Avoiding the ‘Double Whammy’ of Asset Shrinkage with Active RFID
In my last post, I discussed the high costs of lost and stolen assets. In this one, I share the story of a health system in the Midwest—where the shrinkage tab had reached unsustainable levels. In fact, in just a few years, the organization’s Clinical Engineering team estimated losses of at least $150,000 for two types of assets: telemetry packs ($3,500 per item) and IV infusion pumps ($3,000 per pump).
The team turned to STANLEY Healthcare for help implementing an Asset Management solution to tackle shrinkage head on. How? By placing active RFID tags on 175 telemetry packs and placing exciters at identified chokepoints—including laundry chutes, dumpster areas, department zones and main exits—and then setting up automated alerts and escalations within the STANLEY Healthcare MobileView Visibility and Analytics Platform.
The solution closes the gaps that previously allowed shrinkage to occur. It immediately detects medical equipment as it goes down laundry and/or trash chutes, so staff can retrieve the assets before they are rendered unusable. It alerts when a device assigned to a certain department has left the confines of that department, so the asset in question can be promptly located and returned to its rightful “owners.” And it alerts when a tagged device has left the building, helping prevent patients and visitors from accidentally (or intentionally) going home with hospital equipment.
With the ability to respond promptly and effectively, the hospital has virtually eliminated what was once a major challenge. In fact, since the active RFID asset management solution went live four years ago, the hospital hasn’t lost a single telemetry pack. In other words, it now avoids the “double whammy” costs that can add up to a major negative impact—for any hospital.
Are you tired of the high costs of asset shrinkage? We have more than one way to help you tackle this challenge. An upcoming post will explain how another STANLEY Healthcare customer uses RTLS with passive RFID to improve asset management and reduce shrinkage.
Ask the experts! STANLEY Healthcare is hosting a webinar, Shrinking Inventories: Two Solutions to One Persistent Problem, about two real-world successes: a Minnesota hospital using RAIN RFID to slash shrinkage of small devices and a Kansas hospital using active RFID to prevent the loss of costly telemetry packs and IV infusion pumps. Register today!
In the meantime, please weigh in with your thoughts and questions in the comments—and reach out directly if you would like to learn more about how RTLS technologies can help you take control of asset management.