Today’s medical waste service companies face a highly competitive and complex business environment. For starters, regulatory agencies require stringent documentation to avoid penalties and fines. Also, the number of competitors is projected to grow substantially over the next several years.
More than ever, modern medical waste companies need new solutions with tangible advantages. One way your medical waste management firm can improve in terms of compliance and business performance is with medical waste software.
Rapid Industry Expansion
The global medical waste management market is projected to reach $22.3 billion by 2025 with a cumulative annual growth rate (CAGR) of over 5.1% from 2017 to 2025. Recent research suggests that growing quantities of medical waste generation and strict environmental and medical regulations are the major factors responsible for the anticipated growth.
Medical waste generators include:
- Pharmaceutical & biotechnological laboratories
- Clinics and physician’s offices
- Retail pharmacies
- Ambulatory surgical centers
- Long term care centers
- Academic and research institutes
- Blood banks
- Others (veterinary, mortuary and autopsy centers, tattoo parlor)
Given the wide open and expanding industry, many companies are hurrying to capture market share. The off-site medical waste management segment is predicted to experience especially robust growth given the attractive packages it offers vs. the high cost of on-site medical waste disposal.
In this scenario, the brands that leverage modern technological tools have a distinct advantage. For instance, waste management software platforms can improve relationships with partners and customers which means more secure revenue streams. Digital means of communication are faster and more convenient, and they also provide value on the compliance end.
Medical Waste Profile Example
Let’s take the medical waste profile as an example. Here we get a clear idea about how medical waste software can improve your company’s performance.
When hauling medical waste, the waste profile is a key document that identifies the type and characteristics of the waste. The Environmental Protection Agency (EPA) imposes conditions on how medical waste profiles are prepared. Additionally, Treatment, Storage, and Disposal Facilities (TSDF) have their own internal criteria.
Medical waste software enables companies to:
- Improve form generation accuracy.
- Decrease waste profile omissions and inaccuracy.
- Save time and human resources.
Form Creation & Completion
As there is no universal waste profile form, each medical waste service company is responsible for generating their own forms. This process in itself introduces risk as important form fields may be inadvertently excluded. For example, waste profiles must include specific codes and other data to comply with the EPA’s Resource Conservation Recovery Act (RCRA), such as listed hazardous waste codes or characteristic waste codes.
Medical waste software comes preloaded with forms prepared by industry specialists. This means no important areas will be left out which mitigates regulatory risk and improves communication with your TSDFs.
Beyond creating accurate waste profile forms, how the form is completed is just as important as any omissions or errors can lead to problems. Medical waste software provides for more accurate and complete form completion as convenient drop-down choices remind users to fill in all the necessary data.
Every business leader knows workflow optimization helps improve business value. When medical waste software is implemented, productivity increases thanks to automation tools. For instance, drop down menus also make form completion faster. Instead of having to type long client names or other data, a single mouse click does the work. When these processes are multiplied over and over again, the time savings is significant. This frees teams to do more meaningful work or solve more complex problems.
Transforms Multiple Business Functions
The benefits we see with medical waste profile generation can also be realized in other areas of your business operations. For instance, with sales, medical waste software can dramatically improve insight into sales pipelines with a view of all sales opportunities and real-time lead status updates. Also, if you need a quote quickly, the software can accomplish this in a way similar to waste profile generation. The faster the quote gets to a potential client, the better the chances you have of winning the job.
Another major advantage can be seen on the customer relationship management (CRM) side which is closely linked to sales. Here, you have frictionless interaction with existing customers which improves customer satisfaction and retention rates.
Research data confirms the benefits of CRM software which is a part of an overall medical waste software package:
- ROI on CRM averages $8.71 per dollar.
- It increases sales (29%), productivity (34%) and forecast accuracy (40%).
- Boosts revenue by up to 41% per salesperson.
- Improves customer retention by 27%.
Documentation and Compliance
Medical waste is one of the most highly regulated industries, and several regulatory bodies exercise authority over the proper handling, transport, disposal and destruction of medical waste. These agencies include the EPA, OSHA, DOT and the DEA. For this reason, complete documentation is critical for any medical waste company. Software platforms improve compliance parameters by maintaining an organized archive of documentation available at all times.
At a moment’s notice, other operational/safety documentation can also be retrieved, such as:
- Work orders
- Certificate of destruction
- Proof of destruction videos
Must Be Industry Specific SaaS
Medical waste software falls under the category of software-as-a-service, also referred to as SaaS. The number of SaaS providers is in the thousands, however, very few have medical waste industry experience. This distinction is important. For instance, in preparing software for waste profile generation, if all the correct fields aren’t included, this could translate into regulatory compliance problems.
The best solutions, therefore, will be found from SaaS providers that combine technical expertise with real-world medical waste management experience.
Best Solutions Live in The Cloud
Another advantage to modern medical waste software is that it can be implemented rapidly thanks to cloud computing. This avoids major hardware or server installations. It also makes it easier to keep systems updated and relevant. Finally, with cloud-based systems, users can work from anywhere and even access the platform from their mobile phone.
Want a modern, affordable medical waste software solution? Call PegEx at (888) 681-9616 or click here to request a free software demo.