Expertise

3 min reading

14 December 2021

14 December 2021

Benefits of Asset Tracking in Hospitals

Benefits of Asset Tracking in Hospitals
Benefits of Asset Tracking in Hospitals
Summary

Asset tracking in hospitals is more than necessary due to its belonging to critical infrastructure. By identifying assets, the hospital can keep track of their usage and identify which clinicians drew up the items for a specific patient. Additionally, this system helps eliminate the theft of medical equipment because it has radio frequency identification of the asset’s location. With real-time location systems, stolen assets can be found in a short matter of time. An asset tracking system also provides accurate, real-time information to staff members. As a result, hospitals can ensure their healthcare assets’ long-term quality.

The main benefit of asset tracking is its ease of use. It helps healthcare organizations to reduce administrative costs and the possibility of human error while allowing employees to focus on tasks more connected to the healthcare operations. Asset tracking can be used to identify where your equipment is, where it is located, and how it is being used.

Asset tracking systems are useful for many industries, including agriculture, construction, mining, supply chain management, and healthcare. They help healthcare facilities to reduce operational costs and increase productivity. With healthcare asset tracking software, medical institutions will be able to monitor the equipment at any time and make effective management decisions regarding scheduled maintenance.

How Does Asset Management System Work?

How does asset tracking work? It is a common question that eludes organizations of different kinds and their IT managers. This software is a powerful and versatile inventory management tool and can be used in any workplace. An asset tracking system is an excellent way to track the performance of your assets and control whether they are operating within regulatory compliance. It helps businesses confirm delivery and monitor the resources in the process to prevent their loss or other emergency situations. This type of asset management software can be used indoors and outdoors. Generally, there are many different types of asset tracking software, and each one has its own specific features.

The key to the proper functioning of an asset tracking system is the rightly chosen asset type. There is a wide range of different assets, each with different features and life spans. Using a standardized one-log inventory system allows companies to determine depreciation costs and longevity of assets for insurance and tax purposes but it doesn’t give the full picture of the working capabilities or features of the particular asset. Modern, IoT-based asset tracking systems, in turn, can provide comprehensive information about the assets of a company, including their peculiarities, asset performance, asset status, asset locations, and asset utilization. The use of these modern IoT systems provides for greater accuracy in decision-making, which is an important aspect of the management of any organization.

The best healthcare asset tracking software even has built-in analytics and customizable dashboards that allow overcoming many challenges connected to equipment. The true value of such healthcare software lies in its accessibility, so people can use control assets remotely from multiple sites through radio waves. RFID technology allows receiving signals wirelessly using simple mobile devices.

A medical asset tracking solution uses asset tags to identify movable and fixed assets. The hospital inventory may include single-use items, linen, bottles of medication, boxes of medical equipment, and more. The RFID tags are either embedded or attached to the assets. Readers, in turn, are placed in various locations around the clinic. Using a web app or mobile device, healthcare personnel can easily track assets that are movable not only to know their precise location but also to develop solutions for storage and maintenance before valuable assets arrive.

IoT Devices Use in Asset Tracking 

IoT device use in asset management is a growing area of application for the Internet of Things technology. This technology has several benefits for organizations, but one of the most prominent benefits of asset tracking is the ability to monitor assets in real-time. For example, it can notify managers of stolen equipment or inappropriate maintenance conditions.

Most IoT tracking devices are wireless and can be used in different environments. One example is the transportation of critical resources. Using an IoT device with temperature and humidity sensors can help nursing staff to monitor the state of these materials on the move and eliminate the possibility of unplanned maintenance problems. The IoT devices can be paired with practically any tracking software, which allows it to automatically associate all the relevant information with the assets. The information collected is also helpful for reducing loss, promoting efficient utilization, and extending the life of the assets.

