How much do you spend each year on vaccines? If you are like most of my clients, it is a lot! Maintaining that inventory can be very difficult and it can tie up a lot of your cash flow. Here are some tips to help you plan better.
Know what you need. Take a look at what vaccines you gave over the last year and get to an average weekly need. Then decide on the level you want to maintain. This may be 2 weeks or 4 weeks, but pick a level and order to that level.
Order weekly. Some practices like to look at this once per month. The problem with that is that you are far more likely to be sitting on extra inventory and tying up more cash if you only review this once per month. This doesn’t mean you are ordering every vaccine every week – it just means you are looking at it. Added bonus – if you have some inventory numbers that look strange, it is much easier to look through a week of vaccines instead of trying to figure out the problem over a month of vaccines.
Get rewards. Make sure you get cash back or airline miles or some other perk for your orders. You may be spending half a million dollars a year on vaccines – that will go a long way!
Don’t defer payment. Vaccine companies give you 60 or 90 days to pay, but do your best to pay it within 30 days. Then, if cash flow gets tight after a vacation or some other disruption to your collections, you have a mini 30-60 day loan that you can take advantage of until you can get back on track.
As always, feel free to reach out with questions – email@example.com. This can take some discipline, but I am here to help!