Inventory Madness?

Does it ever feel like the asylum is running you vs the other way around? No matter how hard you try to make sure things are in line there seems to be someone complaining. Sound familiar? That was my story at one point in time. Doctors and staff members all with their "favorites", a budget that needs to be met and clients and patients to serve. Either having to much inventory, not enough inventory in stock, backorders and the list goes on and on. Although I don't have the magic wand to take away all of your frustrations. I do have a few tips to save your sanity. Tip #1 streamline where you can - Do you carry duplicate products? Do you have inventory on your self that is used for the same thing? If so what are the benefits to carrying both? Does one meet a patients needs that the other can not? If not then you may want to consider streamlining all duplicates vs carrying each persons favorite. Tip #2 - Do you know your 80/20 ratio for your practice? What are the top 20% of your products identified by cost and volume sold? This is the best place to start when you need to quickly make changes during your streamlining process. Tip #3 How are you placing your orders? Is it online, fax or by phone? Are you unnecessarily using multiple vendors to order products? If so could you streamline it to one vendor and have a cover your butt backup vendor? By doing this you will create a stronger bargaining position when it comes to cost negotiation and making sure your practice is not the one searching for product when something becomes scarce.

I hope that you have found these quick tips helpful. For more tips and ideas visit us on Facebook @agvetconsulting We can't wait to see you there!