Are you wondering about the cost of developing hospital inventory management? If so, this is the best place for you. In this, we will walk through a comprehensive guide on how much hospital inventory management costs.
With the advancement of technologies, various hospitals have started using powerful hospital inventory management software to simplify daily operations, such as placing new orders, tracking inventory, ensuring proper distribution, and managing stockouts or overstocking.
These systems allow healthcare sectors to provide real-time statistics related to stock levels and usage patterns that help facilitate smooth operations. The hospital management system (HMS) has evolved into a digital backbone for medical facilities, improving efficiency and productivity.
However, it’s crucial to remember that cost is a significant factor when considering the implementation of an HMS. This blog will take a ground-zero approach, breaking down the components contributing to the overall cost.
Understanding: Hospital Inventory Management
Hospital Inventory Management is a systematic process. It helps to manage and control the tracking, availability, storage, and utilization of equipment, medical supplies, and consumables within healthcare facilities.
Critical Aspects of Hospital Inventory Management
- Demand Forecasting
- Inventory Tracking
- Procurement and Ordering
- Storage and Distribution
- Inventory Optimization
- Technology and Automation
Hospital Inventory Management Cost
Various factors affect the hospital inventory management cost, such as product discovery, design, testing QA, and development phase. Below is the short information on the approximate cost and time spent developing the Hospital Inventory Management system. Let’s explore
| Product discovery | ||
| Simple project | 20 to 30 hours | $500 to $1000 |
| Average project | 40 to 60 hours | $1200 to 2000 |
| Complex project | 70 to 120 hours | $2500 to 4500 |
| UI/UX design | ||
| Simple project | 25 to 50 hours | $1000 to 2000 |
| Average project | 60 to 120 hours | $2400 to 4800 |
| Complex project | 100 to 300 hours | $4000 to 12,000 |
| Development | |
| Simple project – 160 to 200 hours and $6000 to 8000 | |
| technical documentation | 9-10 hours |
| frontend | 60 to 80 hours |
| backend | 90 to 110 hours |
| Average project – 230 to 440 hours and $9000 to 17000 | |
| technical documentation | 10 to 20 hours |
| frontend | 110 to 200 hours |
| backend | 120 to 220 hours |
| Complex project – 750 to 1500 hours and $25000 to $60000 | |
| technical documentation | 30 to 50 hours |
| frontend | 300 to 600 hours |
| backend | 400 to 700 hours |
| Testing | ||
| Simple project | ~30 hours | ~$1200 |
| Average project | 30-70 hours | $1200 to 2800 |
| Complex project | 70 to 120 hours | $2800 to 3200 |
Brief Explanation of the Cost To Develop Hospital Inventory Management
Research and Planning:
Research and planning are vital in affecting the cost of developing hospital inventory management. They involve market research and identifying the targeted market to create a well-developed plan. The approximate cost to develop a simple hospital inventory management project will start from the range of $600 to $1200, and the required time may be 20 to 30 hours. $1000 to $18000 for an average project of 40 to 60 hours and 70 to 120 hours with an approximate cost of $2500 to $45000.
Design:
The hospital inventory management cost is also affected by its design. The approximate design cost for a basic project starts from $800 to $1800, and the approximate timing will be (25 to 50 hours). For an average project, it may start from $2000 to $4500, and the approx timing will be (60 to 120 hours), and for the complex project, it may start in the range of $3500 to $10000, and time (100 to 300 hours)
Development:
The development process highly affects the cost of developing hospital inventory management. The approximate cost to develop a simple project may be $6000 to $8000, and the approximate time will be 150 to 200 hours. For an average project, the range will fall between $9000 and $170000, and the time may be 230 to 450 hours. To develop a complex project with 750 to 1500 hours will cost from $25000 to $60000.
Testing and QA:
Another factor affecting the hospital inventory management cost. Testing is required to ensure our software is error-free and prevent bugs. The cost generally ranges from $4500 to $7000.
