Sales

Chiropractic Office Profitability: Top Two Features for Your Point Of Sales System

Sales at the point-of-service, also known as “point of sale”, is a great way to improve patient relationships. Your care is demonstrated by offering quality products to your patients that enhance their lives beyond your office. Patients are reminded of their care and your love by every use of the products you sell. Higher patient loyalty leads to lower attrition and more referrals, which ultimately results in higher profits.

However, once POS become a substantial portion of your revenue, it is important to manage your inventory. A patient was upset when he couldn’t get a product at his clinic. Is your staff relying on their memory or the office manager to keep your inventory current. Maybe you manually check your inventory each month. You need to manage the flow of items into your practice inventory if your POS is a major source of additional revenue.

You can increase the profitability of your practice by having enough supplies and removing products that don’t sell.

  • Monitor the average income from a particular product
  • You can view the total product sales by SKU or name.

Your implementation should not require you to review inventory reports every day. Integrated inventory control should not be an additional step in your work flow. Automatic alerts are needed to notify you when inventory levels exceed predetermined limits. The list of features goes on:

  • Automated inventory adjustment with invoice creation
  • You can create patient invoices right from your scheduler screen or POS screen.
  • You can set up automated reminders to remind you when stock is due for reorder.
  • To select inventory, use touch-screen monitors
  • Monitor the average income from a particular product
  • You can view the total product sales by SKU or name.
  • A scanner makes it easy to scan barcodes
  • You can enable discounting on certain products for predefined times

Inventory Management

A disciplined inventory management involves keeping detailed records of POS items. This includes posting new items and subtracting items that you have sold to patients. Your goal is usually to keep inventory levels from getting too high or falling below the minimums. Competent inventory management also aims to manage inventory costs. The management of inventory in a medical practice requires balancing between two important aspects: buffer stock and time.

Time control allows you to determine when and how many units to replenish your inventory. Understanding the time it takes for a supplier order to be processed and delivered to your clinic is crucial. It is also important to understand the time it takes to sell these items.

Buffer stock refers to extra units beyond the minimum quantity required to maintain a smooth Point of Sale process. The buffer reduces the possibility of production interruptions or patient complaints that could result from a shortage.

You must automate at least two important inventory control functions.

  1. Inventory tracking. Keep track of point of sale inventory by adding each item to the list. This number will be automatically updated whenever you sell a POS-item.
  2. Low stock alerts. The system generates workflow tickets that remind your staff when stock runs out. For example, every time you reach a minimum inventory threshold, the item will be removed from sale.

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We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At Molw.net we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

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