Medication inventory in one of the top three major operating expenses for hospitals, yet the only solution for tracking thousands of dollars worth of inventory has been occasional time consuming and inaccurate manual inventory count. For example, according to a recent report*, average inventory loss for a typical veterinary practice is about 3-5% of inventory, which translates into about $90,000 of medication inventory loss.
i-Cabinet is a smart end-to-end inventory management system in medical and veterinary hospitals which has the accuracy to track as little as one pill or a single cc of medication in a vial. It does not require a substantial capital investment, it is a simple retrofit of the existing medical cabinets. It uses patented Internet of Things (IoT) technologies to track which medication is dispensed for which patient by which clinician. It uses artificial intelligence (AI) to order optimized amount of the medication. It saves hospitals thousands of dollars in capital required for inventory. It also helps clinicians safely dispense the right medications for the right patients and help prevent harmful medication errors and potential for legal malpractice concerns.
* DVM360, 2018
Our patented high precision system is the only medication inventory management system in the industry which uses IoT and artificial intelligence technologies to:
a) Prevent medication errors.
b) Help hospitals to know how each pill or a cc of vial is used. This prevents the risk of theft and loss.
c) By using machine learning algorithms to crunch data, including past usage, epidemics, seasonal factors, supply issues, etc. This would help hospitals order the optimized amount of medications without the risk of running out of them while avoiding over-purchasing, Eliminates the potential for having expired medication.
d) Orders based on promotions and discounts from various suppliers,. This saves time and saves money for hospitals.
e) It reduces potential for substance abuse among healthcare professionals.