The medical industry has seen many avenues of businesses coming to the forefront during the pandemic, from telemedicine to mobile clinics. However, revenue loss due to inventory waste continues to be a major issue.
It’s been reported that poor inventory control results in losses of $765 billion for the industry per year.Wondering how your veterinary practice can minimize inventory waste? Read on to find out:
1. Use Software To Track Inventory
Leverage veterinary management software to keep track of all the items you have available, the speed at which they’re depleting, the reasons why they’re being utilized, and compare usage during one period of time to another.
The software can identify anomalies in usage and help prevent internal theft.
The veterinary practice management software can also:
- Track the expiration dates of all inventory and notify you beforehand so that the inventory can be used in time.
- Help you decide whether the order quantity for an item should be reduced based on its usage pattern.
- Let you know when an item in the inventory is leading to losses.
- Automatically order new items when needed instead of waiting for someone to do it manually.
2. Categorize Items Properly
If your practice has been in business for long enough, then you’ve probably had to make changes to the type of inventory you keep. It’s important to categorize your items in a way that you can track every group more accurately.
3. Keep Track Of Charges
Even with the right amount of inventory available, missed charges could be lead to missed revenue, and you may be spending time trying to fix the wrong problem.
Install vet software that ensures that every treatment and procedure administered to a patient is recorded. Also, assign a member of the administrative staff to re-check all charges before a patient leaves.
This not only benefits your veterinary practice but it allows you to reimburse the amount in case you’ve charged your patients more than the due amount.
If you’re looking for a veterinary practice solution that can help you perform all the above tasks and keep an eye on inventory, get in touch with us at Animal Intelligence.
Our flagship programs AIGalaxy and AIGenesis, have inventory control and tracking functions built into them that can help you accurately track all your inventory and make sure that you’re not losing your hard-earned revenue.