Entries with the topic Optimize Inventory and Suppliers.
Suppliers should be partners
Jun 1, 2016 by Edward L. Blach, DVM, MS, MBA
Suppliers should be partners. Historically, suppliers were looked at in one of two ways. On the one hand, suppliers were looked at with skepticism and distrust, almost as... [ Continue Reading ]
Topics: Featured 3 ,Build and Lead Your Team ,Management ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Inventory affects cash flow and profitability
May 25, 2016 by Edward L. Blach, DVM, MS, MBA
Inventory has a big impact on your practice. In most practices, inventory represents the second highest cost area of the practice, behind only labor. In general, inventory... [ Continue Reading ]
Topics: Featured 3 ,Management ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Beware the unintended consequences of delayed billing purchases
May 20, 2016 by Andrew Clark
From time to time, veterinarians purchase drugs and supplies from vendors and receive delayed billing, sometimes delayed as long as two quarters. The vendor makes the offer largely to... [ Continue Reading ]
Topics: Featured 3 ,Finance ,Optimize Inventory and Suppliers ,Financial Friday
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Use inventory management software to improve profitability
May 18, 2016 by Edward L. Blach, DVM, MS, MBA
Inventory is the second highest cost in most veterinary practices. To improve profitability, it is very important to make inventory management a priority. Leadership must assign both the... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Unfortunately, theft from your practice is real
May 11, 2016 by Edward L. Blach, DVM, MS, MBA
Veterinarians, in general, trust others. A practice is a community, typically with a family atmosphere. Yet, there is a giant elephant that few want to acknowledge, and that... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Trailing 12 Charts: A Simple, Powerful Tool
May 4, 2016 by Edward L. Blach, DVM, MS, MBA
One of the simplest, yet most powerful financial tools used by businesses of all types is the Trailing 12 chart (or 12-month Rolling Average). These charts show the true trends... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Inventory: Set expectations and an example
Apr 27, 2016 by Edward L. Blach, DVM, MS, MBA
With inventory, the practice owner must set the expectations and an example. How inventory is managed by everyone in the practice will be a reflection of how the owner expects... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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It’s time to examine your inventory costs
Apr 20, 2016 by Edward L. Blach, DVM, MS, MBA
Timely, regular assessment of your inventory and related costs (Cost of Professional Services - COPS) is important, because it represents the second highest cost area in most practices. COPS... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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Use Key Performance Indicators to Monitor the Health of Your Practice
Apr 17, 2016 by Edward L. Blach, DVM, MS, MBA
Portions of this article are reprinted from an article previously published by this author in Henry Schein's Animal Health Solutions and recently republished by VetAdvantage. To see the... [ Continue Reading ]
Topics: Featured 2 ,Getting Started ,Management ,Optimize Inventory and Suppliers ,Team Tuesday ,Supplier Wednesday ,Financial Friday
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Create a culture of accountability
Apr 13, 2016 by Edward L. Blach, DVM, MS, MBA
Every practice has its 'standard' operating procedures, whether they are written or established by habit. These standard procedures are often established around convenience, rather than accountability. Establishing sound... [ Continue Reading ]
Topics: Featured 3 ,Optimize Inventory and Suppliers ,Supplier Wednesday
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