Managing inventory is a key aspect of running a successful optometry practice. Do it well and your practice can grow revenue and add more, happier patients. Manage inventory poorly and things can quickly spiral in the other direction. Errors, inefficiencies, and stock shortages can disrupt day-to-day operations and impact profitability and patient satisfaction.
As with many operational processes, inventory management is made more efficient and effective with the introduction of new and advanced technologies. Automated systems can track frame and lens inventory in real time, provide data on product performance, and integrate with other practice tools. Practices can offer the best products at just the right times without worrying of stock-outs. And patients get the frames they want and lenses they need without wait. By adopting the right inventory management technology, everyone wins.
This guide explores how inventory management technology can improve your practice. Through real-time tracking, automated reordering, and integration with EHR and practice management & billing systems, we’ll help you harness the power of technology to streamline operations and drive profitability.
Fulfilling optical orders is a bit more complicated than many people may think. Each part of an order must fit together just right to ensure the best possible outcome for a patient. The inventory management process consists of frames, lenses, and prescriptions.
A good inventory management system monitors frame stock in real time, alerting staff when certain styles, sizes, or brands are running low. Automated reordering ensures that bestsellers are always available, while slow-moving frames can be identified for promotions or adjustments in purchasing. Additionally, an integrated system can track frame preferences based on patient history, allowing practices to stock frames that align with demand, improving both sales and patient satisfaction.
By addressing each of these elements, practices can deliver a great patient experience from the initial prescription to the final delivery, improving both efficiency and patient satisfaction.
Automated tools let staff instantly check the status of optical products. This eliminates the guesswork of manual tracking. This real-time visibility into stock levels guarantees that your most popular products are always available.
Technology also significantly reduces manual errors associated with data entry and tracking. Mistakes in inventory counts can lead to inaccurate recordings of stock levels. Automated systems reduce errors by recording stock movements accurately when products are received, sold, or transferred. This accuracy not only supports efficiency but also builds trust with patients, who rely on timely access to optical products.
Efficient inventory systems also free up staff time, allowing them to focus on more worthwhile tasks such as patient care and sales. When inventory management runs smoothly, practices can better meet patient needs and improve their bottom line.
Automated reordering is a game-changer for optometry practices. Traditional reordering methods often involve manually tracking stock levels and placing orders when inventory runs low, which is both time-consuming and prone to errors. With automated tools, practices can set reorder thresholds for each product. When stock reaches these predefined levels, the system automatically generates a purchase order.
Reporting features let practices track individual products' performance. They can find high-demand items and slow-moving stock. With this data, practices can make informed purchasing decisions, focusing on products that drive revenue and minimizing investments in items with low turnover. These insights also help practices adapt to seasonal trends or shifts in patient preferences.
For multi-location practices, automated inventory systems simplify stock management across sites. By centralizing inventory data, these tools provide a comprehensive view of stock levels at each location, allowing practices to transfer products as needed.
Automated inventory management systems streamline stock processes, saving time, reducing costs, and ensuring practices are always prepared to meet patient needs.
Integrating inventory management systems with other practice tools, such as EHR and billing platforms, benefits both staff and patients. For example, when an optical product is provided to a patient, the inventory system can automatically update stock levels while simultaneously recording the transaction in the patient’s record. This eliminates redundant data entry, saving time and reducing the chance of errors.
Workflow optimization is another advantage of integration. Connecting inventory systems to billing platforms ensures accurate billing for products and services. This also cuts down on administrative tasks for staff. Integration speeds up processing of patient orders. Staff can access all info, from product availability to pricing, in one platform. This streamlined approach improves the patient experience and overall service quality.
Data synchronization across platforms also supports better decision-making. Integrated systems provide a holistic view of practice performance, combining inventory data with patient and financial insights. For instance, practices can analyze how inventory turnover correlates with patient demand, allowing them to adjust purchasing strategies. This insight helps practices stay agile. It lets them make proactive, goal-aligned decisions.
Integrated practice management systems can help optometry practices save time, make more money, and deliver even better patient outcomes. With the right tools and technology means improved efficiency and effectiveness across your inventory supply chain.
Utilizing a comprehensive practice management system like My Vision Express from Sightview offers numerous benefits:
Experience real integrations that are second to none with My Vision Express - manage inventory, lab communications, patient information, and sales transactions without leaving your EHR and PM dashboard. My Vision Express also offers seamless inventory management where you can place accurate orders with inventory validation rules and pricing tools, look up and transfer inventory across multiple locations, and auto-create POs based on daily sales and inventory reorder points. One-click ordering with My Vision Express also makes it simple to create orders, fill prescriptions, and take payments all on one screen:
Implementing an integrated system like My Vision Express not only simplifies operations but also positions a practice to deliver higher quality care and service.
The ideal solution should offer real-time tracking, reordering automation, integration capabilities, and robust reporting features. Practices should evaluate their specific needs, such as the types of products they manage, the volume of inventory transactions, and their goals for improving efficiency and profitability.
To make the best decision for your practice consider the following steps:
With the right technology, optometry practices can streamline their processes, reduce inefficiencies, and improve profitability. Great inventory management can be a strength of your practice. Real-time tracking, automated reordering, and system integration eliminate errors and simplify workflows, allowing practices to focus on delivering exceptional patient care AND generate more revenue.
As you evaluate your current inventory management processes, consider how technology could benefit your practice. By selecting the right solution and leveraging its full capabilities, you can ensure your patients always have access to the products they need.
To learn more about how inventory technology can become an asset in your practice, contact us to schedule a consultation today. Let Sightview help you take your inventory processes to the next level.