Do you allow yourself the luxury of sitting down to study opportunities that may be available for your company? In the past few weeks, I have spoken with several providers about what they do to increase sales and volume. I found this very interesting because they all had wonderful ideas.
The question is are you aware that the “door is open?” One idea passed on to me during these conversations was current profits. Working closely with their accountant they looked at every discipline offered.
High on the list were oxygen and related services. I anticipated this would be much lower, but I was pleasantly surprised. Of course, as the reimbursements go down and the necessary services remain the same, the net profits will fall. Your task is to replace those profits.
Wheelchairs, scooters and lifts appeared to be another decent profit center. National advertising by a major provider has created this market. Many smaller providers are finding that not only can they compete, but also their clientele prefers to purchase supplies locally. Become aggressive and reap your share of this market.
ADL products give you a very large open door. Nearly everything you offer can be an “aid to daily living” product. All it takes to expand this segment is a little advertising, visiting the community health care associations, going to the various church group sessions, holding a Saturday open house once a month, and bright signs in your windows offering good prices on popular OTC items. With very little effort you can bring people in and continue to expand sales. Do not sit by and say, “What can I do?”
Be sure you attend Medtrade in November. This is the source! There you will find “the open door” and walk into so many opportunities for new and increased profitability.