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Are you losing money on inventory?

Are you losing money on inventory?

The selling of products and services involving inventory poses a particular problem for a private medical practice, given its limited resources. For instance, inventory management is very complex. Determining how much inventory to keep on-hand, avoiding expired products and supplies, managing minimum quantity orders are just a few of the challenges to overcome. These three examples alone contribute to a significant loss of revenue, if not managed properly. In order to be successful, once again, it is important to fully acknowledge the complexity of inventory management. For instance, the first step should be to incorporate cloud-based inventory management software to support a robust infrastructure. Next, establish internal policies to manage expiration dates, reordering of products and supplies, adjustment to wholesale price increases, etc. Lastly, train staff to perform the various duties required to support the inventory management system on a daily basis.

Kanahl Kendrick

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