On average, dental supply costs should account for 5-7% of your practice’s turnover.

While it may seem minor, maintaining control over all your expenses is crucial for the efficient management of your practice.

Follow these five easy tips to stay within that 5% to 7% range and save money on dental supplies without giving up quality.

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1. Stick With a Handful of Trusted Suppliers

Sticking with a handful of trusted suppliers (say, three or four suppliers) provides your dental business with higher levels of service while helping you free up time and reduce ordering expenses.

This approach allows you to concentrate your resources on fewer suppliers, enabling you to secure better prices for supplies.

As a result, you'll also benefit from lower freight charges and handling fees.

Here at Invedent, we’ve created the dental industry’s first ordering platform that makes placing and receiving orders a simple, easy, and quick process.

Once you’ve chosen a few trusted suppliers, Invedent’s shop enables you to browse through thousands of products from all of your favourite suppliers all from a single platform allowing you to place an order within minutes.

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2. Take Control of Your Stock Management

Inefficient, manual stock processes often lead to overstocking, which, in turn, ties up your capital as inventory sitting on a shelf isn’t moving.

There are instances where you end up with too little inventory, forcing you to scramble and place last-minute orders to make up for it.

When you're in a pinch and need to rush orders, you often end up paying higher fees for faster shipping. Plus, buying smaller quantities means missing out on bulk order discounts, which ultimately eats into your practice's profits.

To help you manage your inventory efficiently, we’ve integrated Invedent's shop with a stock management system.  

The platform gives you full visibility into inventory levels so you can know exactly what you need to order and have the right amount of stock in the right place at the right time.

This is one of the most efficient ways to save money on supplies as you purchase only what your practice needs, without the extra amount of stock that cripples your profits.

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3. Negotiate Prices with Suppliers

Once you've identified a few reliable suppliers, your next move is to reach out and negotiate for a competitive price.

Think - how much time and money would you save if you were able to negotiate prices with suppliers for the whole year vs. shopping around for the best prices from week to week?

We have the answer for you - Your practice can save up to $7000 per dental chair per year and 8 hours per week on ordering and stock management (because that’s exactly what Invedent has done for hundreds of practices).

For successful supplier negotiations, Invedent will forecast estimated stock expenditure and usage. This way, you'll be armed with valuable insights to negotiate prices with suppliers in advance, helping safeguard your practice's bottom line through mindful spending.

4. Match Items to Invoices

Accurate invoice matching is essential for maintaining your bottom line and avoiding financial losses.

Unfortunately, manual invoice matching introduces challenges that can detract from the accuracy of the process.

Indeed, manual invoice matching is highly labor-intensive, prone to errors, and time-consuming. It also becomes more costly as it necessitates employing staff to handle the tasks.

Invedent’s ordering platform enables you to remove manual, paper-based invoice matching and enjoy fast, error-free invoice processing.

The system was specifically designed to help you confirm quantities that have arrived at the practice in a simple reconciliation process while also tracking partial orders and backorders.

This means you can achieve substantial cost savings, as you're able to spot mistakes and prevent payments for items you either did not receive or did not order.

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5. Review Your Budget and Spending History

Ideally, you should conduct a quarterly budget review to identify any issues in your spending habits and make necessary adjustments to improve your financial management.

With a regular review process in place, you are better equipped to control supply expenses and adhere to your financial plan, ensuring effective budget management.

If this is your first time doing this, start by having a look at how much your practice has spent on supplies for the past six months or even one year.

This strategy can help you pinpoint any bulk purchases that resulted in surplus stock, which you're still managing.

Invedent’s ordering platform comes with special features that allow you to set a monthly budget goal based on a percentage of your practice's turnover or a fixed amount.  

By providing you with access to historical data, the system helps you stick to your budget and keep your practice’s finances on track.

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Surely you wouldn't want to miss the top offers from your favourite suppliers, all on one platform! Start your 30-day FREE trial with Invedent today and see for yourself how much it can help you save on dental supplies and make more time in your workday!

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