Proficient Hospital Inventory Management with FSN Analysis

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Healthcare organizations are well known for their
need for stocks to meet their day-to-day needs.
There is a high degree of volatility in stores
when it comes to hospitals, for the healthcare
services provided by them. It is crucial for the
hospitals to manage their stocks, in and out,
thereby attaining high value by avoiding misuse
or wastage of the stocks at the hospital FSN
analysis is a logistics and supply chain
management technique, that is highly important to
understand the stock requirement and
availability. Nowadays, this FSN Analysis is
carried out with a reliable Hospital Management
System. A software that manages the hospital, can
assist in inventory management, with its FSN
analysis module.
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FSN Analysis The term FSN analysis refers to the
concept of inventory management, which keeps
track of fast-moving, slow-moving, and non-moving
stocks. This is an objective of the logistics
sector, that is applied to various industries
where the stocks maintained, need to be managed
properly due to multiple reasons like managing
the inventory, saving costs, and maintaining
customer satisfaction.  This analysis is carried
out in sectors like manufacturing, food and
beverages, healthcare, etc., It is employed to
track the available stock, manage demand and
supply, and avoid obsolete stocks.
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Fast Moving Stocks - This refers to the items in
an inventory that are always in demand and keep
moving. These items keep moving in and out of the
inventory, and their rate of consumption is
comparatively higher than the other
items. Slow-Moving Stocks - These items in the
inventory are known to have low demand, but they
are being used by the customers. Unlike the
fast-moving stocks, these items are consumed
lesser, meaning the space occupied in the
inventory should be low too. Non-Moving Stocks -
This implies the stocks that have completely zero
demand from the customers and could mean that
there is no requirement to have this stock in the
inventory.
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Applying FSN Analysis in the healthcare
industry Here are a few areas that are
supported by applying FSN analysis in a hospital
setup. Inventory Control This is the main
aspect of carrying out FSN analysis, as it
involves the idea of managing stocks at the
hospital, and also helps to prioritize based on
the needs. Cost Savings The ability to analyze
and know the fast-moving items, helps to
negotiate better prices or discounts, at the time
of purchase. Also having an idea of non-moving
and slow-moving stocks helps to avoid unnecessary
costs.  Procurement Decision-Making Analysing
the inventory allows healthcare organizations to
decide on the correct quantity of orders to
place, thus avoiding overstocking or
understocking.  Obsolescence Management
Supervising non-moving items helps to avoid
storing obsolete items in the inventory. Customer
Satisfaction FSN Analysis guides to improve
customer satisfaction by avoiding the risk of
stockout.
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Practical FSN analysis from the hospital
management software A Hospital Management
System has become an essential utility in a
hospital setup, to manage every operation from
day to day. It is effective in helping to carry
out daily tasks without pressure, as all the
activities, from appointment management to
managing room availability, billing, and
invoicing are handled from a single interface. As
a feature, inventory management is also supported
by the software, thus making it possible to
manage stocks and avoid unwanted costs to the
hospital. Thus, using reliable, up-to-date
hospital management software is greatly helpful
in managing the hospitals stocks and thereby
keeping up with customer satisfaction.