RFID Lab Inventory System Saves $465K in First Year
CEO SUMMARY: Seeking ways to automate every aspect of work flow, the clinical laboratory at St. Francis Health System in Tulsa, Oklahoma, implemented a unique automated laboratory inventory management system that utilizes RFID. In the first four months, the system helped the hospital cut the value of inventory on hand by $296,000. Another direct cost savings was a 75% reduction in staff time required for inventory control. Payback from this investment was swift and lab administration says it is saving more than $169,000 each year because of this system.