Generally, manual asset tracking can be a difficult process for workers. With IoT devices, in turn, workers can deploy assets easily without needing to go through all the hassles of relocating assets. This can reduce the costs of fuel, equipment, and other resources. With GPS and location tracking technologies, fleet managers can streamline their workforce for tracking vehicles. The IoT devices will enable real-time communication between logistics managers and hospital staff, which can help reallocate resources to higher-value tasks and optimize the process of asset management.

Why Do Hospitals Need Asset Tracking? 

Equipment Monitoring

Using an asset tracking solution, hospitals will better manage and monitor medical equipment. RFID technology is used to keep track of the locations of critical supplies and medicines. These solutions also help medical facilities ensure the safety and functionality of their assets.

What is more, with the help of an asset tracking solution, clinical staff can monitor stock levels in real-time. A notification system informs staff when an inventory is running low and automates ordering for the necessary repairing works. A cloud-based or IoT asset tracking solution provides easy access to data anywhere in the world, which can be really helpful in case of the need for a main medical institution to monitor the medical assets of its branches.

Improvement of Patient Care

The process of asset tracking in medical institutions is a critical part of improving patient care. A hospital can increase productivity by using a system to track medical equipment and supplies needed for a particular patient in a particular hospital room, ensuring high-quality care. By analyzing the performance of equipment and inventory, healthcare providers can lower overall costs. The system can be used to track syringes, gloves, masks, and other items. It can be used to detect when a piece of equipment is out of compliance or needs maintenance. In general, a healthcare asset tracking system can significantly improve patient care and management of healthcare facilities.

A medical asset tracking solution also helps reduce the time it takes to access and diagnose patients. For example, a hospital with an intensive care unit may need more oxygen tanks, ventilators, or infusion pumps. This equipment is critical to the patient’s health and life. By tracking medical equipment and its location, hospitals can increase their efficiency and reduce the waiting time in the emergency room. And with RFID and IoT technology, this solution is possible for most healthcare institutions.

Increase of Productivity

Using hospital asset tracking software improves productivity and efficiency. According to different pieces of research, nurses spend an average of 208 hours each year searching for items. For healthcare facilities, such an amount of time is more than too much, and healthcare providers can save many lives by not wasting this time in the search for critical assets. By automating the process, staff will be able to save time, resources, and keep the focus on patients. Additionally, the system will reduce frustration for staff and enhance overall patient satisfaction with the hospitals and healthcare system as a whole. Automated asset tracking also helps clinics reduce theft and misuse of their valuable assets. This technology will help them to save time, money, and improve care quality.

It is imperative for medical institutions to track their assets. For a long time, medical devices had been accumulated over time and stored in yearly reports. Once these assets had been lost or stolen, the hospital has invested in a replacement for the missing equipment. A lost piece of equipment can take a bite out of a hospital’s bottom line. In the US, approximately $4,000 worth of medical equipment is lost or stolen each year. This amount of money can be really useful for other purposes in the healthcare sector. That is why there is such big importance of asset management.

What Benefits can IoT Asset Tracking System Bring to Hospitals? 

Quality Increase

One major benefit of asset tracking is its ability to improve the overall quality of healthcare. The asset management system can help hospitals save money and improve the lives of their patients and clinicians. It can prevent unnecessary purchases of inventory and support staff dealing with critical equipment. It also helps health systems curb shrinkage and hoarding of assets.

Time-Saving

By using hospital asset tracking, hospitals can track and manage assets without wasting time. The system will provide accurate inventory information and allow personnel to easily find items when they need them. This helps healthcare facilities avoid unnecessary panic buying and unnecessary expenditures on equipment. In addition, it will allow doctors and medical staff to communicate across different time zones. It will also help hospital personnel update their medical records instantly across all platforms, including mobile phones.

Safety Insurance

The main benefit is that IoT asset tracking in hospitals ensures the safety of patients. It can also help reduce inventory shrinkage and theft. IoT asset tracking device will automatically engage security protocols when an asset approaches doors or elevators using a real-time location system. Reports can also show how the assets were moved and how long they were on their way. With this system, nurses can spend more time caring for patients instead of worrying about missing equipment or keeping track of its location, state, and maintenance. Moreover, the system will alert staff members when an asset needs maintenance or compliance.

