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Stock management

Explain with AI

This section describes how to manage stock and inventory within 4Geeks Health. Effective stock management is crucial for ensuring the availability of necessary supplies, minimizing waste, and controlling costs.

Overview

The Stock Management module in 4Geeks Health provides tools for:

  • Tracking Inventory Levels: Monitoring the quantity of each item in stock.
  • Managing Stock Locations: Defining and managing different storage locations (e.g., central warehouse, pharmacy, individual departments).
  • Receiving Stock: Recording the receipt of new stock (typically through the Procurement module).
  • Issuing Stock: Recording the dispensing or use of stock.
  • Stock Transfers: Moving stock between different locations.
  • Stock Adjustments: Making corrections to inventory levels (e.g., due to damage, loss, or cycle counts).
  • Setting Reorder Points: Defining minimum stock levels to trigger reordering.
  • Generating Reports: Creating reports on stock levels, stock movements, and inventory valuation.
  • Serial Number Tracking: Tracking individual items by serial number (for high-value or regulated items).
  • Batch/Lot Number Tracking: Tracking items by batch or lot number (for traceability and expiry date management).

Accessing Stock Management

You can typically access the Stock Management module through:

  • Navigation Menu:
    • Look for a “Stock,” “Inventory,” “Materials Management,” or similar option in the main navigation menu.
    • Clicking this option may lead to a submenu with specific functions (e.g., Stock Levels, Stock Transfers, Stock Adjustments).

Key Concepts

  • Item: A specific product or supply that is tracked in inventory (e.g., “Syringe, 5ml,” “Amoxicillin 500mg Capsules”).
  • Stock Location: A physical location where stock is stored (e.g., “Main Pharmacy,” “Emergency Room Supply Cabinet,” “Central Warehouse”).
  • Stock Level: The quantity of a specific item currently in stock at a particular location.
  • Reorder Point: The minimum stock level that triggers a reorder.
  • Reorder Quantity: The quantity of an item to order when the reorder point is reached.
  • Batch/Lot Number: A unique identifier assigned to a specific batch or lot of an item, often used for tracking expiry dates and recalls.
  • Serial Number: A unique identifier assigned to an individual item, often used for high-value or regulated items.
  • Valuation Method: The method used to calculate the value of inventory (e.g., FIFO, LIFO, Weighted Average). This is usually set up by finance/administration.

Viewing Stock Levels

  1. Access: Navigate to the Stock Management or Inventory section.
  2. Stock Levels View: You should see a list or table showing stock levels. This view may allow you to:
    • Filter by Item: View stock levels for a specific item or group of items.
    • Filter by Location: View stock levels for a specific location or group of locations.
    • Search: Search for items by name, code, or description.
    • Sort: Sort the list by item name, stock level, or other criteria.
  3. Information Displayed: The stock levels view typically shows:
    • Item Code/Name: The unique identifier and name of the item.
    • Stock Location: The location where the stock is stored.
    • Quantity on Hand: The current quantity in stock.
    • Reorder Point: The minimum stock level.
    • Reorder Quantity: The quantity to reorder.
    • Unit of Measure: The unit of measure for the item (e.g., each, box, ml).
    • Other Information (Optional): Batch/lot number, expiry date, serial numbers, valuation.

Receiving Stock

Stock is typically received through the Procurement module (see the “Procurement” documentation). When a Goods Receipt is created against a Purchase Order, the system automatically updates the stock levels for the received items.

Issuing Stock

Issuing stock refers to the process of removing items from inventory for use, dispensing, or consumption.

  1. Access: Navigate to the Stock Management or Stock Issue section.
  2. New Issue: Click a “New Stock Issue,” “Issue Stock,” or similar button.
  3. Fill Out the Form:
    • Issue Date: The date the stock is issued (usually defaults to the current date).
    • Issued To: Select the department, person, or patient to whom the stock is being issued. This may be linked to patient records, encounters, or internal departments.
    • Items: Add the items being issued:
      • Item Code/Name: Select the item from a list.
      • Stock Location: Select the location from which the stock is being issued.
      • Quantity: Enter the quantity being issued.
      • Batch/Lot Number (if applicable): Select the batch/lot number.
      • Serial Number (if applicable): Select or scan the serial number(s).
    • Notes: Any additional notes about the issue.
  4. Save: Save the stock issue record. This will deduct the issued quantity from the stock levels.

