Joel Haspel, CEO, Sentient Health explains: "Most UK trusts have no idea how much money they have tied up in unused or out of date stock. Our EBS assessment is a very simple, low cost way of assessing current buying trends and stock levels and identifies ways to save both clinical time and money.
"A recent EBSa in the radiology department of a London hospital identified cost savings of nearly £60,000. The extent of possible cost savings across the whole hospital is therefore potentially quite substantial."
"We are so committed to identifying savings for trusts that if our EBSa doesn't pinpoint any, then we won't charge for the cost of the assessment. However, based on our experience to date, we expect to identify cost savings that equate to at least 5x the assessment cost."
Sentient Health's EBSA highlights three sets of potential savings:
- Cash release - reduced inventory holdings
- Waste Avoidance - few write - offs
- Hard Savings - lower spending through discounts
Sentient Health inventory experts run a series of inventory performance simulations using the hospitals' existing purchasing and inventory data. The results are presented via the MedTrac Analyzer Dashboard powered by Qlikview that clearly identifies areas of waste and opportunities for cost savings.
The resulting EBSa reports are valuable working documents which create a road map for savings. The report provides trusts with the evidence to reduce the number of items purchased, reduce waste to an absolute minimum and free up valuable storage space.
Call to action
For any trusts looking to make savings; ensure they have the right stock levels in their eDC or other stock system; are keen to build a business case for selecting a stock management solution; or need to establish a key performance indicator for an outsourced hospital logistics provider, then visit: http://www.sentienthealth.co.uk/Our-Approach/Money-saving-assessment.aspx
About Sentient Health
Established in 1999, Sentient Health is a leading provider of healthcare supply chain solutions. It improves financial performance by enhancing operational efficiency. Sentient Health solutions are used throughout the healthcare supply chain, in the hospital at a ward level, at the distributor's warehouse, in transit and in the field.
Sentient Health is a recognised thought leader, being amongst the most innovative companies in its field and constantly working with clients to develop even more effective ways to manage their supply chains.
MedTrac® is a software service that enables the management of medical supplies throughout the supply chain down to the hospital ward and tracks product consumption by patient, procedure and doctor. Customers using MedTrac® improve their financial performance through improved inventory performance and reduced write-offs. The service model allows for limited up-front investment with immediate gains; ROI has historically been less than one year.