One of the key revenue leakage source in hospitals is stored inventory. Hospitals suffered by unaccounted movements, excess ordering, ageing and costly substitutes. To ensure smooth inventory management, we designed PARAS Finance module to specifically target this problem area.
Post implementation, our clients benefitted from plugging all the leakages by integrating the solution with other modules. They could create separate accounts for every vendor in the HIS system. This way the system could capture details such volume of supplies, date of delivery, and cost for each vendor. After the delivery, system could also track of movement of those supplies and update the accounts accordingly. Any unaccounted movement made the system generate an alert. When the stock of the inventory was found low, the system sent out an alert.
The system also helped client hospitals establish their process for best practices in vendor management. As soon as our system generated the ‘Stock low’ alert, hospital staff released the Payment Request for the vendor from the IT system. When the vendor delivered the inventory, the system generated an invoice and a confirmation that stock has been received. The final payment dispatch to the vendor also gets updated in the final profit and loss accounts.
Post implementation, our clients have managed to save a substantial chunk of their investment and have gained better ROI.