Stock Transfers

Stock transfers move items between different stock locations within the organization.

  1. Access: Navigate to the Stock Management or Stock Transfer section.
  2. New Transfer: Click a “New Stock Transfer,” “Transfer Stock,” or similar button.
  3. Fill Out the Form:
    • Transfer Date: The date of the transfer.
    • From Location: Select the location from which the stock is being transferred.
    • To Location: Select the location to which the stock is being transferred.
    • Items: Add the items being transferred:
      • Item Code/Name: Select the item.
      • Quantity: Enter the quantity being transferred.
      • Batch/Lot Number (if applicable): Select the batch/lot number.
      • Serial Number (if applicable): Select or scan the serial number(s).
    • Notes: Any additional notes about the transfer.
  4. Save: Save the stock transfer record. This will update the stock levels at both the “From” and “To” locations.

Stock Adjustments

Stock adjustments are used to correct inventory discrepancies (e.g., due to damage, loss, cycle counts, or data entry errors).

  1. Access: Navigate to the Stock Management or Stock Adjustment section.
  2. New Adjustment: Click a “New Stock Adjustment,” “Adjust Stock,” or similar button.
  3. Fill Out the Form:
    • Adjustment Date: The date of the adjustment.
    • Stock Location: Select the location where the adjustment is being made.
    • Items: Add the items being adjusted:
      • Item Code/Name: Select the item.
      • Current Quantity: The system may display the current recorded quantity.
      • New Quantity: Enter the correct quantity.
      • Reason for Adjustment: Select a reason for the adjustment (e.g., “Damaged,” “Lost,” “Cycle Count,” “Data Entry Error”).
      • **Batch/Lot Number (if applicable)
      • **Serial Number (if applicable)
    • Notes: Any additional notes about the adjustment.
  4. Save: Save the stock adjustment record. This will update the stock levels. Important: Stock adjustments should be carefully documented and, if necessary, approved by a supervisor.

Setting Reorder Points

Reorder points help ensure that you have enough stock on hand to meet demand.

  1. Access: Navigate to the Item master data or a dedicated Reorder Points section.
  2. Edit Item: Find the item for which you want to set a reorder point.
  3. Reorder Point Field: Enter the minimum stock level at which a reorder should be triggered.
  4. Reorder Quantity Field: Enter the quantity to reorder when the reorder point is reached.
  5. Save: Save the changes. The system may generate alerts or notifications when the stock level for an item falls below its reorder point.

Reporting

The Stock Management module should provide reporting capabilities to:

  • View Stock Levels: Generate reports showing current stock levels for all items or specific items/locations.
  • Track Stock Movements: See a history of stock receipts, issues, transfers, and adjustments.
  • Analyze Inventory Valuation: Calculate the value of inventory based on the chosen valuation method.
  • Identify Slow-Moving Items: Identify items that have not been used or dispensed for a long period.
  • Forecast Demand: (More advanced systems) Predict future demand based on historical usage patterns.

Important Considerations

  • Accuracy: Maintain accurate stock records. This is essential for preventing stockouts, minimizing waste, and making informed purchasing decisions.
  • Regular Stocktaking/Cycle Counts: Conduct regular physical inventory counts (stocktaking or cycle counts) to verify the accuracy of the system’s stock records.
  • Security: Implement appropriate security measures to prevent theft and unauthorized access to stock.
  • User Roles and Permissions: Control which users have access to different stock management functions.
  • Training: Provide thorough training to all staff involved in stock management.
  • Integration: The Stock Management module should be integrated with other modules, such as Procurement, Billing, and Patient Records.

This documentation provides a comprehensive overview of stock management in 4Geeks Health. Remember to adapt any specific field names, button labels, or steps to match your organization’s customized configuration and specific workflows.