INVENTORY MANAGEMENT FOR VETERINARY CLINICS
Friday, October 18, 2019, 1:00 pm – 1:45 pm
Michael Valduin G. Banawa
Boehringer Ingelheim Animal Health Phils. Inc
Inventories are the goods and materials that a business holds for sale to a customer in the near future. If we are going to look at a business in general, inventory is one of the most expensive assets and if not managed properly it will be one of the downfalls of the business. Inventory is very crucial in veterinary practice just like any other business. In a typical veterinary clinic or hospital, inventory will comprise of Drugs, Ointments, Consumable clinic supplies, Pet food, OTC products like shampoo, Collars, etc.
Below are the reasons why inventory management is important for Veterinary Clinics:
- Impact On Revenue
- Impact on Direct Cost
- Impact on Indirect cost
- Impact on Practice Value
Knowing the importance of inventory management is the first step to succeed in your practice. The next is to apply this knowledge to get better. Below are the things that we need to consider sound inventory management.
- Have a good Inventory Manager on Board
- Monitor the inventory prices to ensure right markup
- Regularly check the computerized records of the Inventory Management System
- Checking the inventory manually at the end of the fiscal year
- Getting the right re-order
- Have Technology in place
- Develop Standard Operating Procedures
We might understand the concepts but still, inventory management is one of the most under practiced tasks in a clinic. If we cannot follow the above-mentioned points, it is better if the practice can start with some of the basic points and move on gradually.