Effective management of pharmaceuticals and medical supplies is crucial for maintaining high-quality care in the medical industry. But hospitals can be extremely chaotic at all times, which can make it hard to keep track of medical goods. This is where healthcare inventory management software comes in handy.

“One of the great responsibilities that I have is to manage my assets wisely, so that they create value.” Alice Walton. 

It might be a big step toward streamlining the healthcare supply chain to develop hospital inventory management software. This software not only cuts down on wasted medicine and tool equipment, but it also makes healthcare much more efficient.

As per Statista, the market for healthcare inventory management software was worth $22.1 billion in 2023. It is expected to keep growing at a rate of 5.4% per year until 2030.

This blog will go over all there is to know about healthcare inventory management software development and the doors it can open for your business.

So, let’s begin!

 

Quick Summary: From this blog, get to know the ins and outs of healthcare inventory management software, the benefits, the essential technologies used, features and the cost to consider while budgeting for the system’s implementation.

 

What Is Hospital Inventory Management Software?

The hospital inventory management software helps the healthcare group keep track of everything that is used. It is easier for the healthcare group to keep track of sales and purchases with the help of the healthcare CRM software solutions.

Here, the things that can be used up and the ones that can’t are listed and accounted for. The most vital aspects that are used in a hospital are the medicines and other medical tools.

All hospitals must keep a lot of drugs, injections, and single-use surgical tools like syringes, masks, gloves, and more on hand in case someone needs them.

 

Is It Worth To Invest In Hospital Inventory Management Software Development? 

 

 

• Software for managing healthcare inventory It was worth $22.1 billion in 2023, and it’s expected to keep growing at a rate of 5.4% per year from 2024 to 2030.
• About one-fifth of people who answered a poll in 2020 on behalf of businesses said they planned to have more inventory after the COVID-19 pandemic.
• The healthcare cold chain transportation market is expected to grow to $17.4 billion by 2026.
• Medical Devices is expected to be the biggest of these markets, with a $509.90bn market size by 2024.
• The Medical Technology market is also expected to grow at a steady rate of 5.31 percent per year from 2024 to 2029.

 

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Types Of Hospital Inventory Management Software

Many hospitals don’t have a standard way to handle their inventory, but having one can help them save a lot of money. To fully understand the pros and cons of both types of hospitality inventory management software, it is necessary to know what they are. One of the following ways can be used by healthcare facilities to keep track of their inventory:      

 

1.   Periodic Inventory

For periodic inventory, workers have to manually update inventory data. For this method, workers do a survey every so often. One example is that they might do an inventory once a week or at the end of a similar amount of time. This method might work for small healthcare facilities, but it’s not the best for hospitals and other big healthcare organizations.

 

2.   Perpetual Inventory

The perpetual inventory management method changes inventory data all the time, without the manager having to do anything. The hospital inventory management software costs more to buy the advanced hospital pharmacy inventory management software needed to run a perpetual inventory system than to do occasional inventory by hand, but the benefits of this system are greater than its cost. Important details like sales, deliveries, additions, and deletions are kept track of by perpetual inventory systems.

 

Mohit Nag(Project Manager): Hospitals are surging with new inventory management software, streamlining operations and boosting patient care. This presents a golden opportunity for startups, despite the complexities of building such software. Making good software for managing hospital supplies isn’t easy, but it can be very useful. You should think about many things, like how to carry out stock and inventory in the hospital. Due to this, you need to hire skilled software developers who can make robust software.

 

Steps To Develop Hospital Inventory Management Software

Want to build hospital inventory management software that can manage all your inventories? No worries! We know the hospital’s inventory of medical supplies, tools, and drugs is very complicated. But you may make this procedure much more efficient and cost-effective by investing in specialized software development. Here are the main steps that are needed to develop software for managing hospital inventory:         

 

 

1.   Do Market Research 

Before you develop hospital inventory management software, you need to do a lot of study on the market. Help from enterprise software development experts can help you make sure your idea for hospital accounting software is good. Watch this video to learn how the software will handle things like tools, drugs, medical supplies, and more. You should talk to nurses, directors, and stocking managers at the hospital one-on-one to find out what they want and what they want.

 

2.   Prioritize the Features  

Now you need to find a business that knows what you want and can give it to you. Now sort those abilities from most vital to most difficult. Then, the experts will tell you which frameworks and programming languages will work best for your goals, your budget, and how much you want to change things.

