Home > Tips > Inventory Management: Are you getting the best deals?

Inventory Management: Are you getting the best deals?

Maximizing Your Spending Power

Doing inventory can be a challenging task. There are many factors that one must consider when purchasing items, the most important factor being: Price.

We have developed some tips to ensure you are getting the best prices.

Here are 5 tips to ensure you are getting the best prices.

1.  Ask your vendor if they match competitor’s prices. Many vendors can lock you at specific prices for certain items. It doesn’t hurt to ask.

2. Find out if your vendor can propose discounted prices on items. Often times they will ask you for a list of your most commonly used items. Your representative has the power to discount the prices even further from what is listed on their website and catalog.

3. When doing bulk orders for a specific item you may be able to negotiate a better price. You could consider buying a 6 month supply of an item if you can get a great discount, rather than paying regular price each month.

4. Make sure you are on your vendor’s list to receive notices of discounts and sales.

5. Most importantly develop a good relationship with your vendors. Remember they are people just like you and I, and just like us they like to feel comfortable when doing their job. Develop a good report with them.

Implementing all these tips at once may seem like a challenging task, make sure you develop a good plan with your office manager and/or physician to make sure you get the most out of your inventory budget.

-Jesus C. Vazquez, PMAC

Categories: Tips
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