Z5 Inventory Offers Free Expiration Risk Assessment to U.S. Health Care Providers
AUSTIN, Texas, Nov. 9, 2021 /PRNewswire/ — The medical supply chain has been a constant, unpredictable challenge throughout the COVID-19 pandemic. According to a 2021 poll conducted by industry outlet Becker’s Hospital Review and software and services provider Z5 Inventory, 80% of health care professionals recognized the necessity of discovering supply chain savings opportunities, but 86% admitted that they lacked the resources to discover such opportunities alone.
To address these challenges, Z5 Inventory is offering a free risk analysis that identifies medical supplies likely to expire and cost providers millions.
“When someone’s trying to escape the fifth floor of a burning building, they probably don’t stop and say: ‘I should build a ladder from scratch,'” says Carl Natenstedt, twenty-year veteran of the medical supply chain and CEO of Z5 Inventory. “They look for a professional firefighter who’s shown up with a ladder to help them out.”
Assessing how much of their inventory is at risk of expiration is a crucial first step for health care providers to transform that potential loss into savings that they can reinvest in better care for their communities. Medical supplies can be reallocated between health care facilities according to need determined during that same analysis, but only if at-risk product is identified early enough to keep it out of the dumpster.
Quick facts on U.S. medical supply expiration:
- 15-30% of all supplies at the average health care provider will expire before use.
- 3% of the average health care provider’s annual medical supply spend goes to excess.
- Approximately $5 billion is the nationwide annual cost of expiration on providers.
- Approximately 1.5 million tons of expired medical supplies are sent to landfills annually.
“Hospitals have over-ordered some supplies and are still struggling to source others. Basically nobody’s inventory is right-sized or optimized right now,” explains Mr. Natenstedt. “That’s what makes this the perfect time for any provider to improve and collaborate, because every provider is struggling.”
Health care professionals can sign up for a fully customized, in-depth analysis of inventory at Z5Inventory.com/risk, where they can also use Z5’s expiration estimator to assess for themselves how much they might be about to throw away.
About Z5 Inventory:
Z5 Inventory was founded with the purpose of saving health care providers nationwide from expiring product, empowering them to Count product on-hand, Reallocate excess product, and Buy product they actually need at reduced prices. Anyone interested in a preview or trial of digital supply chain management using the Z5 Inventory Platform should visit www.Z5Inventory.com/Contact.
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SOURCE Z5 Inventory