 

3.   Design and Development 

This is the third step to develop hospital inventory management software. The healthcare software development company you hire will turn your idea into a real product. It is important to know that your list of features will be turned by IT consulting services into a stable and scalable server inventory management software for hospitals and an easy-to-use interface for every user. This step will make sure that the finished result really does live up to your hopes. Get ready for sketches, prototypes, and talking all the time.

 

4.   Testing and Deployment  

This is the fourth step, but to be honest, it’s one of the most important ones to develop hospital inventory management software. At this point, it’s important to do a lot of tests. Before putting the product into use, the developers will carefully check it to find and fix any problems. For beta testing, you can also ask a small group of employees and visitors to get feedback and make sure the user experience is smooth.

 

5.   Launch and Maintenance     

Last but not least, work is being done to make tools for managing hospital inventory. At this point, your program will be ready to go live. As soon as everything is ready, the reveal will happen! The supply chain management software development company will be there to help you at all times and with the deployment process. In order to keep your business competitive, you will need to release future updates, take care of personal matters, and give your company training so that your software stays up to date

 

 

Key Features To Develop Hospital Inventory Management Software 

We didn’t just pick these features at chance. But we’ve talked about it with one of the best experts in making mobile apps. Because we want to sell the idea of it. It’s not just a piece of tech. So, let’s look at the most important things that must be included when you develop hospital Inventory Management Software.

 

Feature	Description
Stock Tracking	Provides real-time visibility into current inventory levels for pharmaceuticals, medical supplies, and equipment.
Medical Supply Management	Creates and maintains a comprehensive database of medical supplies, including information like ID codes, descriptions, pricing, and intended use.
Medical Equipment Management	Tracks and monitors the utilization of medical equipment, including maintenance schedules and location tracking.
Inventory Automation	Automates tasks like reordering supplies based on predefined minimum stock levels.
Expiration Date Tracking	When you develop hospital inventory management software, add alerts to staff when medications and supplies are nearing expiration dates to prevent waste and ensure patient safety.
Reporting & Analytics	Generates reports on inventory usage, cost analysis, and identifies trends to optimize stock control.
Purchase Order Management	Streamlines the process of creating and managing purchase orders for new supplies and equipment.
Vendor Management	The best inventory management software manages vendor information, tracks order history, and facilitates communication.
Security & Compliance	Ensures data security with role-based access control and facilitates adherence to healthcare regulations.
Integrations	When you develop hospital inventory management software, integrate it with existing hospital systems like EHR and POS for seamless data flow.

 

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Major Integrations For Hospital Inventory Management Software

Integrations are one of the most important ways to develop hospital management system software more useful and efficient. By connecting easily to other healthcare tools and systems, the software turns into a complete inventory management solution that takes care of all the different parts. Here are some important business software integrations in healthcare to think about:          

 

 

1.  Electronic Health Records (EHR):

EMR/EHR software development solution makes sure that data about patients and store records are always in sync. This link makes it easier to keep track of medical supplies based on what each patient needs, which improves the general running of healthcare.

 

2.  Enterprise Resource Planning (ERP):

Integrating to ERP software simplifies both the financial and practical parts, giving a full picture of how resources are being used. This integration makes planning, purchasing, and reporting on finances easier.

 

3.  Supply Chain Management Systems:

Work together with supply chain management systems to see what materials are available in real time, keep track of shipments, and make sure that medical goods are restocked on time.

 

4.  Point-of-Sale (POS) Systems:

Healthcare centers that also have retail areas may benefit from integrating with POS  software development solutions. When you Develop Hospital Inventory Management Software, the link makes sure that stock levels are changed instantly as items are sold, so there are never too few items in stock.

 

5.  Barcode Scanning and RFID Technology:

When barcode scanning and Radio-Frequency Identification (RFID) technology are combined, data entry is done automatically. This makes it easier to keep track of things and cuts down on mistakes made by hand.

 

6.  Laboratory Information Management Systems (LIMS)

Integrating with LIMS software makes sure that inventory management and lab processes run smoothly together in healthcare facilities with labs, making the best use of resources.

 

Key Technologies Used For Hospital Inventory Management Software   

The big players in this business use these important technologies all over the world to develop hospital inventory management software processes much more profitable and efficiently. 

 

 

1.  RFID and Barcode Technology

RFID and barcode technologies are used to identify and track items. They make inventory management easier by giving real-time information about where items are and how they are moving around the healthcare center.

 

2.  Cloud

Cloud-based hospital kit inventory software management is scalable, flexible, and easy to access. This means that healthcare facilities can safely store and access inventory data from anywhere, at any time.

