Time is money, and when it comes to managing your inventory expiring on the shelf—time is constantly running out.
An Expensive Problem
The clock is ticking, and every moment counts.
Wasted inventory including write-offs plagues the implantable medical device industry. Excess and Obsolescence (E&O) and lack of visibility to field inventory contribute significantly to product expiring in the field, the #1 hidden cost in the medical device supply chain. Managing expirations feels like a never-ending race to chase down each implant before it expires—and you’re often running blind.
There is a Way
With medical device inventory tracking software; an expiration management system that’s integrated into your inventory management system can help reduce the risk of write-offs due to E&O and expiration through several key features and capabilities:
1. Real-Time Inventory Tracking
Movemedical provides real-time visibility into inventory levels, including detailed data on serial and lot-based expiration dates. Real-time tracking of pieces as loose items or as part of a kit is possible when the Inventory Management System (IMS) is integrated with the Expiration Management tool. With tracking data from all scan points, companies are able to monitor the shelf life of devices accurately, taking action with automations before products expire.
2. Expiration Profiles
Preset and customizable profiles define various periods approaching the expiration date configurable by item types (e.g. Biologics, sterile implants, etc.). These period labels enable business-based rules to automate system actions and drive relevant proactive behavior for the sales and ops teams. This reduces the significant burden of effort on all parties affected by products with an expiration date.
3. Expiration Notifications
Systematic alerts are sent for expired and recalled inventory, ensuring required disposition and activity occurs as they near their expiration dates. This proactive approach considers future schedules when allocating inventory to cases, prioritizing the products with earlier expiration dates. During cycle counts or audit scans, notifications prompt reps to arrange returns or replacements, thus minimizing waste and financial loss.
4. Automated Inventory Management
Handling expirations in the same system as other inventory management processes enables significant automation, helping companies efficiently manage their stock. Tracking and rotation of products ensures that items with earlier expiration dates are used first. This reduces field expirations and streamlines all the reactive activities associated with managing expirations.
5. Analytics and Reporting
Robust analytics and reporting capabilities provide insights into usage patterns and inventory trends, including expiration management. An automated system can analyze data to identify frequently expired products and adjust ordering and stocking practices accordingly. Data-based reallocation models can be used to transfer product to where utilization will be maximized.
6. Optimized Replenishment
System management of PAR levels and prioritization of inventory utilization accounts for various factors, including expiration dates. This ensures that medical device companies can balance and reallocate their inventory levels efficiently, reducing the risk of overstocking products that may not get used before they expire.
A Comprehensive Platform
Effective expiration management is made possible with a system that has the above capabilities integrated into their medical device inventory tracking software. By leveraging these features, Movemedical helps medical device companies automate and operationalize their expiration management practices, leading to improved operational efficiency and reduced costs associated with product expiration.
If a conversation about how Movemedical can help your enterprise med device company get a handle on your expiration management, let’s talk.
Contact us here: info@movemedical.com / call 877.469.3992
Watch this VIDEO (executive case study) or this demo Audit Scanning (VIDEO)