Among its many benefits, IoT-based asset tracking is the ultimate way to track assets. It provides high-quality insights on healthcare facilities and eliminates the guesswork associated with asset management. It uses three types of technology: GPS, RFID, and barcodes. Most asset tracking software offers a combination of these technologies, so you can select which one best suits your medical institution.

TEKTELIC Solutions on Asset Tracking in Hospitals

TEKTELIC Company is now actively developing its products in the healthcare sphere. We understand that the healthcare industry is one of the most important and that is why TEKTELIC pays it the utmost attention. TEKTELIC can already offer a lot of solutions for medical assets tracking and control.

TEKTELIC LoRaWAN Gateways are the leading providers of LoRaWAN-based IoT solutions for healthcare organizations. These sensors offer a powerful end-to-end solution to the most demanding IoT challenges. For example, the use of TEKTELIC KONA Micro IoT Gateway and LoRaWAN-based Contact Tracing Device enables hospitals to reduce operational costs and improve patient safety by monitoring social distancing based on patient records.

KONA Micro IoT Gateway

One more IoT-based device for asset management is TEKTELIC SPARROW. It is a cost-saving asset tracking system that allows hospitals to manage and track equipment assets. The system streamlines asset management in the healthcare sector and decreases resourcing and labor costs. SPARROW also makes it easy for hospital staff to locate medical equipment and access maintenance schedules and records.

Adding SPARROW to an inventory will make hospital equipment easier to manage and maintain. It will also help staff save time and money by making healthcare facility management easier and more efficient. The TEKTELIC SPARROW combines the power of Bluetooth Low Energy (BLE) and LoRaWAN technology to offer full property coverage, always-on connectivity, and long battery life. With a few clicks, hospital staff can instantly view and update the locations of all assets.

SPARROW

For large hospital inventory management systems, tracking assets can be difficult. In addition to the high administrative cost of managing assets, a company may experience delays in production and unhappy customers. With a TEKTELIC SPARROW, hospitals and healthcare providers can locate assets with pinpoint accuracy. In addition to reducing costs, having accurate data can help pass audits. Moreover, hospitals can boost their financial performance by making informed business decisions.

Other TEKTELIC Devices for Healthcare

Aside from asset tracking, TEKTELIC has recently developed some other solutions for the healthcare sector. For example, TEKTELIC has successfully introduced the eDOCTOR to one of the hospitals in Calgary for more precise monitoring of patients’ states during clinical trials. The eDOCTOR helps with monitoring the critical indicators of a patient’s health. It monitors body temperature, respiration rate, chest expansion, coughing/sneezing, body position, and heart rate. This device can be really helpful for people struggling with respiratory diseases or those participating in clinical trials.

TEKTELIC also offers the eBEAT, which is a variation of the eDOCTOR. eBEAT is a perfect solution for continuously monitoring patient health and other indicators. It is specially designed to monitor body temperature, one of the key indicators of respiratory illness. The washable armband strap allows the device to be worn in any situation and environment. The eBEAT is designed to be discreet and convenient. Using this device, medical professionals can monitor patients without compromising privacy and without spending extra time for regular meetings. What is more, the eBEAT can be easily removed when necessary.

eBEAT

The advantages of hospital asset tracking cannot be overemphasized. The importance of asset tracking in hospitals is obvious, as it provides comprehensive information about the assets of a hospital. The IoT asset management devices help with this task and can streamline the hospital’s operations. Once a system is set up, it should be flexible enough to accommodate different business requirements. This way, it can be updated as needed and adapted as needed. So, hospital workers can expect many benefits with the implementation of a proper asset tracking system in the hospital.

Want to know even more? Reach out TEKTELIC sales team.

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