Dental supplies are an essential part of every dental practice, but they can also be a significant expense. Finding ways to save money without compromising the quality of your supplies or level of patient care is crucial for the overall success of your practice. This quick guide will cover four fast tips that can help you save money when ordering dental supplies. Having a succinct and cost-friendly supply procurement system seems like a daunting task, but it doesn’t have to be! By implementing these strategies and having the right tools and people working with your practice, you can optimize your purchasing processes and leverage your buying power to reduce costs, improve your bottom line, and focus on patient care.
1 Get your formulary in check:
Creating a formulary is an effective way to standardize the dental supplies used in your practice. A formulary is a list of approved products that meet your quality and cost criteria. This should be very specific. A good formulary should include amounts, technical specs, and brands that you will be ordering. By developing a formulary, you can avoid unnecessary variations in supply choices, ensuring consistency and cost control. Evaluate your current inventory and determine which items are essential and most frequently used. Then, work closely with your dental team to establish a well-defined formulary that satisfies the clinical needs of your practice while maximizing cost savings. This will be your guide for every supply purchase you make. Take time to get it right and continuously improve your formulary until it works for you.
2 Streamline ordering processes:
Inefficient ordering processes can lead to wasted time, increased costs, and potential errors. Streamlining your ordering processes can significantly impact your practice’s financial health. Consider implementing an online ordering system that allows you to easily compare prices, manage your budget, and track shipments. This streamlined approach not only saves time but also enables you to make informed purchasing decisions, ensuring you get the best prices available.
3 Say Goodbye:
Don’t over personalize your dental supply purchases. If something in your procurement process is not serving you the way it should, it’s time to say goodbye. Say goodbye to overpriced items. See you later to distributors that aren’t giving you the best deals. Periodically evaluate your inventory and eliminate any supplies that are outdated, underutilized, or no longer needed. While everything related to your practice may seem like a personal decision, at the end of the day every dental organization is a business and everything should be focused on longevity and overall success. Consider shopping around for new supply options or joining a Group Purchasing Organization to maximize your efficiency and save yourself more money. This way, you can prevent financial losses and maintain a lean, cost-effective inventory and purchasing process.
4 Leverage buying power:
Purchasing dental supplies as part of a group can provide significant cost savings. Explore opportunities to collaborate with other dental practices or join purchasing groups to leverage your collective buying power. By consolidating orders, you can negotiate better pricing, volume discounts, and special offers. Additionally, building strong relationships with your suppliers and exploring alternative suppliers can help you access competitive pricing options, promotions, or loyalty programs. Don’t be afraid to negotiate and explore different options to ensure you get the best value for your money. This is true whether you are a single practice or a large multi-location dental service organization. By finding great partners, distributors, and group purchasing organizations that can leverage the buying power (or potential) you have will help maximize your savings.
Saving money when ordering dental supplies is crucial for maintaining a financially sustainable dental practice and ultimately business success. But unfortunately, the idea of changing the way a business has always operated can seem like a scary and unattainable task. By implementing these four fast tips – getting your formulary in check, streamlining ordering processes, saying goodbye to bad/outdated practices and partners, and leveraging your buying power – you can optimize your purchasing strategies and maximize cost savings without compromising quality. We want to help you save time and money so you can succeed and give your patients all of your focus and resources. Remember, small changes in your procurement processes can add up to significant financial benefits over time. So, start implementing these tips today and watch your practice flourish while reducing expenses.
If you are interested in learning more about how to modernize and optimize your procurement system, let us know! At SourceClub our goal is to help dental organizations like yours reach their full potential (and put an average of 30% spent on supplies back in your pocket).