In this episode of The Business of Practice podcast, Miranda Gosselin, DVM, discussed strategies for effective veterinary inventory control and the benefits of joining an equine inventory cooperative such as EPIC (the Equine Purchasing & Inventory Company).
Importance of Veterinary Inventory Control
Early in her career when she was a solo practitioner, Gosselin said she had a very rudimentary inventory system. After becoming a partner at Millbrook Equine in New York, she “started looking at the boxes of drugs on the shelf not just as medications, but as dollars.” She realized drugs and supplies are one of the practice’s biggest expenses, and she determined that ordering and managing inventory needed concerted effort.
Equine Purchasing & Inventory Company (EPIC)
Gosselin explained that EPIC was established about five years ago when a small group of practices decided to work cooperatively to manage their inventory and gain the same buying power as larger practices. EPIC educates practices on inventory management through monthly online meetings and an annual seminar with multiple tracks for staff, owners, and associates. The cooperative is also committed to veterinary sustainability and has developed a website called Equine Vetted to improve transparency for students looking for externships and to allow interns to leave anonymous reviews about their experiences.
Membership in EPIC can decrease costs of inventory. Gosselin said the most common question from potential members is “What’s the catch?” to which she responds, “There isn’t one!” It’s a group of same-minded small equine practices trying to level the playing field and enjoy mutual success.
Final Thoughts
“As practitioners, it’s really easy for us to just put our heads down and go to work,” said Gosselin. It’s the rare veterinarian who wants to spend time looking at spreadsheets, but it is so important. “You have to have buy-in from your team.” By starting in a small way, you can begin to control your inventory. “It’s important to reduce wastage, because it’s money.” Understanding the “why” helps staff make the connection between the labor of inventory counts and the practice being successful enough to give raises or offer profit sharing.
In closing, Gosselin said many EPIC members wanted to get away from the frenzy of year-end buying and the confusion of rebates, so the cooperative’s strategy has been to get lower everyday prices while leaving the rebates behind. This allows more transparency and reduces unnecessary inventory purchases.
You can learn more about EPIC at https://epiccooperative.com/.
About Dr. Miranda Gosselin
Miranda Gosselin, DVM, grew up on a Thoroughbred breeding farm in Buckley, Washington, where she was actively involved in all the aspects of the operation. She attended Smith College with a major in neuroscience, after which she earned her DVM from the Washington State University School of Veterinary Medicine. She then completed an internship at Brazos Valley Equine Hospital. After several years with her own solo practice in Texas, Gosselin joined Millbrook Equine, in Millbrook, New York, in 2011, where she is one of three partner-owners.
Gosselin is an active member of the AAEP, serving on the Wellness Committee, and shows a strong commitment to equine veterinary sustainability through her work with EPIC and the Cavalcade Education Group, a joint venture management company created by the partners of Millbrook Equine, Rhinebeck Equine, and Oakencroft Equine. The group hosts educational events for veterinary students on an annual basis.
Gosselin enjoys traveling, skiing, and spending time with her husband and their two sons.
Related Reading
- Business Briefs: Should I Join a Buying Group for Veterinary Supplies?
- AAEP Business Coverage: Taking Control of Veterinary Inventory Costs
- Unlocking the Power of Compounding in Veterinary Practice
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