Top Tips and Strategies to Purchasing Wholesale Medical Supplies for Your Practice

The cost of medical supplies can vary greatly from company to company, and from state to state. Make no mistake, every practice plays the game of purchasing wholesale medical supplies on a budget. The cost of doing business can make or break your practice if you are failing in any area of purchasing supplies.

The thing is, doctors have specialized in medicine and not necessarily negotiating prices. When the cost of wholesale medical supplies goes unmonitored, the results can be scary and your practice can suffer greatly.

Here are the top tips and strategies to purchasing wholesale medical supplies for your practice. 

1. Shop the market
   

   Everyone loves when a vendor stops by with lunch and the commitment to give you the best deal on wholesale medical supplies. Just be cautious when reviewing prices. You do not have to get stuck buying from a distributor just because they enticed you with freebies.
   
   This might take a bit of time to call several distributors, but you never know until you ask. If they want your business, they will take your request seriously. Ask for free shipping with no minimum purchase requirements, see if they will price match or beat your premium supplies, and see if they will offer a discount for buying in bulk. All of these can be huge money saving factors for your future orders.
   
   Keep in mind, not all distributors list their prices online or show the best they can do. There might also be a big difference in buying name-brand versus generic. Be vigilant when price checking.

    

2. Consider local
   

   Reputation should be a big factor when choosing a supply company. How long has the company been around? Is your competition using them as well? Sometimes some of the best kept secrets will only be found out through referral. It doesn’t hurt to ask others who they use for wholesale medical supplies and why.
   
   You might also find a local supplier that has the ability to charge less in shipping or offer better discounts because they are local. Some smaller suppliers can also give you a more personal attention and care.

    

3. Be the retailer to your customers
   

   An easy way to get a little more bang for your buck is to become the retailer to your customers. By displaying high quality products in your waiting room that your staff already swears by is a great way to increase profits and have your customers leaving extra satisfied. These items will need to be promoted via your website, social media, email marketing and of course, in the room with the patient.

    

4. Join with another group
   

   Distributors like to give discounts on bulk ordering. A great way to take advantage is to join forces with another practice to buy in bulk together. This allows both companies to save big.
   
   Specifically, you can join a Group Purchasing Organization (GPO). It is a membership to an organization, typically with zero fees. You might have to commit to purchasing a specific percentage of annual supplies, but the savings over the year can be huge. Whether your practice is big or small, nearly every type of practice can take advantage.

    

5. Ask about a loyalty program
   

   No matter which distributor or group purchasing organization you choose to go with, always ask about a loyalty program. Some distributors have reward systems to earn a percentage off your next order or the ability to earn free product. These types of loyalty programs can really add up fast and help tremendously with your bottom line.

    

6. Develop better inventory management
   

   Indirectly related to purchasing, developing a better inventory management practice might actually be what you need. Are you ordering too much? Do items expire before you are able to use them all? These problems can all be fixed with developing a better inventory management plan. This can easily be done with software or creating your own way to track supplies. 

Bottom Line

The main goal is to always have someone taking charge of purchasing wholesale medical supplies and making sure you are getting the best deal. This might mean you establish a new inventory management system, joining a group purchasing organization or taking a hard look at the true cost of your inventory and supplies. Negotiating new prices with vendors might make a huge difference. The only way to know is to get down and dirty with your inventory.