6 fresh ways to control your practice expenses
Tuesday, September 6, 2011
If you’re like most small-business owners trying to improve profitability, you’re looking for ways to increase efficiency and client retention, and decrease the cost of carrying inventory. Here are 6 fresh ways to increase profits by saving time and lowering costs.
- Reduce inventory – fewer products on your shelves means more money for the practice. Stop carrying items that you haven’t ordered in the past year.
- Order so that your inventory arrives just before you need it.
- Capture your client’s email addresses and send electronic communication – it is much more cost-effective than printed materials.
- Pay bills with a credit card that gives you cash back.
- Negotiate lower fees with your merchant account when your clients pay with a credit card.
- Trade time spent with vendors for time spent with patients. Choose vendors that are reliable, high quality and easy to work with, vendors that are an extension of you, and are committed to improving efficiencies and the job satisfaction of your staff.
The drop in profits
- 47% of veterinarians report that costs are rising.
- 87% of veterinarians report a drop in volume of medication dispensed from their practices.
- The average amount of drugs and medical supplies on hand per veterinarian is 16,804.
- Drugs and medical supplies are a veterinary practice’s largest variable expense.
Get more out of your veterinary practice.
Non-compliance, losing customers and increasing costs are key challenges that your practice faces every day. These challenges could cost your practice your most valuable assets: time, money and patients. That’s why we develop innovative ways to deliver medications, services and solutions that go beyond the basics, to help you with every facet of your practice.
We've recently published an eBook, 3 ways to get more out of your veterinary practice: Improve compliance, client retention and profitability with compounding, now available on our website. In it, you will get a comprehensive overview of:
Your copy of 3 ways to get more out of your veterinary practice from Wedgewood Pharmacy is now available for download.
- what options you have for your most difficult-to-medicate patients
- how to improve the patient/pet owner experience during visits
- innovative ways to keep costs down for your practice
- new programs designed to make prescribing even easier for you
Bonus material for veterinary team members
Renee Lupo, R.Ph., F.A.C.A., F.A.C.V.P.
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About Renee Lupo
Renee Lupo, R. Ph, F.A.C.A., F.A.C.V.P., technical-services pharmacist for Wedgewood Pharmacy, was the company's lead
technical/clinical pharmacist, working with prescribers and their staffs to develop custom formulations. She passed away on May 31, 2012,
after a brief illness. A scholarship was established in
her name at the University of the Sciences.
The views expressed on this blog are solely those of the writer and do not necessarily reflect the opinions or positions of Wedgewood Pharmacy.
Medications compounded by Wedgewood Pharmacy are prepared at the direction of a veterinarian. Many compounded preparations are commonly prescribed, and supported by literature, to treat particular disease states, but you should always consult your veterinarian before taking or administering any compounded medication. Wedgewood Pharmacy does not make claims for the efficacy of its compounded preparations.
9/6/2011 9:37:00 AM
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