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When Profitability Hits a Dead End: 5 Strategies to Reduce COGS

Join us for this webinar and leave equipped with the knowledge needed to make the most of your spending, create pricing consistency, and protect your profit margins.

Emmitt Nantz
12 Oct 2023
webinar

Did you know that just a 2% reduction in Cost of Goods Sold (COGS) in a $1.25 million veterinary hospital equates to a staggering $50,000 per year? That’s a significant amount that could be redirected toward investing in your team, state-of-the-art equipment, or facility improvements.

In these uncertain times, optimizing COGS is probably the sole remaining avenue to increase revenue and practice valuation. Raising prices, hiring more staff, augmenting traditional revenue streams – all of these options are nearly exhausted. With visits on the decline, many hospitals might even be facing flat or negative top-line growth next year. Reducing COGS is an untapped leverage, and we have the solutions – whether through process enhancements, training, innovative tools, or software – to help you capture that opportunity and boost EBITDA.

Fill out the form below to get the recording of the informative session where we unveiled the strategies to optimize inventory management and pricing in veterinary hospitals, ultimately elevating your profit margins, saving time, and reducing stress for your team.


Get Webinar Recording

Recorded on Thu, November 2, at 11 a.m. PT

You will gain essential insights and practical knowledge on:

  • Calculating Your COGS: We’ll demystify the COGS calculation process, enabling you to understand and analyze your hospital’s financial health accurately.
  • Setting the Right COGS Targets: Learn how to determine the ideal COGS for your specific service and product mix, ensuring your hospital’s financial stability.
  • Identifying Influencing Factors: Discover the factors that drive inventory costs and gain the ability to control them effectively.
  • Tackling High COGS: Explore the three major reasons behind high COGS and strategies to combat product overstock, reducing wastage, and increasing efficiency.
  • Strategic Pricing Models: We’ll delve into different pricing models, including markup percentage, margin-based pricing, and pricing formulas, providing you with the tools to develop a consistent pricing strategy that aligns with your hospital’s goals, values, and economic factors.
  • Adding New Products Smoothly: Learn how to avoid bottlenecks when adding new products to your inventory, ensuring a seamless integration that enhances your hospital’s offerings without disrupting operations.
  • Utilizing Technology for Increased Efficiencies: We will discuss what software tools you can use to reduce inventory costs, streamline processes, and save time.

Our hosts

Emmitt Nantz

Emmitt Nantz has been part of the veterinary family for nearly two decades and is driven by a personal mission to make the veterinary domain better. Emmitt spent 12 years working at Banfield, starting out as a single-site hospital manager. Having majored in agriculture business management, he expanded his education to include an MBA, a Black Belt in Six Sigma, and a Project Management Certification.

Emmitt applied these learnings at Banfield and later as a Chief Operating Officer at Galaxy Vets, where he created large-scale operational improvements for the entire group with a focus on improving employee and client satisfaction. In pursuit of his passion for workflow optimization, Emmitt honed his expertise in a critical area that often plagues hospitals’ bottom lines – inventory management. He co-founded Inventory Ally, an all-in-one cloud software designed to help veterinary professionals reduce inventory costs, streamline processes, and save time.

Nicole Clausen

Nicole Clausen, CSSGB, CCFP, CVBL has over 15 years of experience in the veterinary industry with responsibilities ranging from receptionist, technician assistant, lead receptionist, inventory manager, and operations manager for several different hospitals. She is now the founder and consultant at Veterinary Care Logistics, a consulting firm specializing in inventory management for veterinary professionals. In addition, Nicole is the founder of the Certified Veterinary Inventory Professional program and is a co-founder of Inventory Ally, where she creates strategic, functional inventory systems that reduce costs, increase efficiency, and get back to what matters most to the veterinary team … their patients!

Nicole has authored several publications, including controlled substance management protocols and policy and procedure manuals. Clients include national and regional corporations, hospital groups, and private veterinary hospitals all across the United States. She has spoken at numerous industry-sponsored conferences on inventory management, as well as produced a full suite of online, self-paced inventory management courses. She is also the host of the Inventory Nation Podcast.

Helpful Resources

Veterinary Care Logistics

The go-to inventory consultants serving veterinarians, aiming to reduce costs and streamline processes.

Learn More

The Inventory Nation Podcast

A weekly podcast with Nicole Clausen where we talk about all things veterinary inventory.

Learn More

Veterinary Inventory Management Training

Resources & education for inventory managers who need help, but don’t know where to start.

Read More