Develoyment and Integration:
Correct product settings with the corresponding system, such as electronic health records, usually cost between $2500 to $7000.
Maintenance and Updates:
Regular updates and maintenance ensure there are no issues and the software works correctly without interruption. This may cost from $5000 to $10000 annually.
Training and Support:
This includes providing established staff training and regular support, which costs an average of $5000 to $12000.
Other hidden costs: This includes all possible aspects, such as management, equipment, and other miscellaneous expenses ranging from $5000 to $10000.
Benefits of Hospital Inventory Management Development
Here are the comprehensive benefits of developing an inventory system: It is a path for companies to improve the efficiency of unique inventory management workflows and optimize inventory-related costs. It prevents stock-outs and overstocking.
Enhanced Patient Care
With correct and timely access to necessary supplies, healthcare providers can focus more on providing high-quality patient care. The Hospital Inventory Management system ensures that necessary medical items are readily available when needed, helping reduce treatment delays and improving patient outcomes.
Reducing Inaccuracies, Easy Analytics, and Maintaining the Supply
Hospital Inventory Management software development streamlines processes by automating tasks such as reordering supplies, tracking stock levels, and managing expiration dates. It helps to remove manual errors and ensure the data is updated and accurate.
Real-Time Tracking
This program is developed in the software for live-tracking; this implies that the system is regularly refreshed and updated, which gives access to a precisely counted inventory whenever the item is added or sold.
Cost-Savings
It helps several healthcare facilities save costs by allowing them to optimize inventory levels and reduce waste. These software programs help minimize the risk of expired supplies, overstocking, and outstocking, enable better negotiation with suppliers, and lead to cost savings over time.
Seamless Integration
Hospital Inventory Management software seamlessly integrates with other healthcare IT systems, such as EHRs(Electronic Health Records) and supply chain management software. It helps to enable efficient communication across departments, data sharing, and improved overall workflow and collaboration within the healthcare facility.
Technical Stack of Hospital Management Software Systems
The technologies are flexible and depend on the company developing the hospital management software. Below is an example of a tech stack for custom software development.
- Frontend: JavaScript, TypeScript, Vue.js, Angular, React, HTML, CSS
- Backend: Node.js, Next.js, Nest.js, Koa.js, Express.js, PHP, Laravel, Python, Django, Java, Spring Boot, Ruby, Ruby on Rails, Go, Fiber
- Database: MySQL, MongoDB, PostgreSQL, Oracle, Firebase, SQLite
- Cloud Storage: Microsoft Azure, Amazon Web Services, Google Cloud
- DevOps Tools: Docker, Kubernetes, Jenkins, Puppet, Azure DevOps, GitLab CI, Grafana, Prometheus, Azure SQL database, Google Cloud SQL, Google Cloud Datastore
- Android App Development: Java, Kotlin, Android SDK, Android Studio, Android Jetpack
- iOS app development: Objective-C, Swift, iOS SDK, Xcode, Cocoa Touch
- Cross-platform app development: React Native, Expo, Flutter, Ionic
- Desktop app development: Electron, WPF, UWP, React Native, Expo
Future Trends and Innovations in Hospital Inventory Management
Hospitals are using new technologies to increase their stocks, lower prices, and provide better care to patients. Hospitals are changing significantly with the times of management of goods and supplies. This helped to gain new ideas and trends to build a Hospital Inventory Management System.
- Adoption of AI and ML
- Integration with EHR
- Internet of Things (IoT) Integration
- Blockchain for Supply Chain Transparency
- Mobile Apps and Cloud-Based Solutions
- Robotics and Automation
The Final Thoughts
Managing the hospital mess is not easy, but it’s essential, and having an inventory system can indeed make the daily mess easier. With the help of hospital inventory management software, you don’t have to compromise on the treatment of the patients. After reading this article, I hope you have an average idea of the hospital inventory management cost. Although not all the costs are exact, these are the approximate cost to develop hospital inventory management. There are various benefits and future scopes of developing hospital inventory software, so developing such software will help gain more profit and business success.