We all know the list of monthly tasks is getting bigger and bigger and stock control seems to fall to the bottom of it, even though it could be an easy cost saving. I just wanted to highlight the importance of good stock control not only at the year-end but throughout the year.
Most practices have different staff dealing with the individual elements of stock control i.e nurses administering drugs and administration staff keeping a stock count, which is out of their control, but poor systems could lead to drugs going out of date or even going “missing”, which could lead to a loss of income and wasted expenditure. There are two elements to stock control – ensuring the correct amount of drugs are ordered i.e not too much held in the practice and also ensuring that all claims are made for drugs that are being administered.
Ensuring an accurate stock take is undertaken at your year end is imperative to ensure an accurate profit is recorded for each partner, this can be particularly important should a partner leave the practice and the profits may be under or over stated with an estimated stock figure being provided.
Simple systems such as ensuring more than one person is in control of the stock held i.e daily/weekly, dependant on level of activity, stock takes done and signed off by two people. Also ensuring the drugs and disposable instruments purchased are monitored and signed off by the practice manager or even a partner.
It is also possible to link certain bookkeeping systems to identify the whole audit trail for system control from the order all the way through to ensuring the reimbursements that are expected are received.
If you would like to know more on the subject, please contact Alana Smith.