BD HealthSight™ Inventory Optimization Analytics Software
Optimize medication inventory with integrated data analytics
With prescription medication costs representing more than 13% of U.S. healthcare spend[1] and possibly a similar percentage of your healthcare system’s budget, there is a need for you to be intentional about medication inventory cost control and workflow efficiency.
But complicating factors stand in the way of efficiently managing medication inventory. Demand for medications is dynamic, so predicting supply is challenging. Pharmacy operations teams are stretched thin, responding to stock-outs that impact patient care. Insufficient visibility means you can’t know the status and location of your medication inventory—and when Periodic Automatic Replenishment (PAR) levels are set too high or too low, it impacts medication availability and respective medication inventory carrying costs.
BD HealthSight™ Inventory Optimization Analytics Software automates the process of adjusting PAR levels by delivering dynamic, predictive analytics and outcomes-driven workflow recommendations, empowering your clinicians and pharmacists to take meaningful action to optimize on-hand inventory, minimize waste, and reduce stock-out events.
Using predictive analytics, BD HealthSight™ Inventory Optimization uses advanced analytics to provide data-driven recommendations that identify favorable cost-control opportunities to help you optimize medication inventory levels, minimize waste, reduce stock-outs and improve labor efficiency. By taking action on PAR levels provided by the analytics software, Strong Memorial Hospital lowered medication inventory carrying costs by ~$200,000 during the first three months of utilization, by focusing on standard stock optimization.
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