Medical device manufacturers take most of the risk of selling product while they have limited control once the product is in the field. Using iTraycer to track medical device inventory can boost the bottom line by 2-4%. Increased profitability comes from improved sales efficiency, advanced inventory control, increased operational effectiveness, and enhanced financial accountability.
Some of the issues manufacturers face:
- While inventory is owned by the manufacturer, it is managed by sales and/or hospitals.
- Inventory visibility is severely limited and certainly not enterprise-wide.
- Turns rates, which average less than one time per year, are abysmal.
- Write offs are in the 3-10% range on an annual basis.
- Inventory management consumes hours of valuable sales rep time per week.
- Usage is processed using an antiquated model that leads to redundant inventory, missed sales, and poor sales analytics.
Benefits of iTraycer include:
- Increased efficiency and productivity through software with a user interface designed to meet specific needs
- 24/7 real-time visibility of loaner and field inventory at a rep location level of detail
- Mobile convenience in the field synched with comprehensive back-office reporting
- Increased liability protection against FDA recalls and settlements
- Increased speed of replenishment
- Leveled inventory from greater inventory efficiency analytics
- Elimination of costly order and billing errors and resulting payment delays
- Automatic quality control for expiring products and overused instruments
- Reduced case delays or lost business
- Accurate projection of revenue streams
- Elimination of costly inventory loss
- Proactive compliance with FDA regulation mandating tracking processes (Medical Device Safety Act)
- Electronic usage processing notification (scrub sheet)
Features of iTraycer include:
- Available as an iPhone or Android application that can also be used with iPad or iTouch
- Full suite of back-office reporting tools
- Interface is simple, intuitive, and easy-to-use
- Tracks medical instruments regardless of storage, including sterilization environments
- Tray, device, and/or biologics-level management
- Input part and lot numbers automatically with gold-standard EDI or manually with companion barcode/RFID reader
- Retrieve and search part and lot numbers
- Automatic FDA alerts
- Automatic device expiration alerts
- Electronic case scheduler
- Loaner Manager
- Automatic requisition generation
- Revenue tracker
- Shipment tracking
- Powered by Peak 10 SAS 70 Type II certified technology