Safeguard your bottom line

Hey there folks, my name is Keith Reynolds, I’m the editor of Physicians Practice and for this P2 Management Minute here are three quick ways to safeguard your bottom line.

1. Join a group purchasing organization

Leverage collective buying power. National or specialty-focused GPOs negotiate steep discounts on supplies and devices, often with minimal membership fees. Compare costs, check for price-adjustment clauses, and start pocketing instant savings.

2. Re-negotiate supplier contracts

Inflation and tariffs creep into existing agreements. Sit down with vendors at least once a year, ask for transparent cost breakdowns, and explore multi-year deals to lock in rates—or shorter terms if prices are volatile. Open dialogue now prevents sticker shock later.

3. Optimize inventory management

Cash tied up in closets can’t grow your practice. Audit usage, switch to just-in-time ordering, and set up automated re-order alerts. Lean inventory slashes waste, frees space, and boosts cash flow.

Join a GPO, sharpen your contracts, trim your stock—three moves to protect revenue today. For more bite-size practice tips make sure you visit PhysiciansPractice.com. Thanks for watching I’ll see you tomorrow on the P2 Management Minute!

About the P2 Management Minute

The P2 Management Minute is a fast-paced video micro-series from Physicians Practice that distills proven management strategies into bite-size, one-minute episodes for busy medical practice administrators and lead physicians. Each installment spotlights high-impact tactics—drawn from real-world best practices and expert insights—that administrators can apply the same day to boost efficiency, strengthen patient satisfaction, or elevate staff engagement. No theory, no fluff; just concise, actionable guidance that respects tight schedules and delivers measurable results between appointments.

Record your own!

Interested in stepping in front of the camera to share a quick tip of your own, or have a suggestion for a topic we should spotlight in an upcoming P² Management Minute? We’d love to hear from you. Whether it’s a proven strategy for streamlining workflows, a clever morale-booster, or a hard-won lesson on patient engagement, your insight could help peers across the country elevate their practices in just 60 seconds. Drop Keith a note at kreynolds@mjhlifesciences.com with your idea—or, better yet, a brief outline or smartphone video sample—and we’ll walk you through the simple submission process. Let’s collaborate to make every minute count for the medical community.

Keith A. Reynolds is the editor of Physicians Practice and wants to know what practice issues are keeping you up at night. You can let him know at kreynolds@mjhlifesciences.com.