Healthy practices are good at managing inventory and related services. They develop strong relationships with supplier partners that commit loyalty to specific companies in exchange for optimal pricing on all products and service that helps reduce costs for both entities.
This philosophy differs from how some practices still shop multiple suppliers for the lowest cost on every product. As a consequence, they have no real supplier partners. They have a lot of suppliers, but no partners. Thus, they don't get optimal service, access to special programs for the best customer hospitals, or best pricing across all product lines.
Dr. Clark provided great insight on this topic in his recent blog. Bottom line: your practice will be more profitable in you develop 'partner' relationships with your suppliers to optimize pricing, services, and practice business support that many suppliers offer to their best customers. Develop your supplier 'partner' relationships. It will help your practice grow, improve profitability, and enhance practice value.
