Importance of Hospital Inventory ” Creative Idea Laboratory

Most people dont think about it, but running a hospital is much like running any other business. You have employees, income and expenses, and also assets that need to be properly documented. Also like any other type of business, you need to make sure that you have a very accurate inventory of everything I your hospital. This is important for the obvious reasons, but it is also uniquely important in the health industry because of the sensitive type of equipment and pharmaceuticals that are inside the building. Unlike other types of businesses where having good inventory practices can just make or break you bottom line, there can actually be legal consequences if it isnt done properly in a hospital which makes it even more vital to get it right.
Hospital Value
The most obvious reason to keep good inventory at a hospital is to have an accurate representation of the companys value. Most health companies are traded publically which means the value of the stocks are going to coincide with the amount of income the hospital takes in each year in addition to the value of all their assets. Investors will likely want to see accurate inventory reports before they put their cash into shares of stock. Without shareholders, keeping you hospital at the top of the pack for the newest procedures and technologies will not be possible and patients will choose to go to other medical facilities to have their procedures done.
Legal Consequences
In addition to the value of your hospital, federal law requires that you keep a very precise record of all the medications and pills that you have in your hospital. Many of the drugs that are used during surgery or given to patients after a procedure is done are considered narcotics and are listed as controlled substances by the federal government. Anytime youre dealing with sensitive compounds that are heavily regulated, there is a lot of accountability that goes along it. Unless you keep exceptionally good records and detail where every last ounce of each medication has gone, you can find yourself running into huge legal consequences in the long-term.
Surgical Inventory
Many people forget that there are many items put into and taken out of the human body during the course of surgery. Even during very simple procedures, a doctor will put in dozens of surgical sponges to soak up blood and other fluids to avoid contamination. The surgical tech keeps a count of these sponges so that at the end of the surgery, they can take an inventory to make sure they are all accounted for. Leaving a foreign object inside a body can have terrible side-effects, so having a good inventory of your surgical tools and accessories is crucial to avoid any type of malpractice lawsuits.