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Summary
In this episode of Hey Docs!, Kira Woods shares her journey in creating UpTracker, a web-based platform designed to improve inventory management in orthodontic practices. She discusses the importance of understanding both macro and micro aspects of inventory management, the evolution of systems from manual tracking to technology-driven solutions, and the need for customization based on practice size and needs. Kira emphasizes the significance of purchasing habits and the often-overlooked process of verifying vendor invoices as critical components of effective inventory management. The discussion also covers common areas of overspending, particularly in bonding materials and disposables, and offers strategies for startup practices to establish a solid foundation for inventory management.
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UpTracker - https://www.up-tracker.com/
Takeaways
- Kira Woods started Uptracker to address inventory management issues.
- Doctors need to see both macro and micro inventory data.
- Many practices rely on one staff member for inventory management.
- Purchasing habits can significantly impact supply spending.
- Invoice verification can lead to quick returns on investment.
- Clerical errors in invoices are common and costly.
- Understanding true costs includes more than just product prices. If you don't check invoices, you're agreeing to whatever they decide to charge you.
- The right amount to spend right now is crucial for staying on goals.
- Incentivizing staff can lead to better budgeting outcomes.
- Bonding materials can be a significant area of overspending.
- Startups should prioritize visibility in inventory management.
- The goal isn't less inventory, it's smarter inventory.
Chapters 00:00 Introduction
04:58 Why Inventory Gets Ignored
06:21 Macro vs Micro Inventory
08:52 From Sticky Notes to Scanning
15:02 Customizable Inventory Strategy
16:26 Purchasing Habits and Spend
24:23 Verifying Vendor Invoices
29:57 Real Time Budgeting Basics
32:56 Staff Incentives And Culture
34:29 Common Spend Leak Examples
37:50 Startup Inventory Playbook
41:34 Cross Training And Controls
44:40 UpTracker Contact Info
Episode Credits: Hosted by Jill Allen
Produced by Jordann Killion
Audio Engineering by Garrett Lucero
Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice?
Reach out to me-
www.practiceresults.com.
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