How Much Could You Save in a Month?

I first met Nicole at the Big Sky Vet Tech Association annual meeting, where I presented on the Basics of Inventory Management. She told me about her hospital, and how they were growing at such a fast rate that she needed help getting the foundation set for inventory management.

In March, my (very supportive!) fiancee and I packed up and headed on the road to Wyoming. If you have never been to Montana, the road between Bozeman and Billings is a dream. It follows the Yellowstone River, and you pass through hills and valleys, surrounded by farmland, rangeland, mountains, and plenty of cattle. It is quintessential Montana and the most beautiful drive. Driving through Wyoming is filled with sagebrush, antelope, and rolling hills.

veterinary inventory savings

When I arrived at Red Hill’s Veterinary Hospital and met the owner DVM and their team, I was blown away. The entire team was so incredibly hard-working, dedicated, focused- it was an amazing environment. The owners are so full of passion and dedication for their patients, clients, and to their hospital. They have such an incredible vision for their hospitals future, I was ecstatic to help them with their goals.

With all of my consulting clients, I always start with an ABC analysis prior to the hospital visit. When I completed their analysis, their cost of goods as a percentage of 30.08% (a general benchmark guideline for medications/supplies/etc is 12.8%). The owners explained they have several struggles with inventory management because their hospital is very busy, and has been growing at an incredible rate since they opened.

After we discussed more and got to the root of their challenges, we got to work. The entire hospital, and especially the owners, are incredibly hardworking and focused. We were able to implement the treatment plan; create solutions, generate guidelines and protocols, and make some important changes.

We got a HUGE amount of work done to lay an excellent foundation to help their growing practice. After the hospital visit and implementing a treatment plan, I like to review and analyze information each month afterward. I completed the 1-month analysis, and… are you ready for this?!?¬†Their COGS percentage is now 15.43%, which equates to a savings of $32,824.98 in just one month!

I am SO excited to see how their hospital grows and improves their inventory management skills!

If you are interested in getting help with your inventory management, I offer several options, you can check out some training options here or consulting options here. But, of course, if you have any questions at all, please don’t hesitate to reach out. My favorite part of my career is meeting and connecting with all the amazing, talented veterinary professionals out there!

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By |2018-09-30T00:09:27+00:00April 30th, 2018|Inventory, Management Strategies|1 Comment

One Comment

  1. […] The three-phase program conducted provided a reduction of COGS to 15%, at a monthly savings of over $30,000. I am confident that your practice could see similar improvements and profits at a fraction of the […]

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