Get Ahead: Smart Spending Tips for End-of-Year Budgets
As the fiscal year wraps up, schools, hospitals, and other public institutions face the common challenge of using remaining budget funds wisely. Whether you’re outfitting a new facility or restocking essential supplies, strategic purchasing now can prevent headaches later.
Here are some key things to keep in mind as you close out the year:
1. Use Contract Pricing to Your Advantage
End-of-year purchasing often comes with tight timelines and limited resources. Leveraging state contract pricing can simplify your purchasing process and help you stay compliant. As a trusted University and K12 supplier and provider of B2B medical equipment, we offer access to a variety of state contracts—helping you secure competitive prices without going through a lengthy bidding process.
Check out our Choice Partners contracts for special contract pricing.
2. Think Long-Term When Buying
Rather than spending your remaining budget just to spend it, think ahead. What will you need in the next three to six months? This is a great time to invest in hospital equipment, nursing supplies, and equipment for simulation scenarios that may not be urgent now but will be necessary down the road. Look at your usage patterns and upcoming initiatives so your purchases can serve a purpose well into the new year.
3. Fill the Funding Gap with Stocked Supplies
For many organizations, there’s a gap between when one budget ends and the next begins. Use this time to stock up on essential supplies such as glucose meter kits so your team isn’t left scrambling. From exam gloves to simulation manikins, having these items on hand ensures continuity of care and instruction—especially in fast-paced environments like classrooms, labs, and clinics.
4. Plan for Delivery and Installation Logistics
Equipment orders often require coordination—especially if they need to be installed or configured. Delays in shipping or backorders can impact your operations if not planned for. Be sure to consider lead times and delivery windows now, so your medical equipment or necessary pharmacy refrigerator arrives when and where you need it. Early planning also helps you avoid the year-end delivery bottleneck that many suppliers experience.
5. Document Purchases for Future Planning
Finally, make sure to document what you purchased, why, and how it benefited your organization. This not only makes next year’s budget planning easier—it can also help justify future funding increases.
Need Help Navigating Your End-of-Year Purchases?
We’re here to help you get the most value from your remaining budget. Whether you’re ordering nursing supplies for a new school year or upgrading equipment for simulation scenarios, our team can guide you every step of the way.
Let’s make sure you start the next fiscal year ready and equipped.
Resources:
Choice Partners
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Susan Raithel – sraithel@products-unlimited.com
