive information, features that ensure security of this information by ensuring only authorized staff can access it are a must-have in a hospital inventory management system. 

Demand Forecasting & Planning 

By anticipating and forecasting the demand of specific items in your inventory, this feature optimizes the inventory levels to prevent stockouts or overstocking. It does so by analyzing historical data. 

Inventory Visibility & Tracking 

This lets hospitals track the changes in their inventory in real-time, offering a wider view of stock levels, their location in the inventory warehouse, and usage rates. 

Automated Stock Management 

Custom inventory management software should automate the reordering process by considering the predefined thresholds and ongoing usage patterns. This feature also eliminates the need for manual intervention. 

Third-party Integration 

You want your hospital inventory management system to integrate with your existing systems in a hassle-free manner for streamlined communication and data-sharing.  

Remote Accessibility & Management 

You want to be able to access your hospital inventory management system anytime from anywhere, and that requires remote accessibility. This feature enhances the responsiveness of your processes as well as improves decision-making. 

Custom Integrations for a Superior Hospital Inventory Management Software 

Custom integrations play a pivotal role in enhancing the functionality and efficiency of hospital inventory management software. By seamlessly connecting various systems and tools, these integrations ensure a cohesive ecosystem that supports real-time data exchange, streamlined operations, and improved patient care. Here’s an overview of key custom integrations: 

• EHR Integration: Facilitates tracking the flow of product use among patients, improving accountability and resource allocation. 

• Mobile Health Apps Integration: Allows for managing medical inventory on the go, providing flexibility and real-time updates. 

• Drug Management Systems Integration: Ensures the monitoring of the supply and usage of stored medication, supporting compliance and availability. 

• Procurement Software Integration: Makes stock replenishment seamless, automating the ordering process and maintaining optimal inventory levels. 

Other valuable integrations for your custom healthcare management software may include patient safety modules, regulatory compliance capabilities, compatibility with barcode scanning systems, and different billing and payment systems. 

Phases of Developing a Hospital Inventory Management System 

Developing hospital inventory management software involves several critical phases to ensure it meets the needs of the healthcare facility effectively. Here’s a concise overview of the development phases: 

1. Requirement Analysis 

The process begins with a detailed analysis of the hospital's inventory management needs. This involves consulting with stakeholders, including medical staff, administrative personnel, and IT experts, to gather requirements. Key elements to understand include inventory types (medicines, medical equipment, supplies), tracking needs, reporting requirements, and integration with existing systems. 

2. Planning and Design 

Once the requirements are gathered, the planning phase outlines the project scope, timeline, and resources. The design phase follows, where system architecture, database structures, and user interfaces are conceptualized. Prototyping might be used to visualize key components and get initial feedback. 

3. Development 

The actual coding of the software takes place in this phase. Developers build the system based on the design specifications, focusing on features such as real-time tracking, automated reordering, and user-friendly interfaces. This phase often includes regular iterations and testing cycles to ensure functionality aligns with requirements. 

4. Testing 

Thorough testing is conducted to identify and fix bugs, ensuring the software operates smoothly and securely. Testing phases include unit testing, integration testing, system testing, and user acceptance testing (UAT). UAT involves real users testing the system to confirm it meets their needs and expectations. 

5. Deployment 

After successful testing, the software is deployed in the hospital environment. This phase includes installing the software on hospital servers or cloud platforms, configuring settings, and ensuring integration with other hospital systems. Training sessions are conducted for staff to ensure they can effectively use the new system. 

6. Maintenance and Support  

Post-deployment, the software enters the maintenance phase where continuous support is provided. This involves monitoring the system for any issues, applying updates, and making improvements based on user feedback. Regular maintenance ensures the system remains reliable and effective in managing hospital inventory. 

Each phase is crucial to developing robust hospital inventory management software, ensuring it effectively supports the hospital's operational needs and enhances overall efficiency. 

Factors that will Make Your Hospital Inventory Management Software Stand Out 

Our software development experts believe there are two factors that play a significant role in ensuring the success of your hospital inventory management system: 

Compatibility with Mobile Devices 

When software is compatible with mobile devices, you save on tons of additional costs on the purchase of special equipment like barcode readers. For instance, nurses can use their smartphones to scan QR codes on medication packaging, instantly updating inventory levels without needing bulky equipment. 

Unparalleled Security 

Robust security features will ensure that you do not face any trouble in ensuring compliance with HIPAA or HITECH. For example, implementing end-to-end encryption for data transfer & multi-factor authentication for user access can significantly enhance security. Additionally, regular security audits and compliance checks help maintain the integrity & confidentiality of sensitive inventory data. 

When to opt for a Custom Hospital Inventory Management Solution from Seasia Infotech 

While an off-the-shelf hospital inventory management solution will get most things done for you, it still cannot beat the convenience and optionality a custom solution offers. If you want a multifunctional software solution that helps you avoid medicine spoilage, identify thefts or missing items, automate inventory tasks, order medication refills and track delivery, a custom system is the way to go. 

Seasia Infotech has been at the forefront of transforming the healthcare industry with top-notch software solutions. Our personalized approach and focus on long-term value, backed with our proficiency in healthcare technologies and fast software delivery make Seasia Infotech your desired partner for healthcare software development services. Deriving on our expertise as a two-decade old software development company and our passion for excellence, we can assure you of just the perfect hospital inventory management software for your business. 

Not sure where to get started? We are here for you! 

Frequently Asked Questions 

What is the cost of developing hospital inventory management software? 

The cost of developing custom hospital inventory management software will vary depending upon your requirements. A basic system will cost anywhere between $45,000 to $90,000 whereas a more complex system may cost up to $150,000. 

What is the timeline for developing a hospital inventory management system? 

A basic hospital inventory management system could be in the development phase for about six months. A more complex system with advanced functionalities can take almost twelve to fifteen months. 

Why do I need custom hospital inventory management software? 

You should go for custom hospital inventory management if you want your system to suit your specific requirements, expect ease of integration and scalability, and expect top-notch security.