Inventory Management Strategies to Boost Your Veterinary Practice
As veterinary professionals, you know that effective inventory management is important for supporting patient care and practice optimisation. However, it can be a complex and often overlooked area of practice operations. In a recent presentation, inventory management expert Tanya shared some practical tips that any veterinary practice can implement to optimise their inventory processes.
One key area Tanya emphasised was developing a clear procurement protocol. This involves documenting your primary suppliers, preferred manufacturers, and any exceptions. Creating a "supply matrix" outlining lead times and order frequencies can help your team make more informed purchasing decisions.
Tanya also stressed the importance of regularly reviewing your active inventory SKUs. She suggested aiming for 600-800 SKUs in a small animal practice and consolidating duplicate products. You can easily identify slow-moving items by placing a sticker on each product at the start of the month and seeing what hasn't sold after 30 days. These "slow and obsolete" items should be carefully evaluated - do you need to continue stocking them?
VetIQ can automate the identification of SLOBs, too.
Another insightful tip was to analyse your top 20 fastest-moving products. These are likely the bread-and-butter items that keep your patients happy and your practice profitable. Tanya recommended ensuring these top products are priced appropriately, easily accessible in your practice, and that your team is knowledgeable about their use and benefits.
Ultimately, Tanya's overarching message was that effective inventory management is more than reducing costs. It's about supporting your patients, empowering your team, and driving practice profitability. By implementing some of these practical strategies, you can create a more efficient, profitable, and patient-focused veterinary practice.
If you'd like to learn more about optimising your inventory management, I'd encourage you to contact Tanya directly.
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