When Should You Review Medical Supply Inventory and Prices?

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When do you normally review the prices for your medical supplies? If you don’t normally review them, you may be wasting a huge portion of your supply budget every month. Having the right supplies is important, especially when running a small healthcare facility. You can’t afford to buy things at random and it is important to plan ahead. This makes keeping your stock of medical supplies practical and cost-effective. Review your prices and supplies regularly in order to ensure that you are getting the best deals.

How Often Should You Review Prices?

Your clinic may already have a regular schedule for reviewing medical supply prices. If you don’t, then you should start right away. Regular reviews have helped many organizations. If you find that the review is too time consuming; however, it still needs to get done. If ignored, you may wind up paying a lot more for your medical supplies than what you had planned.

Be sure to figure out when your office performed your last price review. This should include a review of your budget and inventory. If you don’t know when the last review was, then set up a date immediately. Plan on having a review every quarter. This will also help you with your future budgeting needs.

Deciding What Is a Priority

If you can’t review every item on your medical supply list, you may need to concentrate on the most expensive supplies that you stock. Try making a list of the most expensive items you keep in stock and then start your quest to find a better price point. You may be able to find a better deal during each quarter or you may find a substitute that is more cost effective. If you do find a new version of the supply, introduce it slowly so that you know it will work for you. By using clues from your medical provider, you may be find a less expensive item and save money on your regular supplies.

Stop Buying Things You Don’t Need

Some supplies just sit on the shelf and gather dust. Many offices have busy staff members that simply place orders out of habit, which can result in an overflow of unneeded supplies. They don’t always check the quantity on hand before placing the order either.

In order to avoid overstocking by mistake, you should keep track of the quantities that you have in a spreadsheet or other inventory management system. This can also help you note when reorders are needed and it makes it easier to remove things from your buying list. Try looking up Current Procedural Terminology, or CPT, codes using the software to improve your usage.

Only Get What You Need

Remember to pay close attention to expiration dates. If you have items that don’t have an expiration date, then make sure that you don’t order too far ahead. You should avoid having a surplus, that way you can invest in better technology or supplies as it is introduced without wasting storage space or money. Always eliminate supplies that are dusty or look like they are contaminated.

Closely manage the supplies you have on hand in order to eliminate dead stock. You can also ensure safety by reducing the items that you have on hand. Your supplier will be able to send out your supplies quickly and easily when ordered in advance. By keeping close track of your inventory, you will know which items are never used and what needs to be reordered. The first step is putting all of your inventory information into a system and performing regular reviews.

Save Time and Money with Medical Supply Closet

Implement these tips in your medical office as soon as possible in order to see results. You will be able to save money in just a few simple steps. By performing a medical supply price review, you will be able to get the process started and find the best practices for your office.

If you are looking for professional assistance or quality supplies, please contact us. Our customer service representatives are well-versed in every medical category and can assist with group purchasing organization pricing. Even small clinics can benefit from our top notch services!