Veterinary Practice Management: What is Inventory Management?
Read our Case Study for Cambridge Equine Hospital
The key purpose of inventory management is to minimise stock and the costs of holding stock, while ensuring that veterinary practices have enough stock to meet customer needs. This proposition may sound simple, but it is complicated by fluctuations in demand; only some of which may be predictable. Managing inventory in a veterinary practice is perceived as difficult and as a result, many clinics don’t have any systems in operation. This is where veterinary management software can help.
Inventory management is all about tracking and movement with three key components – stock in, stock out and stock location. Some specific areas of veterinary practice management that make these components tough to manage efficiently are maintaining accurate inventory levels from items in an invoice for fixed price procedures, managing multiple stock locations for veterinarians on the road and managing stock ordering through multiple suppliers and sometimes, at multiple locations.
Billing variable quantities on the fly in a fixed-price procedure (e.g. drug doses for a minor dental) may seem complicated to many veterinary professionals. As a result, many practices simply bill set quantities for all products in the procedure or discount to maintain a fixed price, despite the potential for dose and quantity variation. This is a loss to the business, and a stock taking headache, as stock out is not being recorded accurately and likely resulting in inaccurate medical data being recorded.
Practices require ways to address this scenario and so VetLinkSQL has developed “Complex Products“ that can be configured so the total procedure price remains static on a bill even if component quantities are edited. In-built logic, which handles pricing behaviour, will dynamically control and recalculate all component prices to keep the total fixed price for the procedure the same. This offers users full flexibility and accurate stock control at billing, including for surgery and kitset type procedures.
VetLinkSQL’s solution is a veterinary practice management software (cloud-hosted or on-premise) with an integrated inventory management component that has already helped many veterinary practice managers to streamline and excel their operations.
VetLinkSQL recently worked with the Cambridge Equine Hospital to implement a better system to manage inventory levels. Download our case study to find out how they transformed their practice and improved their inventory management.
If you’d like to know how VetLinkSQL’s innovative and flexible software can transform your practice, book a FREE demo today.