Turning Data into Dollars: How a Health System Optimized Inventory for Maximum Impact
A prominent Southeastern health system faced significant challenges in managing its extensive inventory across multiple sites, leading to inefficiencies, product expirations, and suboptimal resource utilization.
Impact at a Glance
SxanPro’s XCHG Dashboard was implemented to address the health system's inventory cost reduction goals. The system enabled complete, accurate data on their inventory, identified transfer opportunities, and provided actionable insights that enhanced resource utilization across all hospital sites.
Expired Items Identified
items, equating to $579,000 in losses
Cost Recovery Opportunities
Identified through insights using the XCHG Dashboard
ROI
ROI potential with Cost Recovery Actions within 30 days
The Problem
The health system's supply chain was challenged by significant inefficiencies, including large amounts of expired products, lack of data on newly introduced products, and a lack of visibility into consignment items after transitioning to a consignment-based model. This resulted in financial losses and operational inefficiencies across the system.
The Solution
SxanPro implemented our comprehensive technology suite, including our NEW XCHG Dashboard, which provided the health system with enhanced data insights, enabling the identification of expired products, opportunities for inter-hospital transfers, and better management of consignment items. The dashboard facilitated quick action on inventory that was nearing expiration, recommended optimized PAR levels, and improved overall inventory accuracy.
The Results
The XCHG Dashboard empowered the health system to take immediate and impactful actions based on the recommendations provided. At one hospital site alone, the system identified 125 critical items worth $242,894 that could be transferred to other hospitals before expiration, resulting in significant potential cost recovery. The system also identified 1,218 consignment items with $36K in swap opportunities, leading to better utilization and potential contract revisions. These insights, when scaled across the entire health system, resulted in a financial impact of over $1.7M.
Cost Recovery Summary
The SxanPro XCHG Dashboard provided the health system with a robust solution to address their inventory challenges. The dashboard's actionable insights and recommendations not only prevented further financial losses but also optimized resource allocation across all facilities. The results included opportunity for substantial cost recovery, improved data accuracy, and more efficient inventory control practices.
Transfer Recommendations
at One Hospital Site
Future Ordering Reduction
at One Hospital Site
Consignment
Swap Opportunities
at One Hospital Site
Total Cost Recovery Recommendations
for Entire System
Leverage Your Inventory as a Strategic Asset
SxanPro offers a comprehensive, data-driven approach to inventorying that enhances financial recovery and operational efficiency. Discover how our solutions can optimize your processes and drive measurable outcomes.