Vince Dailey

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So far Vince Dailey has created 3 blog entries.

Determine Quantity on Hand Amounts and Reorder Points

By |November 25th, 2014|

“Quantity on hand” refers to the minimum quantity for an inventory item to be stocked on the shelf so that you won’t run out before the next order.  Many practices never establish actual numbers for the quantity to keep on hand and manage inventory by what seems appropriate without establishing a system.  This can result in inefficiency and high inventory expenses.
To establish minimum quantity on-hand amounts for each inventory item consider how much product you need so that you don’t run out of supplies but also don’t keep too much product on the shelf.  To determine the appropriate amounts for your practice look at the quantities used in a 30-60 day time period or less.  If you notice that some products stay on the shelf for several months, then you have an opportunity to reduce inventory and spending.
Quick inventory turnover minimizes overstocking and helps keep costs down.  The practice management software should be able to generate reports which detail the […]

Implementing An Effective Veterinary Inventory Management System

By |November 20th, 2014|

Every practice needs to have a designated veterinary inventory manager who is responsible for inventory control.  Often this individual is a veterinary technician since they are familiar with hospital drugs and medical supplies.  A good inventory manager is detail-oriented and committed to saving the practice money.  The inventory manager should work with the practice manager or owner to be sure inventory costs are kept in line with budgets and industry benchmarks.
Every hospital also needs a well-organized veterinary inventory management system in place to manage inventory.  Some practices find using a computerized inventory system helps to better track products and their usage.  Regardless of whether you use your practice management software or a visual inventory system, determine appropriate quantities to have on the shelf, establish reorder points and reorder quantities for all inventory items and set a schedule for ordering.
If the inventory manager does an inventory count and orders on a regular schedule, the practice is unlikely to run out of […]

Buying a Practice? Your History and Clinics Are Key

By |October 29th, 2013|

Lenders take a hard look at personal credit scores and debts, a business’ cash flow and the asking price.
In today’s market, many veterinarians consider practice ownership an avenue to securing their financial future. There is security in being the boss, dictating medical protocols and having the long-term opportunity to be rewarded for your hard work and time. Often, the key question is not whether to own a practice, but instead how to accomplish the goal.
Lenders will ask some key questions as they consider financing a practice acquisition. A lender will review seven primary items related to the individual borrower as well as the practice. They are personal credit score, personal debt obligations, personal liquidity, business and personal collateral, experience, business cash flow, and whether the purchase price is supported by standard business valuations.
Credit Score and Debt Obligations
These individual factors are not influenced by the practice targeted for purchase. Potential practice owners can start to build these pieces of their resumes […]

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