Product information management (PIM) systems are expected to grow up to 25.5% by 2023. There is even a growing demand for PIM in the medical field. Specifically, this interest lies in healthcare IT solutions. But what’s the hype all about? Why are those in the healthcare sector interested in this software?

 

What Is PIM?

Product information management programs store product data and patient information in one location. Individuals with the right authority access this information electronically. This data is updated in real-time and shared across channels. Collaboration and communication of important information become smoother and safer. In the medical field, information saves lives. It is important for facilities to consider carefully how they store and manage data. However, the large number of records and documents makes this easier said than done. Unless, of course, a healthcare facility uses PIM software.

 

The Benefits in Healthcare IT Solutions

The IT solutions for healthcare should always be carefully selected. Those in charge must consider patient safety, compliance, and expenses. For these reasons and more, professionals are turning to PIM for their healthcare IT solutions.

Safety

One of the greatest advantages PIM solutions offer is safety. All patient and product data are held in one location. This reduces the risks of human error and avoids out-of-date, back-end data. Has a patient’s information changed? It’s updated right away and the information is accessible to all appropriate personnel. As a result, doctors and healthcare workers use updated and accurate information. Even in an emergency, they know the data they use to make decisions is current.

PIM can:

  • decrease the possibility of accidentally providing medications with harmful interactions
  • provide thorough background information essential for diagnosing during emergencies
  • create easy patient identification regardless of branch location

Simply put, the single location and accuracy improve safety for patients.

Increase ROI and Cut Costs

Increases in safety lead to fewer expensive mistakes and litigation suits. A single medical mistake cost institutions an average of $11,366 in 2011. However, PIM also has other financial advantages for healthcare institutions. Because product information is tracked, staff members and institutions can chart expenses. They find less expensive routes to get the equipment and medication the workers and patients need.

PIM aids yearly revenue, as well. The easy communication it provides lets IT professionals and physicians share important information. Reports and suggested changes increase collaboration and decrease costs. Texas Children’s Hospital utilized a similar approach in 2013. The result was a $4.5 million increase in yearly revenue. This hospital saved millions of dollars by managing data to find appropriate, less expensive solutions. PIMs show the bigger picture. Very often, patterns are often overlooked because professionals are overwhelmed by the amount of data. When implemented correctly, these programs allow teams to “see the forest through the trees.” They are able to plan accordingly.

Compliance and Mandates

Compliance is an important concern at every medical facility. Leaks of patient information, inappropriate documentation and more lead to harsh legal consequences. Unfortunately, many regulations require lengthy and difficult documentation. Without the proper technology, this wastes time and money. A great example occurred in 2013 when the Food and Drug Administration implemented new regulations about medical devices. Employees were required to document, label and track medical devices. These Unique Device Identification mandates even applied to Class I medical devices, such as dental floss and bandages. This data would have been painstakingly recorded in multiple spreadsheets before. However, PIM allows automation of these processes.

Staff members increase productivity. They focus on patient health rather than spend precious minutes laboring over spreadsheets. Similarly, patient records are in one location, minimizing the possibility of leaks. Only those who have the proper credentials may access these records. As a result, facilities have an easier time adhering to HIPPA laws.

Customized Service

PIM software leads to effortless and excellent customer service across the entire facility. Each department accesses the same information as the others. Those in financial assistance are as up-to-date as employees in a physician’s office. When a patient has a question or calls for information, employees answer promptly. On the floor, doctors see what medication is on-hand to help an ailing patient or to confirm an individual’s medical history. Stellar staff-patient communication is achieved in all departments.

Inventorying

Medical facilities keep careful records of the medication and supplies they have, need and use. Product information management makes this process efficient, easy and current. Large facilities traditionally have one main storage area. There are smaller ones throughout the site according to departmental needs. Using PIM, staff input inventory changes in real time. This makes it easy for employees to stock locations based on what is needed.

Furthermore, ordering supplies before life-saving equipment runs out is that much easier. Medical personnel know exactly how much of an item or product is needed and where. PIMs are also useful in widespread emergencies and disasters. Individuals see what supplies are available in other locations. If a medication can’t be obtained at one location, a facility nearby may help. Finally, the quality and life of medications are carefully tracked. Any products that have reached the end of their shelf life are discarded.

Enforcement

Is there a new product physicians should avoid prescribing? Perhaps a medical device has recently been banned? It’s easy to keep all members current on the safety requirements associated with the products used. Any relevant data about a product is quickly relayed through the software programs. If a medical personnel contemplates using that item, the information is there for him or her to see.

Improve Your Facility

Healthcare IT solutions don’t have to be difficult and time-consuming. Instead, use a PIM program. Your patients, staff, and administration will enjoy the many benefits these software changes offer. That includes increased safety and reduced expenses.

Are you ready to spread the advantages to your facility?

Schedule a free demo with Innovit today to see just how much you’ve been missing out on.