The steps through which a product flows from when it is removed from inventory until it is replaced in inventory and when applicable storage records are up-dated
Inventory Turn
Supply Life Cycle
Product Usage Cycle
Purchase/Replacement Cycle
The system in which a running balance of the quantity of products in storage are maintained
Perpetual Inventory
Just-In-Time Inventory
Pay-As-You-Go Inventory
Stockless Inventory
This quick reference can help when ordering replacement instruments from specified vendors
Preference Listing Numbers
Catalog Numbers
Facility Item Numbers
Price Sheets
A tool used to manage information used to charge for procedures, services, and supplies provided to patients
Reimbursement Codes
DRG Compendium
Charge Master
Billing Codes
The process of analyzing physician-preferred items to consider alternative costs, reimbursements, and strategic initiative concerns
Value Analysis
Cost-Benefit Ratio
Return on Investment Analysis
Product Evaluation
The funds and organization has available to conduct its daily activities, the amount by which current assets exceed current liabilities
Balance Sheet
Reimbursement Ratio
Working Capital
Operational Funds
A service in which vendors stocks and maintains a facility's inventory to agreed upon levels and then issues a monthly (or other time period) invoice for all items used
Consignment
Vendor-managed Inventory
The process used to determine the value of a fixed asset during a specific accounting period that is assumed to have been "used up" during the period
Cost-Shifting
Product-Life
Depreciation
General provisions that apply to a supplier's price quotations and a buyer's purchase order that apply regardless of the specific products or services being purchased
Terms and Conditions
Price Fixing
Shipping Charges
Product Specifications
An organization that obtains contract pricing for high volume purchases of items with a common specification on behalf of its facility members
Healthcare Purchasing Cooperative (HPC)
Multi-Medical Group (MMG)
Group Purchasing Organization (GPO)
Hospital Alliance Cooperative (HAC)