Whether you are buying a dental practice UK or selling a dental practice, the cost of dental supplies may take up almost a quarter of your revenue. By making the supply procurement process more efficient, your practice can save a lot of money. Then you can allocate the money saved to buy new equipment, hire more experienced staff, or start a new marketing campaign. Here are some ways to make your dental practice’s supply procurement process more efficient:
Five Ways Dental Practices Can Cut Down On Supply Costs
- Compare Suppliers- ideally, you should stick to a reliable supplier, but in many cases, that isn’t always good for your balance sheet. Due to competition among suppliers, you may find better deals. Spend time to check multiple suppliers in the area and find out more about their deals. It is possible to mix and match multiple suppliers to save money.
- Know What To Buy- it is a good thing to have a well-equipped and well-furnished dental clinic to make customers feel comfortable. But be smart with purchasing choices. Invest in the most reliable equipment and most efficient supplies to cut down expenses.
- Manage Inventory- make a list of supplies you need for daily operations to better manage your inventory. Good inventory management ensures a more efficient use of your stockpile and reduces waste. The inventory system may send notifications when it’s time to purchase more supplies, because certain items have reached minimum quantity levels.
- Set A Monthly Budget For Supplies-monthly budget prevents dental practices from overspending on supplies. With an automatic ordering system and monthly shipments, it is easier to stay within your budget. You can prevent poor buying decisions, like ordering in bulk items you rarely use.
- Buy Online- pricing of certain items can vary between the online and the local markets. Some items you buy online can be up to 50% cheaper than in the local market. It’s your top priority to calculate best deals from various online and offline sources. Each week, find the latest deals from the best online sources.
Contact Pluto Partners
To learn more reasons why dentists might want to get a dental practice valuation and sell their practices, contact Pluto Partners today and speak with a Healthcare Business Advisor who can answer any questions you might have.
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Dr Faresh Desai
Ascent Dental Group
Max understood our business, what was important to us as owners and put us in front of several buyers before we selected our partner for exit and future growth strategy. We could not have achieved the deal without Max and his team at Pluto.