7/10/2023 0 Comments Cog management![]() ![]() A reduced net also affects the office’s ability to purchase new goods and new equipment. If net is reduced, cash flow is impacted making it harder to pay bills in a timely manner. We may think that net profit is only what the ownerdoctor takes home, but it has other side-effects. In most cases, the largest effect is on net profit. If it is too high then the extra monies impact the other areas of a practice. It is, therefore, very important to the bottom line that expenses stay within budget. According to Jerry Hayes, OD, the recommended range of expenses related to COG should be from 27 percent to 33 percent of total income. Jointly, COG is usually the largest category in the budget. Most offices that have an optical typically garner close to 50 percent of all income from the sale of goods in the optical department. Just as it is important to budget for all expenditures in an office, COG is at the top of the list in most offices as a majority of income and expense is in this category. Just make sure you are consistent in which category you use throughout the year. For budget purposes this can either be included in COG or in employee salaries depending how the individual office prefers to track it. ![]() Since we have our own edging lab, we include the salary of our lab tech whose full-time job is to cut and edge. ![]() In our office we define medical supplies as contact lens solutions, eye drops that are sold (usually for dry eye) and vitamin supplements. In most optometric practices this would include frames, lenses for frames, sunglasses, eyeglass cases, eyeglass accessories, contact lenses, contact lens accessories and medical supplies. Here is how I budget for my COG and what doing so has meant to my profitability over time.ĬOG (Cost of Goods) is defined as anything that is purchased by the office with the intent of reselling. You may know roughly what you need in inventory such as contact lenses, frames and medical supplies, but how close to exact is your knowledge of these needs? On-target budgeting for your cost of goods makes the difference between having what you need to serve patients and making a profit and falling short or running into an overstock problem. Good planning lets you supply patients with the products they need and profit from your inventory investment. I hope that information helps! Please feel free to reply with a screenshot of what you do see when you click the cog.Tracking and managing your cost of goods is a key to practice profitability. If you don’t see the General Configuration option, then your user’s permissions might have changed. This is where all the User Management functions exist. If you’re able to select General Configuration, you should then see a section on the left navigation bar called Users and Security. This is what I see in my Confluence 6.9.0 instance with my user having the System Administrator global permission: What options are displayed? If possible a screenshot would be super helpful.Īs you are aware, there should be a User Management option in the cog dropdown. I’d like to better understand what you see when you click the cog icon. That said, I do know that the User Management option in the administrator cog is still the same even in the most recent versions of Confluence. That’s interesting! Without having more information on your user’s permissions and what exactly you’re seeing, it’s difficult for me to determine why that’s occurring. ![]()
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