Strategic Inventory Management Of Externally Sourced Medical Devices
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| Author | : Nichole Leigh Hillstrom |
| Publisher | : |
| Total Pages | : 80 |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
The purpose of this research was to determine inventory strategies for externally sourced medical devices. In the medical device industry, the desire for high levels of customer service often results in less than optimal inventory levels. In this study, we analyzed the details of the current inventory model utilized by the medical device company. In assigning appropriate inventory levels, we determined that key inputs were not regarded. When evaluating inventory levels, it was determined that pipeline inventory should be removed from the target on hand inventory levels if inventory ownership occurs upon receipt. When calculating safety stock, we determined that supply variability should be incorporated into the safety stock formula and extra buffers currently in place should be removed. In addition, a more robust measure of demand variability such as the Root Mean Squared Error (RMSE) or the Mean Absolute Percent Error (MAPE) should be incorporated into the formula instead of the use of the maximum of standard deviation of demand and standard deviation of forecast. Also, a gap was identified between the customer service safety factor used in the safety stock formula and the measurement of customer service by the company. Following the analysis of the current inventory modeling approach, we segmented the medical device SKU's based on key factors that drive inventory: demand, lead time, criticality and customer service. We also redefined the model used to determine slow moving inventory levels by incorporating the lead time of the part in setting cycle and safety stock levels and simulating the results to validate the relationships between the various inventory drivers. The application of the methodologies, concepts and findings in this research covering externally sourced medical devices can be extended to other subsidiaries and other industries.
| Author | : Poi Chung Tjhin |
| Publisher | : |
| Total Pages | : 98 |
| Release | : 2012 |
| Genre | : |
| ISBN | : |
In the medical device industry, many companies rely on a high inventory strategy in order to meet their customers' urgent requirements, sometimes leading to excessive inventory. This problem is compounded when it involves a long supply chain with several stages of activities and with long delivery and processing lead times. It is further exacerbated when high inventory leads to the frequent expiry of items with short shelf lives, which is typical of surgical items that have to be sterilized. Good supply chain strategies can potentially lead to a significant reduction of the supply chain cost. Through the use of relevant mathematical formulae and Strategic Inventory Placement optimization method, this paper examines the extent of the usefulness of a few possible strategies, such as kitting architecture change and continuous review system, for a family of medical emergency surgical kits across the whole supply chain for a medical device company. The result shows that reducing production lead time and review period, as well as adopting certain kitting architecture changes can reduce inventory value by more than 60% and operating cost by more than 20%. In addition, the paper shows that the Strategic Inventory Placement method can further reduce the total inventory value and operating cost by increasing the inventory of finished products and reducing the inventory of components in the supply chain.
| Author | : James B. Shore |
| Publisher | : Quality Press |
| Total Pages | : 108 |
| Release | : 2016-05-06 |
| Genre | : Business & Economics |
| ISBN | : 0873899318 |
In order for organizations to have high confidence in the reliability of their medical devices, they must ensure that each and every component or service meets requirements, including quality requirements. In that light, supplier management is not only a regulatory requirement but also a business aspect. The intent of this book is to show readers a process of effectively selecting, evaluating, and implementing applicable controls based on the evaluation and ongoing proactive management of suppliers, consultants, and contractors in a state of compliance. These processes can be applied to all suppliers, consultants, and contractors. In writing this book, the authors made sure that readers could immediately apply its content. They provide best practices based on a combined 50+ years of quality and engineering experience, having worked with some of the best medical device companies and contract manufacturers in the world. Four icons use throughout the book help readers navigate and understand the content. The FDA and toolbox icons assist in determining whether its a requirement or a tool to help achieve compliance. The Lessons from the Road icon indicates real-life stories and what the authors have learned throughout their careers. Lastly, the check mark icon is used to highlight key thoughts, what they feel are unique takeaways or deserve a special focus.
| Author | : World Health Organization |
| Publisher | : World Health Organization |
| Total Pages | : 0 |
| Release | : 2011-12-15 |
| Genre | : Medical |
| ISBN | : 9789241501392 |
WHO and partners have been working towards devising an agenda, an action plan, tools and guidelines to increase access to appropriate medical devices. This document is part of a series of reference documents being developed for use at the country level. The series will include the following subject areas: * policy framework for health technology * medical device regulations * health technology assessment * health technology management * needs assessment of medical devices * medical device procurement * medical equipment donations * medical equipment inventory management * medical equipment maintenance * computerized maintenance management systems * medical device data * medical device nomenclature * medical devices by health-care setting * medical devices by clinical procedures * medical device innovation, research and development. These documents are intended for use by biomedical engineers, health managers, donors, nongovernmental organizations and academic institutions involved in health technology at the district, national, regional or global levels. Once established, the inventory serves as the foundation for moving forward within the HTM system and ensuring safe and effective medical equipment. The inventory may be used to develop budgets for capital purchases, maintenance and running costs; to build and support an effective clinical engineering department, by allowing for workshop planning, hiring and training of technical support staff, and establishing and maintaining service contracts; to support an effective medical equipment management program, such as planning preventive maintenance activities and tracking work orders; and to plan the stock of spare parts and consumables. The inventory may also be used to support equipment needs assessment within the health-care facility and to record the purchase, receipt, retirement and discarding of equipment. Facility risk analysis and mitigation, and emergency and disaster planning, are also supported by an inventory.
