National survey probes inventory management

MONUMENT, COLO. — A nationwide DVM survey is targeting the single largest expense to veterinary practices — inventory management — to better understand challenges and opportunities to improve business performance.

All aspects of acquiring, managing and collecting fees for drugs and the supplies needed to run a veterinary practice will be analyzed in the National Veterinary Inventory Management Study, created by Edward Blach, DVM, MS, MBA, with the support of a research grant from Webster Veterinary Supply.

"For years, this has been and remains one of the most challenging aspects of veterinary practice. It is one of the highest cost areas in veterinary practice, yet often receives very little management," Blach says. "If it's complicated for most practices to manage inventory, and it is, then our goal is to help the veterinarian by focusing on those areas of greatest financial impact. If we can demonstrate how much impact they have, then it will provide incentive to put resources in place to pursue it."

Looking for responses from as many practice types as possible, Blach says maximizing diversity in respondents will ensure the best data returned for participants, who will all receive an analysis of the study outcome.

"The results will help the veterinarian by documenting what is the state of the industry with regard to inventory management, and by calculating the magnitude and location of the opportunities to improve profitability in their practice," Blach says. The information will also be used to create educational tools for veterinarians.

The 44 survey questions were designed to help inventory supply companies better understand where improvements can be made, hoping to bring more simple and useful tools to the market.

The survey is available at www.dr-ed.com. Submissions will be accepted until Oct. 1.