BHA FPX 4110 Assessment 1 villa health and Patient Flow

• BHA FPX 4110 Assessment 1 villa health and Patient Flow

Overview of Inventory Control

      Crucial to supply chain

            Monetary savings

            Get the most profit from

     Goals of inventory models

             How much to order?

            Where to cut costs?

            Which is going quickly?

            How much deadstock?

            What is increasing holding costs?

Overview of Inventory Control (cont.)

 Inventory Control Models

      EOQ

          Used by Vila Health

      Inventory Production Quantity

         Order in single batch

      ABC Analysis

         Determine most important items

Review of EOQ Purpose and Data

 Economic Order Quantity (EOQ)

     Minimize holding and ordering costs

     What other models are based on

         Take the square root of (2SD) / Production Cost

         S is your setup (order) costs

         D is your demand rate (units)

 Assumes constants of inventory

     Inaccurate in low or high demand periods

 Vila Health EOQ is 47

Inventory Considerations

 Quantity to order

     Determined by:

        Balancing cost or processing

        Cost of acquiring

        Obtained through EOQ

     Best savings when buying in bulk

 Consignment inventory

     Purchase cost initially waived until passed on to end user

     Ideal for expensive items

     Still accrue holding costs

Recommendations for Inventory Ordering

 Technology!!

   CMMS

        Monitor inventory and equipment from day one

        Difficult to manage mobile inventory

   RTLS

        Identify and track mobile inventory

        Emits wireless tracking signal

        Resolves issues with CMMS

Leadership

 5 characteristics of good supply chain leadership

     Business-minded

     Innovation

     Playmakers

     Problem-solver

     Patient Advocate

Implications

 One of the largest expenses

Stock following and control can have outrageous effects
     Fundamental to place assets into stock organization
     Definitively expect bargains plans
         Anticipate excess
     Stay aware of consistence

Conclusion

 Supply chain can make or break you

        Huge money related consequences
 Find cost save reserves
 Stay aware of patient-centered care
 Can be last possibility

References

Accountingexplanation.com (2011). Economic Order Quantity (EOQ). Retrieved from:

http://www.accountingexplanation.com/economic_order_quantity_eoq.htm

Ciemcioch, S. (2019). Is Consignment Inventory the Right Choice for Your Business? Retrieved from:

https://www.warehouseanywhere.com/resources/consignment-inventory/

Johnston, K. (n.d.) The Importance of Inventory Tracking in the Medical Field. Retrieved from:

https://smallbusiness.chron.com/importance-inventory-tracking-medical-field-80672.html

Kros, J. F., & Brown, E. C. (2013). Health care operations and supply chain management: Operations, planning, and control. San Francisco, CA: Jossey-Bass. Retrieved from: 
https://ebookcentral-proquest- com.library.capella.edu/lib/capella/reader.action?docID=1104470&ppg=387#

Nelson, S. (2021) Five Traits Supply Chain Leaders Need to Survive in Today’s Evolving Healthcare Landscape. Retrieved from:

https://supply-chain.cioreview.com/cxoinsight/5-traits-supply-chain- leaders- need-to-survive-in-todays-evolving-healthcare-landscape-nid-26456-cid-78.html

Sherwin, J. (2013). The Essentials of Medical Device Inventory Tracking. Biomedical Instrumentation & Technology, 47(5), 382-6. Retrieved from:

http://library.capella.edu/login?qurl=https%3A%2F%2Fwww.proquest.com%2Fscholarly-journals%2Fessentials-medical-device-inventory-tracking%2Fdocview%2F1459343142%2Fse-2%3Faccountid%3D27965

Sortly.com (2021). What are the Most Common Inventory Control Models? Retrieved from:

https://www.sortly.com/blog/what-are-the-most-common-inventory-control-models/