| Author | : Kristi L. Koenig |
| Publisher | : Cambridge University Press |
| Total Pages | : |
| Release | : 2016-02-16 |
| Genre | : Medical |
| ISBN | : 1316472922 |
As societies become more complex and interconnected, the global risk for catastrophic disasters is increasing. Demand for expertise to mitigate the human suffering and damage these events cause is also high. A new field of disaster medicine is emerging, offering innovative approaches to optimize disaster management. Much of the information needed to create the foundation for this growing specialty is not objectively described or is scattered among multiple different sources. This definitive work brings together a coherent and comprehensive collection of scientific observations and evidence-based recommendations with expert contributors from around the globe. This book identifies essential subject matter, clarifies nomenclature, and outlines necessary areas of proficiency for healthcare professionals handling mass casualty crises. It also describes in-depth strategies for the rapid diagnosis and treatment of victims suffering from blast injuries or exposure to chemical, biological, and radiological agents.
| Author | : Eugene Schneller |
| Publisher | : John Wiley & Sons |
| Total Pages | : 390 |
| Release | : 2023-07-11 |
| Genre | : Medical |
| ISBN | : 1119908612 |
A systems approach to understanding the needs of today’s healthcare supply chain Strategic Management of the Healthcare Supply Chain offers a big-picture overview and a proven strategic framework for supply chain management in healthcare. It also addresses concrete strategies for risk management, partnerships, logistics, performance assessment, information technology, and beyond. Readers will gain a comprehensive understanding of the issues facing the healthcare supply chain and the opportunities that present themselves as we look toward the future. Written by a team of authors with both research expertise and practical experience in healthcare supply chain, this broad and impactful book teases out the complexities within the supply chain field and the healthcare ecosystem. The healthcare industry is evolving rapidly, and the role of the supply chain is shifting in response. Institutions and practitioners are collaborating more closely than ever with supply chain leaders. This shift introduces new opportunities and challenges at the level of healthcare delivery. Additionally, the role of supply chain in safeguarding the social determinants of health—food, transportation, critical health-related products—is rapidly expanding, especially in historically underserved populations. This revised edition takes a holistic approach to the needs of people and organizations, yielding strategies that will improve both economic and health outcomes. Gain the understanding you need to work toward building a mature supply chain organization Develop perspective on how the needs of the healthcare supply chain are shifting in the modern era Holistically assess supply chain performance and improve clinical, financial, and operational outcomes Identify opportunities to generate value, improve alliances, and cut costs This book will be of interest to graduate students in the health sector and supply chain programs, as well as working clinicians, health sector managers, and supply chain leaders. Policymakers looking to create a more resilient healthcare supply chain in the wake of COVID-19 will also find valuable insight inside.
| Author | : William J. Brady |
| Publisher | : Cambridge University Press |
| Total Pages | : 435 |
| Release | : 2024-04-30 |
| Genre | : Medical |
| ISBN | : 1009101951 |
The first authoritative text on mass event medicine, guiding readers on medical care and related management for large gatherings.
| Author | : Wan-Yu Huang (M. Eng.) |
| Publisher | : |
| Total Pages | : 92 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
This research sought to identify the right strategy to mitigate the supply chain risk while maintaining supply chain efficiency for a company in the medical device industry. The company in our case was exposed to great risk of supplier disruption because of its single source practice. In general, there are two different approaches to reduce the impact of supplier disruption. One is holding additional inventory to cover the demand over the time-to-recovery, and the other is maintaining a second source to reduce the risk. In this research, we proposed a method of distinguishing the better approach. First, we classified the SKUs by criticality and complexity, evaluated the current inventory policy and inventory status, defined the time-to-recovery for each SKU, estimated the potential revenue lost over the time-to-recovery, calculated the additional inventory required, and calculated the related cost for both holding additional inventory and maintaining a second source. Then, we compared the three ROA ratios from holding additional inventory, maintaining a second source, and not taking any action (potential sales lost). The strategy with the highest ROA ratios represented the most efficient way to prevent the risk of supplier disruption. Based on the analysis, holding additional inventory was generally a better strategy for the company in the medical device industry to protect itself from the risk of supplier disruption in any given level of supplier risk.
| Author | : () (Jerry) R. R. R. Ledlow |
| Publisher | : Jones & Bartlett Learning |
| Total Pages | : 590 |
| Release | : 2023-01-10 |
| Genre | : Medical |
| ISBN | : 1284279642 |
Leadership for Health Professionals: Theory, Skills, and Applications, Fourth Edition is the first textbook of its kind to apply classical knowledge of leadership theory and time-honored best practices of industry leaders to a health organization context. This comprehensive and well-organized text is grounded in real-world applications of theoretical concepts, and focuses on practical examples of leadership in actual healthcare scenarios. Themes such as organizational culture, cultural competency, ethical frameworks and moral practice, scientific methodology, and leader competencies are woven through the entire text.
| Author | : David Barnes |
| Publisher | : Bloomsbury Publishing |
| Total Pages | : 781 |
| Release | : 2018-01-30 |
| Genre | : Business & Economics |
| ISBN | : 1350305219 |
This fascinating new core textbook, authored by a highly respected academic with over a decade of industry experience, takes a global and strategic approach to the important topic of operations management (OM). Integrating contemporary and traditional theories the text covers everything a student needs to understand the reality of operations in the modern world and combines the latest cutting-edge thinking with innovative learning features. Written in a concise and engaging style and based on up-to-date research in the field, the book provides a range of international case studies and examples that help students to apply theoretical knowledge to real-world practice. This is a must-have textbook for students studying operations management modules on undergraduate, postgraduate and MBA programmes. In addition, this is an ideal textbook to accompany modules on operations strategy, production management and services management.
