Thursday, March 29, 2012

Seeking New Opportunities in New Markets

In order to keep pace with a rapidly changing market, DME/HME dealers and providers must always seek new opportunities. Reimbursements from Medicare or Medicaid, as well as contracts with HMOs, are all paid at a very low level. They should never be considered as a primary source of income. Keep what you have! But always look around for more profitable advantages.

In my discussions with many dealers I discovered one source you all have. It is your employees! They each have ideas, some may be off the wall and so many others have proven to be superb.

The idea to offer a “free wash and check your wheelchair” day come from a salesperson working for a dealer in upstate New York. I have written about this often and every time another dealer does it, I invariably receive a message telling me about their success.

The Americans with Disability Act is another tool to build new sales. Your outside salesmen should talk about this at every account. Call your Senator or Representative’s office in D.C, and ask the HLA (health legislative assistant) to please obtain a copy for you. Armed with that your company’s service will be truly appreciated (and earn a great big bunch of new sales).

One of the major benefits of Medtrade is the ability to walk the showroom and see how many new products and new sales ideas that will be a benefit to your bottom line. They are there waiting at the exhibition for you! I have always recommended that if at all possible to bring one or two of your salespeople. The cost of this will have a big ROI. I have been told this so many times! When your employees return home from Medtrade they are busting at the seams to bring these ideas to fruition. Let them do it!

Your task, as the both the entrepreneur and owner, is to polish and allow all the employees to be comfortable and share with you all they have learned, and when that happens, new ideas and new markets will be opened.

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