Tracking and managing inventory is a crucial part of any practice, but once you have the information from tracking what do you do with it and how can it translate into money in your pocket? Understanding how to create and manage your budgets for clinic, lab, marketing and office supplies can play a key role in critical decisions on inventory management. In this lecture we will explore strategies to lower costs such as long term price negotiations, just-in-time inventory vs bulk buying and how to identify true costs including shipping and tax. You will learn how to compare your current spending to industry averages and make adjustments to bring your overhead down. It is time to “Show you the money”!
Determine how to identify your current spending percentage by using total net receipts and compare it to the industry standard to recognize specific categories that can be adjusted for future savings.
Analyze your budgets to evaluate areas which should be adjusted based on past spending habits and propose a strategy for negotiating better pricing.
Compare the just-in-time method of inventory management to bulk-buying.