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In this episode, Nicole reveals that discounts are a common revenue leak. She highlights some of the problems with providing discounts without a system for tracking. She also gives a few tips for how to better understand and manage discounts in your practice.
- Controlling inventory cost of goods is not just about spending less.
- Any time a patient leaves with a product that hasn’t been billed or billed correctly will raise the cost of goods.
- Discounts can be a large factor in losing revenue.
- 98% of veterinarians have felt pressured to discount services.
- Many practices do not realize how much they are discounting.
- Some practices do not have processes for managing discounts to be sure that they are discounting effectively.
- Some practice management software has an audit report or adjustment report to track discounts.
- Your profit and loss statement can also expose problems if you can see multiple categories and recognize abnormalities.
- Individual discount codes can help track.
- Can you see who is giving the discount?
MEET NICOLE CLAUSEN
Hi, I’m Nicole Clausen and I started Veterinary Care Logistics with the dream of changing the way we manage inventory together.
With 14+ years of experience in the veterinary industry, I have worked in several positions from receptionist to operations manager for several different hospitals.
While no two practices are ever just alike, I noticed one common problem: a lack of inventory management and control.
If you are tasked with managing inventory, I understand first-hand the challenges you face.
When I first started managing inventory, I struggled with the same things that many of my client’s experience: a to-do list up my chin and a pretty persistent case of imposter syndrome. But jolting awake in the middle of the night, wondering if you remembered to order rabies vaccines is no way to live.
I knew something had to change.
Veterinary Care Logistics was born out of the demand by several industry leaders to utilize my inventory system as a model throughout the country. Whenever I tell people what I do, I usually get a puzzled reaction: “Why would you want to do that? I hate inventory!” Truthfully, I love the puzzles, the numbers, and the strategies of inventory. But what really sets my soul on fire is creating lightbulb moments.
New clients who often come to me tell me that they feel like they’re drowning or that they think they’re just not cut out for this. Then once we start working together, putting systems in place, there’s always, always an “ah-ha” moment.
And at that moment, a shift occurs. You know exactly what you need to do. Your confidence rises. And the confusion, overwhelm, worry all begin to melt away like a bad, backordered-rabies-vaccine dream.
These are the moments I live for.
LINKS + RESOURCES MENTIONED IN THE EPISODE
- VISN: https://www.veterinaryisn.com/
- Inventory Ally – Inventory Management Software: https://inventoryally.com/
- Free Resources: www.vetlogic.co/education