Entries with the topic Supplier Wednesday.

How practices do business matters

Jun 11, 2017 by Edward L. Blach, DVM, MS, MBA

Optimizing your relationship with suppliers can bring dramatic benefits.  Not only can you save time by working with one primary supplier, but strengthening your relationship can bring significant financial... [ Continue Reading ]

Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday

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Don’t buy your friends

May 10, 2017 by Edward L. Blach, DVM, MS, MBA

The cost of inventory and related services consumes between 15% and 35% of revenue in most practices.  That is a lot of money.  The most profitable practices keep this cost... [ Continue Reading ]

Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday

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Securing inventory

May 3, 2017 by Edward L. Blach, DVM, MS, MBA

Inventory is the second largest expense in a veterinary practice.  It, along with lab, radiology, mortuary, and related expenses should represent less than 20% of revenue in most practices, though... [ Continue Reading ]

Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday

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The answer is ‘less than 20% of revenue.’

Apr 26, 2017 by Edward L. Blach, DVM, MS, MBA

One of the most frequent questions I get from practice owners and managers is 'how much inventory should I have in my practice?'  This is a very important question,... [ Continue Reading ]

Topics: Featured 3 ,Management ,Optimize Inventory and Suppliers ,Supplier Wednesday

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Is this good for them or for you?

Apr 12, 2017 by Edward L. Blach, DVM, MS, MBA

When you get approached about special deals to buy large amounts of inventory all at once by distributors or manufacturers, ask yourself, "Is this good for them or good for... [ Continue Reading ]

Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday

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Learn from your supplier partners

Apr 5, 2017 by Edward L. Blach, DVM, MS, MBA

Veterinarians have access to many wonderful resources who are both willing and able to help them grow their practices.  On a daily basis, veterinarians work with representatives of companies... [ Continue Reading ]

Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday

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What was your Cost of Goods last month?

Mar 22, 2017 by Edward L. Blach, DVM, MS, MBA

This is a simple question.  Cost of Goods or Cost of Professional Services is an expense category in a chart of accounts that includes inventory costs, laboratory costs, radiology... [ Continue Reading ]

Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday

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Develop mutual respect

Mar 15, 2017 by Edward L. Blach, DVM, MS, MBA

Optimizing relationships in veterinary practice requires the development of mutual respect between the parties involved.  An example of mutual respect would be scheduling an appointment when you desire to... [ Continue Reading ]

Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday

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Make sure to capture all charges

Mar 8, 2017 by Edward L. Blach, DVM, MS, MBA

It is very common for many practices to not have reliable procedures in place to ensure that all charges for procedures performed and products used or dispensed are captured and... [ Continue Reading ]

Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday

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The Two Biggest Opportunities to Improve Profitability

Mar 1, 2017 by Edward L. Blach, DVM, MS, MBA

The two biggest opportunities to improve profitability in most practices are to reduce labor and inventory costs.  Labor costs typically account for 30% to 50% of revenue in most practices, depending... [ Continue Reading ]

Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday

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