10 Tips to control your clinic's inventory
  • SUBSCRIBE
  • WHAT TOPICS ARE YOU INTERESTED IN?

    Step 1 of 3

    NEXT Skip

    HOW OFTEN WOULD YOU LIKE UPDATES ?

    Step 2 of 3

    EMAIL ID

    Step 3 of 3

Get The Latest Updates

SUBSCRIBE

10 Tips to control your clinic's inventory

  • Highlights

  • Methods of controlling inventory

  • Appoint inventory manager

  • Count rotate and set re-order quantities for stock

Inventory isn't an investment—it's a way of making money because you charge clients when you use it or sell it. However, if your inventory isn’t managed well, then it could not just block your working capital for the interim period when the sale happens, it could also be a potential loss for your clinic, if there’s any damage made to your medical stock.
To ensure a seamless flow of funds for your daily clinic operations, you can opt for external financing with a Loan for Doctors and effectively control your inventory. You can also go for the loan in a flexi-format as it is perfectly suited for your dynamic inventory needs. The special feature of a Flexi Term Loan for Doctors is that you can withdraw from your loan limit as many times you want as per your inventory needs and prepay as your stock is sold.

 

You could additionally, keep in mind the following ten points

1. Inventory Manager

It is advisable for every clinic to have a designated inventory manager who is responsible for inventory control. Often this individual is a technician since they are familiar with hospital drugs and medical supplies.

2. Count Inventory

If the inventory manager does an inventory count and orders on a regular schedule, your practice is unlikely to run out of products.

3. Keep Your Inventory on the Move

Most clinics lose control of inventory costs when items stay on the shelf too long. Shelf life is the time between when a product shows up and when it's used or sold. Inventory that sits on your shelves cuts into your practice revenue.
A realistic turnaround time is 30 to 60 days. There will be exceptions to this rule like certain products that come in large bottles can't be bought in smaller quantities and will sit around even longer. There are also items purchased in smaller units, that should sit on the shelves for no longer than two weeks.

4. Set-up Re-Order Points

“Reorder points automate the inventory process wonderfully,” says Mark Opperman, CVPM, owner of VMC Inc. When stock of an item depletes a certain amount, you order more—that's the reorder point.
Reordering when you have one month's worth of a product left is usually apt. For example, if you normally use 24 bottles of ear cleaner on a monthly basis, you'll set a reorder point of 23 or 24.


5. Establish Regular Re-Order Quantities

Once you know your reorder point for an item, the next step is to set up a reorder quantity. Your reorder point and reorder quantity should be the same. In the above example, if you use 24 bottles of ear cleaner each month, you let the product get down to 23 or 24 (the reorder point) and once it does, you order 23 or 24 of that item (reorder quantity).

How doctors can take their practice to the next level

How to apply for a Business Loan for Doctors

With an easy 4-step online application process, availing a Business Loan for Doctors has never been simpler.

You simply need to fill in some basic details on the form, post which our representative gives you a call to confirm your offer and schedule a document pickup. Next, he arrives right to your doorstep at the scheduled time and collects the needed documents like your KYC documents and medical degree certificate. After the verification process is complete, the loan is disbursed to your account within 24 hours.

What makes a Business Loan for Doctors score over a regular business loan for your practice is that these take into consideration your medical degree and professional qualifications while processing the loan and hence offer you loans with minimal documentation and loan disbursal within 24 hours.

The money in bank in 24 hours feature thus, helps in taking care of any immediate practice need.

6. Cut-out Multiples

Product duplication can also cause your inventory costs to rise. Do you carry four ear cleaners that all do the same thing? How about similar shampoos or brands of food? If so, you are tying up cash in your inventory. If you just select one or two products for a specific purpose, it will help you standardize purchases.

7. Consolidate Orders

By consolidating orders to a set day, you will have fewer deliveries, fewer boxes to open and break down, and fewer invoices to pay. Hence, both time and money are saved.

8. Get Two People Involved

Ideally, you should choose one trustworthy person to do the ordering and a different person to unpack products. They can switch jobs every once in a while. This will help you catch mistakes and decrease the embezzlement risk.

9. Set Protocol for Unpacking

Set up a protocol for unpacking incoming inventory items and processing inventory invoices. Place invoices in a designated location for entry into the computer software system.

10. Choose One Major Distributor

By consolidating your orders with a single distributor, you very likely become a “key account” with better prices, service and attention.
Inventory that's just sitting on your shelf is an expense and it's costly to your practice. Now is the time for inventory intervention.

Instant Approval Form

Please enter your first and last name
Please enter 10 digit mobile number

How would you rate this article

 Please let us know why?

What did you dislike?

What did you dislike?

What did you like?

What did you like?

What did you like?

NEXT UP

PRODUCT GUIDANCE

Why should you choose a Bajaj Finserv Business Loan for Doctors