ST. PETERSBURG, Fla., Aug. 13, 2018 /PRNewswire/ -- Genesis Healthcare announces a new Supplier Portal designed to help medical devices manufacturers gain visibility to consignment inventory and other stock at their client hospitals and with sales representatives. The Supplier Portal relies on mobile technology and Genesis' renowned SaaS platform for inventory management to bring efficiency, insight and speed of service to the clinical supply chain.
The medical device industry is big business: $140 billion in the US; $380 billion world-wide, yet medical device manufacturers face some key struggles not present in other industries. The consignment model—or inventory placed at the hospital, awaiting use—remains the supplier's responsibility until it is used (or sold). This means suppliers must know where the inventory is, maintain safe levels of non-expired equipment (without over-stocking), keep count of all inventory at every client site in order to accurately bill their clients, and quickly pull it from all hospital inventory in the event of a recall.
A major recall can cost medical device manufacturers nearly 12% of revenue, equating to millions. Given that unforeseen events can have such a pervasive impact, it's important for suppliers to control costs where they can. The inability to locate stock—either at hospital locations or "trunk stock" carried by sales reps is costly. Take for example, stock counts. A manual inventory cycle count is required at least annually, and usually takes place more often and averages 5 hours per hospital. When medical device manufacturers cannot find their stock, they end up eating the costs for lost, expired and non-billed equipment.
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To solve this $5 Billion dollar problem, device manufacturers must have a way to prompt and prove utilization. Genesis Automation's Supplier Portal eliminates many of the problems inherent in the consignment inventory model with precise, real-time data. The Supplier Portal:
Reduces cycle count time from hours to minutes using SweepScan technology, which can save large medical device manufacturers $15M in staff time alone
Shows managers and sales reps locations of all stock, inventory levels and supply costs
Helps maintain appropriate inventory PAR levels and prioritizes inventory utilization based on slow-moving stock and expiry dates
Alerts sales representatives to recalled and expired stock, assuring clients of patient safety
Eliminates wastage due to lost, expired and unbilled equipment