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Inventory Management

Inventory or Cost of Goods Sold is the second largest expense in a Practice. It is second only to total payroll. How you handle inventory will have a direct and significant impact on the profitability of your Practice. We work with our clients in three primary aspects of inventory: purchasing, managing, and pricing. Some of the common questions we address are:

Purchasing: Should we have six vendors or twenty six? When is a “deal a deal?” How much inventory is too much? How often and how much should we order?

Managing: Who should be responsible for managing inventory? Do we need to offer every heartworm preventative on the market? Should we be using our computers more to help track inventory? What about hospital usage items?

Pricing: How often should we update our prices? How do we know if our prices are too high or too low? How do we compete with the internet pharmacies?

These are just a few of the questions that we help our clients answer every day. The Practices that know the answers to these questions are often more profitable (and less stressed out about inventory!) than those that do not.