Materials Management Systems

Question 1

make sure that the service go successfully from one source to an end user

Answer 1

materials management systems

Question 2

materials management information system (MMIS) is used to manage functions like ____, ____, ____ and ____

Answer 2

purchasing
accounting
inventory management
patient supply charges

Question 3

overview of purchasing process

Answer 3

1. purchase request
   list of what need to buy
2. purchase quotation
   can choose materials/ equipments then issue Notice of Awards (NOA)
3. purchase order
   to buy na
4. good receipts PO
   check tht order has arrived correctly
5. A/P Invoice
   schedule to deliver
   supplier sends a bill and u plan when to pay it
6. outgoing payment
   send payment

Question 4

it is refining the quality of healthcare services, since the lives of the ppl are on the line as well as bcs medical costs are increasing

Answer 4

inventory control
(Johnston 2014)

Good inventory control in healthcare means having the right supplies at the right time, which can literally save lives. It also helps keep medical costs down by avoiding waste and getting the best prices.

Question 5

what are some strategies on how to improve inventory control within healthcare facilities

Answer 5

ensure shipment accuracy
- correct deliver terms

alignment with sales projections
- highly vulnerable to inaccuracy
- predict patterns of occurence of diseases and accidents is not easily felt

compliance with regulations

establishing buying cycles
- gauge trend in demands for supplies and equipment based on previous transactions

Question 6

items r damaged upon receiving from supplier or during the move from the source to another location

Answer 6

item indents and issues

Question 7

it is the min. quantity of an item that a company has in stock

Answer 7

re-order level

Question 8

it is the “min” value is representative of a stock level that follows the re-order n the “max” value is representative of a new tatgeted stock lvl tht follows the re-oreder

Answer 8

min/ max inventory ordering method
main diff of these 2 is often interpreted as the economic order quantity (EOQ)
For example, if min is 100 units and max is 500 units:
When stock drops to 100, you place an order
You order enough to bring the stock up to 500
The order quantity (EOQ) would be 400 units (500 - 100)

This method helps maintain adequate stock while avoiding excess inventory.

Question 9

enquiries and quotations for drugs, consumables, assets and general items

Answer 9

according to Webrino 2018

Question 10

it is the starting point of a sale or purchase process which lead to getting info from a vendor for the requirement at hand

Answer 10

enquiries

Question 11

it consists of various pieces of vital information of a requirement towards a sale/ purchase
(examples of impt info)

Answer 11

quotations
(price, delivery time, delivery details, payment terms, taxation)

Question 12

it is a state intention, either spoken or written to engage in a commercial transaction for specific products or services

Answer 12

orders

Question 13

briefly explain purchase order and sales order

Answer 13

purchase order: buyer’s pov it express the intention to buy
sales order: seller’s pov express the intention to sell and is referred

Question 14

it is a commercial document issued by a seller to the buyer, indicating the products, quantities, and agreed prices for products or services the seller has provided the buyer. it indicates the sale transaction only

Answer 14

invoice/ bill

Question 15

for any purchase, it needs to be created in order to enable a quotation, order, invoice, tax forms, etc., to be used. they are statutory requirements to enable smooth transition of the processes involved in successfully completing a sale/purchase.

Answer 15

documents

Question 16

it is a document for requesting prices and delivery info from a vendor before the purchase order

Answer 16

purchase quotations

Question 17

it maintains a list of preferred vendors from which inventory items are usually purchased

Answer 17

preferred vendors

Question 18

some qualities of a preferred vendors

Answer 18

on-time performance
reasonable costs
high quality of products and services
fully licensed, bonded and insured
good business practices

Question 19

it is a document that notifies the purchasing department tat certain items or services need to be replenished

Answer 19

purchase request or purchase requisition

Question 20

it is a document which records a business transaction btwn the buyer and the seller. a buyer issues his order and upon seller acceptance of the order, a legally bind contract is created btwn the parties

Answer 20

purchase orders

Question 21

a legally binding contract which shows that the seller has alr accepted the order issued by the buyer

Answer 21

purchase order

Question 22

the person who creates the document, either a purchase request or order

Answer 22

originator

Question 23

what are the following policies of the receiving and tracking items

Answer 23

according to The York College 2017

1.signing for deliveries
- sign receiving docu by the suppliier
shld hv name, signature, time, date
- if kulang, dont sign

