Save Time and Money With Proper Inventory Management
Dental practices, like yours, are overlooking a larger underlying problem preventing them from getting back to business growth: inventory management. What’s most alarming and what practices are missing, is that they have lost control of inventory management and purchasing strategies because of the upheaval from COVID-19 and a reduction in patient numbers.
Following a Henry Schein Dental Practice Sales business review, out of 280 practices, the average material spend as a percentage of turnover was found to be 7.2%2. One-third of the practices were spending more than the average, and some were spending double that – twice as much as they needed to!
We also found that many practices were spending significant time placing their orders and were not managing the ordering process efficiently, with 20% placing more than 8 orders per month!
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Nurse
Based on an average rate of £12 an hour 3, a nurse who spends 10 hours per month placing orders, costs the practice £1,440 annually.
In addition to this, they are likely to be spending up to 5 hours every week shopping around for prices, which increases the cost by a further £3,120.
That’s nearly £5,000 in avoidable costs!
Dentist
And now consider the impact to the bottom-line if a clinician were doing the ordering.
One of our customer’s practice owners even places his orders at night because he doesn’t have time during the day.
This approach costs him upwards of £25,000 in the time equivalent.
Sally's Story
I was recently in a surgery meeting the Practice Owner to help them improve their performance and revenue. While I was there, three members of their team spent more than 90 minutes placing their weekly order. Can you imagine running a business like that? Where the team take more time placing orders than on patient experience and practice performance? Plus, there is the extra lost opportunity as this time could be spent proactively marketing to patients or managing patient recalls.
I was recently in a surgery meeting the Practice Owner to help them improve their performance and revenue. While I was there, three members of their team spent more than 90 minutes placing their weekly order. Can you imagine running a business like that? Where the team take more time placing orders than on patient experience and practice performance? Plus, there is the extra lost opportunity as this time could be spent proactively marketing to patients or managing patient recalls.
It Gets Better!
The additional revenue would allow you to offer more complex and high-value treatments which in turn will bring back any lost patients and acquire new ones!
If you could realise an additional £25,000 revenue AND save time, how would you choose to reinvest in your business? ‘But where and how do I start to regain control?’ you will say. That’s a great question and one we will help you answer. No-one is better placed than your Henry Schein Dental Field Sales Consultant to support you through this.
Your FSC can work with you to regain control of your ordering processes, eliminate waste, utilise our web ordering tools, grow your private revenue, allow you to spend more time on revenue-generating activities, attract back the patients that you have lost and acquire new ones, and increase, not only your bottom line, but also the value of your practice. A practice that went through this process with us in the last 12 months has successfully increased their practice revenue by 48%!*
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