Inventory Audit Optimization
A client managing supplements and medical products in their practice was struggling with outdated inventory records, resulting in mischarges, incorrect product details, and tax-related errors
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Client Background
A client managing supplements and medical products in their practice was struggling with outdated inventory records, resulting in mischarges, incorrect product details, and tax-related errors
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Challenges Identified
- Outdated Pricing:
- Retail prices for supplements were outdated, leading to undercharging patients.
- Old Manufacturer’s Suggested Retail Price (MSRP) was mistakenly entered as the cost price in the system.
- Taxation Issues:
- Default taxation for certain products was not applied correctly, creating compliance risks.
- Product Details Inaccuracies:
- Supplement names, dosages, and brands were not updated, leading to errors in patient prescriptions.
- Inventory Tracking:
- Stock levels were improperly marked, affecting restocking decisions.
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Solution Implemented by MedicallySMART
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Detailed Inventory Audit
- Conducted a comprehensive review of all inventory items, including supplements and medical products.
- Verified and updated names, dosages, brands, and stock quantities in the EHR system.
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Price Update and Standardization
- Reviewed and corrected retail prices to reflect current MSRP, ensuring accurate billing.
- Adjusted the cost price in the system to prevent profit-margin discrepancies.
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Taxation Compliance
- Cross-checked each product to ensure applicable taxes were correctly set in the system.
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System Optimization
- Ensured all products were properly categorized, priced, and marked in the EHR.
- Implemented checks to prevent future discrepancies by standardizing data entry protocols.
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Outcome
Increased Revenue Accuracy
Ensured patients were charged correctly, recovering previously missed revenue.
Improved Efficiency
Reduced errors in supplement prescriptions and streamlined inventory management.
Tax Compliance
Eliminated risks related to improper taxation
Enhanced Patient Trust
Accurate pricing and product details improved transparency and patient satisfaction.
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Key Takeaways for Clients
- MedicallySMART goes beyond basic inventory management by auditing and optimizing inventory systems to reflect accurate, real-time data.
- Our proactive approach ensures your practice operates efficiently, complies with regulations, and enhances profitability.
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Marketing Message
MedicallySMART provides end-to-end inventory solutions, ensuring your practice is not just organized but also optimized for maximum efficiency and compliance. Whether it’s correcting pricing errors, ensuring accurate taxation, or updating product details, we handle it all so you can focus on patient care.