2. refusing delivery
   - unable to confirm that the order was placed by their departments
3. record retention
   -RECEIVING DEPARTMENT takes physical possession and legal ownership of the shipment
4. inspecting a shipment
   - to verify that
   > purchase order n other relevant docu
   > quantity ordered
   > no damage or breakage
   > unit of measurement count is correct
   > delivery docu
   > good condition n expiration date not exceeded
   > operable and function
5. partial deliveries
   - contact PURCHASING AGENT whenever purchase is received as a partial delivery w/o acknowledgement or notif from suppliers
6. tracking of goods
   managed by serial or batch

Question 24

it is the defective or substandard quality goods, incorrect order delivery, and deterioration among inventory purchased and sold are usually common in business, and they may lead to purchase or sales returns.

Answer 24

purchase returns along with returnable/ non-returnable gate pass

Question 25

Returnable Gate Pass vs Non-returnable Gate Pass

Answer 25

Returnable Gate Pass - temporary movement Non-returnable Gate Pass - permanent movement

Question 26

In the process of consignment, the vendor or consignor issues materials to the receiver or consignee, and these materials are stored on the consignee's premises. The vendor maintains Jegal ownership until such materials are removed from consignment stores.

Answer 26

consignment stock receipt, consumption and regularization

Question 27

Upon reaching their expiration dates, some goods, such as food and medicine, can no longer be utilized.

Answer 27

expired stock/ inventory

Question 28

When undecided about how to handle defective goods, whether to be sold as scrap, reworked, returned, or used as it is, a quarantine location or warehouse can be used to temporarily house them until a final decision has been reached.

Answer 28

quarantine stock/ inventory

Question 29

These are the ways a company decides to release inventory from storage for use or sale

Answer 29

issue methods

Question 30

briefly explain the drugs and consumable issues and returns to patients

Answer 30

affirms tht 30% to 50% of hospital bill are actually attribute to diagnostics (blood test, x-rays, mri), drug (meds) and consumables (single-use like syringes, bandages, iv bags) and docs get only btwn 10-20% a large portion of hospital costs comes from the materials and services used in patient care, rather than direct physician fees. It highlights the significant impact of efficient management of drugs and consumables on overall healthcare costs

Question 31

briefly explain the common inventory handling methods

Answer 31

First In, First Out (FIFO) - Inventory items are sold in the order they are purchased. This is the most common technique. Last In, First Out (LIFO) - Last to enter the system are sold first. This is common among non-perishable items like petroleum, minerals, and metals. First Expired, First Out (FEFO) - Materials are sold based on date they should be consumed, regardless of when it was purchased.

Question 32

Material Management Systems usually allow tax rates to be defined internally via tax codes, or imported from an external source. Tax configurations are usually accounted for on a per country basis

Answer 32

generic tax formula configurations these systems provide a flexible way to manage and apply taxes across different countries and scenarios, ensuring accurate tax calculations in various business transactions.

Question 33

An inventory count is a process where a business physically counts its entire inventory

Answer 33

periodcs physical stock taking and adjustments with tracking for example: If they find more items than expected, they add these to their records. If they find fewer items, they subtract from their records. The business keeps track of all these counts and changes. This helps them spot problems, like if items are getting lost or damaged, or if their record-keeping needs improvement. This process helps ensure the business knows exactly what it has in stock, which is important for running smoothly and making good decisions.

Question 34

what are the different tactics to minimize the disruption caused by physical inventor

Answer 34

Inventory services provide labor and automation to quickly count inventory and minimize shutdown time. Inventory control system software can speed the physical inventory process. A perpetual inventory system tracks the receipt and use of inventory, and calculates the quantity on hand. Cycle counting, an alternative to physical inventory, may be less disruptive Use inventory control software: This speeds up the counting process by automating data entry and calculations. Implement a perpetual inventory system: This tracks inventory in real-time as items are received and used, reducing the need for frequent full counts. Adopt cycle counting: Instead of counting everything at once, regularly count small portions of inventory on a rotating schedule. This is less disruptive than a full physical count. Hire inventory services: These specialized companies provide trained staff and equipment to count inventory quickly, reducing downtime. Plan strategically: Schedule counts during slow periods or after hours to minimize impact on regular operations. Use barcode scanners or RFID technology: These tools can significantly speed up the counting process. Organize inventory effectively: Good organization makes counting faster and more accurate.

Question 35

return of damaged goods

Answer 35

item indents and issues