 

3.  IoT

IoT integrated systems like sensors and smart tags make it possible to automatically collect data and keep an eye on inventory levels. This makes sure that items are restocked at the right time and prevents running out of stock or having too much of it.

 

4.   Artificial Intelligence   

The Artificial Intelligence development technology improves the processes of predicting inventory, demand, and making decisions. When you develop Hospital Inventory Management Software, it helps healthcare facilities improve their inventory management strategies and cut down on waste.

 

5.   APIs and Integration Tools

APIs and interaction tools make it easy for inventory management software hospitals and other healthcare software like EHRs and supply chain management systems to talk to each other and share data. Interoperability and efficient processes are made sure of.

 

Challenges in Traditional Healthcare Supply Chains

The healthcare industry is constantly changing, and traditional supply chains are finding it difficult to keep up. Healthcare facilities face big problems with broken systems and inefficient inventory management. So, these problems make it harder to provide quick and high-quality care for patients. This part talks about problems with the way traditional healthcare supply lines work. It shows how hard it is for hospitals and companies that make custom tools for healthcare.   

 

 

1.   Fragmented Supply Chain Processes

To begin, traditional healthcare supply lines are made up of separate systems and processes. So, this makes it harder for parties to talk to each other and work together.

 

2.   Manual Inventory Management

A lot of healthcare facilities use Excel or paper methods to keep track of their inventory. These methods are prone to mistakes and don’t work well when you develop hospital Inventory Management Software.

 

3.   Limited Visibility

Without real-time visibility, businesses that are digitally transforming healthcare have a hard time making smart decisions. Because they don’t have enough information about inventory, the supply line, and demand, it’s hard for them to adapt to changing needs.

 

4.   Ineffective Demand Forecasting

Facilities that can’t reliably predict demand have a hard time planning for changes in supply. Medical billing software development can cause stock-outs or too much stock.

 

5.   Supply Chain Disruptions

Normal healthcare supply lines can be messed up by natural disasters, pandemics, and political events. These problems make it harder to get and deliver important medical products.

 

Benefits Of Hospital Inventory Management Software Development 

Well, hospitals lose $10000 billions of hours every year because they don’t know how to handle their inventory well. That’s where hospital Inventory Management Software development comes in handy. If you want to develop hospital inventory management software, you will get a lot out of it. Take a look:    

 

 

1.   Tracking Asset

Healthcare inventory management software can help you keep track of your stock more efficiently and easily. A lot of the time, medical centers’ supplies and healthcare keep changing because of things that can’t be planned for. When you develop a healthcare chatbot like Google AMIE, it is easy to automate these jobs so that people don’t have to put in as much work managing inventory.

 

2.   Reducing Inaccuracies

Stock and inventory management isn’t a one-time call or process. As a result, it is an ongoing process that goes on all year. If hospitals use tools to keep track of their inventory, mistakes are less likely to happen. It will be very careful with all the information and contracts for buying in bulk. This means that all the orders will be in sync, and the stocks will be changed when you want to sell them.

 

3.   Real-Time Tracking

This part of your inventory software helps you keep track of your stock in real time. So, it means that the data can be updated often, so you can see how many supplies you have when you add or sell things. You can also keep track of all inventory deals and note when there aren’t enough items.

 

4.   Cost- Savings

For healthcare groups, streamlining their supplies will help them save money and time. It will help you get accurate data and avoid the costs that come with mistakes made by people, like throwing away medicine. In the beginning, the inventory management system can help you stick to the hospital’s budget and even keep you from running out of goods.

 

 

How Much Will It Cost To Develop Hospital Inventory Management Software?

To put it simply, it’s all about costs. It’s clear that you want to make hospital Inventory management software at a cheap cost without sacrificing quality. So, “how much will it cost to develop hospital management software that can keep track of their inventory?     

Well, it can be quite tricky to determine the cost to create hospital inventory management software but we can provide a rough estimate which may be between $10000-$30000. To get a more clear image, let’s look at the below table:

 

Software Complexity	Cost Estimation
Simple Hospital Inventory Management Software	$10000-$15000
Medium Hospital Inventory Management Software	$16000-$25000
Complex Hospital Inventory Management Software	$30000+

 

Besides knowing the hospital inventory management software development cost, you can also measure it with the given formula:

Total Hospital Inventory Software Development Cost = Developer’s Hourly Rate * Development Time  

Thus, you must now connect with a medical device software development company to know the exact cost to develop hospital inventory management software. They will give you the accurate cost breakdown

 

 

Future Trends and Innovations in Hospital Inventory Management

Changes in technology, the way healthcare is provided, and the complexity of supply chains all affect how hospitals handle their inventory. Hospitals are using new techniques to increase their stock, lower prices, and give better care to their patients. They change with the times when it comes to managing goods. This part talks about new ideas and trends to build Hospital Inventory Management software. After that, it talks about important changes and how they affect healthcare supply lines.  

