Inventory management is essential for many industries. The healthcare industry in particular must have the right amount of equipment on-hand and readily available to make sure healthcare personnel can work efficiently to save lives. IoT (Internet of Things) is changing inventory tracking processes as IoT technology can help streamline protocols for finding specific healthcare equipment, and ensure equipment is at the right location at the right time. One way to monitor inventory is by managing PAR levels. Let’s look at how important it is to create and manage PAR levels in hospitals.

Creating PAR Levels

PAR (periodic automatic replenishment) levels help determine inventory levels in the hospital. One of the common mistakes in maintaining PAR levels is underestimating its importance. When creating PAR levels, inventory managers must establish the minimum and the maximum. Minimum PAR levels are the set number of units reached when reorders are needed. Maximum PAR levels ensure that inventory levels are not excessive. These levels are crucial because they prevent overspending, expiration, and waste. 

To create PAR levels, hospitals must have access to data that they can rely on to verify that PAR levels are accurate. To ensure accuracy, many hospitals are turning to asset tracking systems that provide real-time information on the location of inventory on-hand and ready to use. Such systems also help users quickly visualize when inventory is getting low. Asset tracking systems also allow hospitals to obtain inventory reports. This data is essential for setting and maintaining PAR levels.

PAR Level Management

Another necessary step in PAR level processes is managing them. Managing these levels can be time consuming and render errors when conducted manually. With asset tracking, users can manage inventory levels in real-time. Real-time tracking allows managers to monitor usage trends and update maximum or minimum levels. 

Another key point to consider when setting PAR levels is remembering expiration dates when items come in. A common mistake when overstocking is not using up perishable items before expiration dates. Not only does this impact costs, but it provides an opportunity for malpractice. Tracking inventory with asset tags and labeling them in a software interface with expiration dates helps reduce or eliminate this risk.

Make sure inventory par  levels are better managed in your hospital.  Asset tracking systems can help

Increase Efficiency in Healthcare with AirFinder

Manual PAR level management can be a thing of the past by utilizing asset tracking. Link Labs’ AirFinder is an asset tracking platform that can assist hospitals with managing and creating PAR levels. With AirFinder, your hospital can provide quality of care, reduce costs, and improve process efficiencies through custom reporting and real time location data. If you are interested in taking the next step in improving PAR level performance, book a demo with one of our experts.

Jennifer Halstead

Written by Jennifer Halstead

Jennifer Halstead, MBA, CPA brings more than 20 years financial industry experience to Link Labs. She began her career in finance within the pharmaceutical industry and has continued in both public accounting and private companies. She passed the CPA exam with the 3rd highest score in the state and completed her MBA with an accounting concentration (summa cum laude). Jennifer has worked with several software companies and has led multiple venture financing, merger and acquisitions deals. She has helped companies expand internationally and has managed the finance department of a startup to 33 consecutive quarters of growth prior to acquisition. After the acquisition, she served as the Controller of Dell Software Group’s Data Protection Division where she managed a portfolio of multiple hardware and software products to scale and achieve over triple-digit growth worldwide in 18 months. Jennifer brings a depth of finance experience to the Link Labs team.

Related Blogs

Asset Tracking, BLE Asset Management Asset Tracking, RTLS Solution, asset tracking solution, manufacturing, RTLS system, sustainability, Waste Prevention, waste management plan, minimize waste, waste reduction, waste management, reduce waste, environmentally conscious, waste prevention strategy, production error

How to Construct a Waste Prevention Plan

Asset Tracking, BLE Asset Management loss prevention, battery life, cold chain monitoring, sustainability, Inventory Management, Monitoring Waste, Rechargeable SuperTag, Environment, Emissions Reduction, Returnable Crates and Pallets, Waste Prevention

How Link Labs Promotes Sustainability

Asset Tracking, BLE Asset Management M2M, RTLS, RFID, iot, remote assets, Active RFID, ai, technology, asset tracking technology, gps tracker, Passive RFID, Cloud Native Applications, Industry 4.0, IoT Hub, IoT Edge, Hyperautomation, Geolocation, IT tools, GPS tracking device, RTLS Technology, Security Risks, Aerospace Manufacturing, nurse burnout, cloud, critical medical devices

Recap: How it Works? The Background Behind the Technology

Subscribe to Link Labs' blog weekly update!

Subscribe

Subscribe to Link Labs' blog weekly update!