Optimizing practice finances, one syringe at a time.
Dr. Sharma's medical practice purchases a variety of supplies, from bandages and syringes to specialized medications. The prices of these supplies fluctuate, and expiring stock becomes a significant concern. She was struggling to accurately track the cost of goods sold, leading to inaccurate financial reporting and potentially overpaying on taxes, and had a major write-off of $15,000 last year due to expired vaccines.
By implementing the FIFO Inventory Calculator, Dr. Sharma was able to precisely calculate the cost of her inventory based on the First-In, First-Out method. This allowed her to identify and use older, higher-cost supplies first, minimizing waste. The FIFO Inventory Calculator calculated the value of the ending inventory at $4,000, leading to the immediate write-off of the expired vaccines with a cost of $15,000.
Dr. Sharma’s bookkeeper integrated the FIFO Inventory Calculator results directly into her accounting software. They also began using the calculator to forecast inventory needs based on patient volume, utilizing past purchase data to optimize ordering.
$6,000 in reduced waste and improved cost accounting annually
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