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Unlocking Hidden Savings: How Auditing Your Supplies Can Help Your Medical Practice’s Bottom Line

Unlocking Hidden Savings: How Auditing Your Supplies Can Help Your Medical Practice’s Bottom Line

Managing a medical practice, whether a medspa or a dermatology clinic, can be very lucrative. However, the rising costs of supplies, equipment, and other expenses could easily eat up your bottom line. That’s why it’s essential to take a closer look at your business operations and see how you can cut costs without sacrificing quality care for your patients.  This blog post will showcase tips on how medical practices like yours can save money by efficiently auditing your supplies.

Consolidate orders

Instead of relying on several different suppliers for your medical supplies, shop for one supplier with all the essential products you need, such as Med Purchasing. This way, you can negotiate for bulk discounts, free shipping, or even credit terms that can save you a lot of money in the long run. Make sure to ask about our discounts at Med Purchasing for multiple item purchases, as well as consider our subscription offerings.

Keep track of your supplies

Keeping track of your inventory means avoiding ordering supplies you already have in stock. This way, you don’t waste money on excess supplies that might expire or become obsolete over time. Investing in an inventory management system can also help you monitor expiration dates, reorder points, and other useful data.

Evaluate your usage rates

One of the primary reasons for overspending on medical supplies is due to over-ordering. Before placing your orders, take time to review your usage patterns and see if you need to adjust how much stock you need to order. You can work with your suppliers to get the right pricing and inventory management balance.

Buy generics when possible

If your practice doesn’t require branded supplies, opt for generics, which can significantly benefit your business financially, with the same results.

Reuse supplies where possible

Depending on sterilization requirements, several medical supplies can be reused. For instance, certain manufacturers make products that can withstand sterilization in a medical-grade steam autoclave. Reusing items like specula or surgical instruments that are regularly used can be cost-effective.

Auditing your inventory is an often-overlooked aspect of running a successful medical practice. By clearly understanding what supplies you have, how much you need, and how much you’re spending, you can make informed decisions that result in significant savings.  You can maximize your practice’s profitability without sacrificing quality by maintaining optimal inventory levels, comparing prices, reducing waste, streamlining common supply purchases, and automating your processes. Take advantage of the hidden savings that come with auditing your supplies and use this opportunity to take a closer look at your practice’s bottom line. Contact us today to find out how Med Purchasing can help manage your inventory and save you money!

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