Question

In the context of a medical practice, what does the term inventory turnover refer to?

a) Number of patient appointments in a year
b) Number of times medications are restocked in a year
c) Number of times inventory turns over in a practice within a year
d) Number of years it takes for a new medical equipment purchase

Answer 1

In the context of a medical practice, inventory turnover refers to the number of times inventory turns over in a practice within a year.

Step-by-step explanation:

In the context of a medical practice, the term inventory turnover refers to the number of times inventory turns over in a practice within a year.

Inventory turnover is a key metric used in managing inventory levels and assessing the efficiency of a medical practice in managing its supplies and medications.

For example, if a medical practice has an inventory turnover of 4, it means that the inventory is sold and restocked 4 times within a year.