 

 

1.   Adoption of AI and ML 

First, Machine Learning and AI in healthcare software development will change the way hospitals manage their inventory in a big way. Custom software development companies help with smart decision-making, demand forecasts, and predictive analytics. Technology looks at data to guess what supplies will be needed, make the best use of stockpiles, and cut down on waste.

 

2.   Integration with EHR

Integration with EHR systems makes it easy for inventory and patient care systems to talk to each other. So, this gives doctors access to inventory information in real time, which makes it safer for patients.

 

3.   Internet of Things (IoT) Integration

RFID tags and monitors are now used in systems that keep track of hospital supplies. After that, they give you real-time information about how much goods you have. With IoT development, you can keep an eye on things that need to be kept at a certain temperature and keep track of medical goods in the hospital.

 

4.   Blockchain for Supply Chain Transparency

Supply Chain Transparency for Blockchain could help make healthcare supply chains more open and easy to track. As a result, it can improve the accuracy of inventory data, stop cheating, and make sure that regulations are followed.

 

5.   Mobile Apps and Cloud-Based Solutions

You must hire a dedicated developer to develop mobile apps and software that runs in the cloud to give hospital staff more freedom. They can keep track of stock from anywhere at any time. Software options for hospital inventory management make it easy for people to work together, speed up processes, and work more efficiently.

 

6.   Robotics and Automation  

Robotics and automation make managing goods easier. Automated picking, packing, restocking, and controlling the building are some of the processes. As a result, these technologies cut down on human work, improve accuracy, and make operations run more smoothly.

 

 

Why Choose Dev Technosys For Hospital Inventory Management Software Development? 

Dev Technosys is a recognized custom software development company that makes excellent software for managing hospital inventory. Any size of business can use our services, from a small healthcare company to a big corporation. Before you choose us to develop hospital inventory management software, you should look at the following factors:

• Tailored Solutions: For healthcare systems’ specific inventory problems, we make personalized solutions.
• Operational improvements: Our solutions make sure essential items are always available, that stock levels are optimized, and that waste is cut down.
• Data-Driven Insights: Our software gives you real-time analytics so you can make better inventory management choices based on data.
• Easy integration: We make sure that our software works well with other systems so that problems are kept to a minimum.
• Security issues: When important resources for patient care are at danger, we put strong data security first.

Our company’s main goal in making software is to make inventory management better and labor-intensive. So, if you want to create hospital inventory management software that does well in the very competitive software market, you should work with Dev Technosys.

 

FAQs!!   

 

Q1.   How Much Will It Cost To Develop Hospital Inventory Management Software?

The cost to make hospital inventory management software will be between $10000-$25000. Depending on your project requirements, the AI inventory management software development cost fluctuates. So, it is best to consult with a company who would provide you a detailed cost estimation as per your budget.

 

Q2.   How Long Will it Take To Create Hospital Inventory Management Software?

The time to develop hospital inventory management software relies on many factors. For example, software complexity, functions, integrations, development team’s location and so on. You can expect roughly between 2-6 months to build your hospital management system.

 

Q3.   What Are the Best Inventory Management Apps?

There are several best inventory management apps in the market. But we have listed down the best ones for you:

• Zoho
• Sortly
• BoxHero
• Stock and Inventory Online
• Kyte

 

Q4.   How To Monetize Hospital Inventory Management Software?

If you have a hospital inventory management software, then you should monetize it. Below are some methods:

• Freemium Model
• Advertisement Model
• Dual licensing
• Subscription Model
• Data Monetization

 

Q5.   How Do Hospitals Keep Track Of Inventory?  

Hospitals use special software to keep track of their goods. This software has barcodes, software integrations, and RFID technology. Rapid audits, automatic reorder alerts, and centralized databases help keep accurate records, which reduces the chances of running out of stock or having too much on hand. These tips will make it easy to keep track of your hospital’s supplies.

 

Q6.   What Are the Benefits Of Hospital Inventory Management Software?

Businesses get many benefits from custom hospital inventory management system software development. Some of them are mentioned below:

• Waste Reduction
• Operational Streamlining
• Stock Prevention
• Cost Efficiency