Our Innovation Analysts recently looked into emerging technologies and up-and-coming startups working on solutions for the healthcare sector. As there is a large number of startups working on a wide variety of solutions, we want to share our insights with you. This time, we are taking a look at 5 promising startups innovating in inventory management.
Heat Map: 5 Top Inventory Management Startups Impacting Hospitals
Using our StartUs Insights Platform, covering 1.116.000+ startups & emerging companies, we looked at innovation in the field of inventory management in healthcare. For this research, we identified 455 relevant solutions and picked 5 to showcase below. These companies were chosen based on a data-driven startup scouting approach, taking into account factors such as location, founding year, and technology among others. Depending on your specific criteria, the top picks might look entirely different.
The Global Startup Heat Map below highlights 5 startups & emerging companies developing inventory management solutions for healthcare. Moreover, the Heat Map reveals regions that observe a high startup activity and illustrates the geographic distribution of all 455 companies we analyzed for this specific topic.
TraceMedics – Artificial Intelligence (AI)-Based Inventory Management
A lack of proper inventory management results in operational difficulties such as increased costs, efficiency losses, accountability concerns, and supply chain visibility issues. AI-based solutions for inventory management enable hospitals to monitor and track real-time inventory levels of pharmacy inventory, surgical equipment, and consumables with speed and accuracy. This results in positive change to the supply chain as a whole and improves the quality of healthcare delivery.
The German startup TraceMedics provides an AI-based inventory management solution for hospitals. With the help of AI and non-linear multi-level algorithms, the startup analyzes the inventory consumption correlations to predict potential stockouts and trigger automated purchase orders to suppliers.
AMPAworks – Hospital Supplies Tracking
Medical procedures usually require a lot of medical tools and supplies. Manual auditing of medical inventory is common practice in hospitals and involves manpower, time, and effort. Due to the fast-paced environment, a lot of medical devices go unaccounted for and expire, resulting in huge cost impacts.
The US-based startup AMPAworks provides devices and mobile applications for hospitals. These apps track medical devices and monitor surgical equipment and supplies. Automation of inventory audits helps reduce costs and in turn, makes more manpower available to provide quality healthcare.
Shubhram – Hospital Linen Management
Clean and safe linen plays a vital role in healthcare delivery by keeping infections from spreading to other patients. Real-time inventory visibility enables management decisions with regards to budgets and spends that have a direct impact on the bottom line. Although many hospitals overlook laundry costs and end up paying more than budgeted costs, managing them effectively eases the pressure on costs.
The Indian startup Shubhram offers linen management solutions to hospitals. The company uses customized detergents and chemicals for the laundry process and evaluates all hospital partners individually to understand service quality levels. As a result, this helps hospitals to understand and optimize the costs incurred for laundry services and improve overall profitability.
Pivot Smartflow – Radio Frequency Identification (RFID)-Based Tracking
Instruments, tools, and medical supplies for surgical procedures require to be sterilized before and after the procedure, creating accountability issues in hospitals. Since a lot of human intervention is required to keep track of the process, complacency and fatigue hinder the collection of sterilization data. Startups and emerging companies work on innovative solutions by accurately gathering sterilization data.
The India-based startup Pivot Smartflow provides software solutions for hospitals to trace surgical tools, medical supplies, and medications. Using RFID tracking for instruments, pre, and post-surgical inventory checks are automated to improve operating room turnaround times. Sterilization data is collected automatically using the software and as a result, the solution automates regulatory record keeping enabling compliance as well.
ReadySet Surgical – Cloud-Based Inventory Management
Nowadays, hospitals and other healthcare providers are digitizing their processes to become more efficient. A cloud-based inventory management system ensures an increase in efficiency and productivity thereby enabling better healthcare. Balancing stock-outs, expiration, and monitoring inventory levels in real-time drives profitability with constant revenues. Startups and emerging companies develop automated solutions to provide effective real-time data enabling critical management decisions.
The US-based startup ReadySet Surgical provides hospitals with cloud-based inventory management software to automate procurement and ordering of surgical inventory. With the help of a cloud-based platform, real-time data on current inventory levels across the supply chain is analyzed based on expiration and consumption. As a result, the supply chain visibility enables hospitals to coordinate the replenishment of surgical inventory needs with ease. Additionally, the solution makes the hospital operations leaner and reduces costs.
What About The Other 450 Solutions?
While we believe data is key to creating insights it can be easy to be overwhelmed by it. Our ambition is to create a comprehensive overview and provide actionable innovation intelligence so you can achieve your goals faster. The 5 inventory management startups showcased above are promising examples out of 455 we analyzed for this article. To identify the most relevant solutions based on your specific criteria, get in touch.