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Opening a Medical Supply Business

By Edited Jul 8, 2014 0 1

Advances in technology along with a growing elderly population are increasing the demand for medical supplies to aid and assist people in taking care of themselves as well as complete tasks in their daily life. According to a 2009 study completed by the Freedonia Group, sales in the medical supply industry are expected to increase 4.6 percent by 2013 making medical supplies a $50 billion dollar industry. Entrepreneurs and individuals looking to start their own business can cash in on this growth by learning how to start a medical supply company.

Seek out a supplier. Determine if your company offers general medical supplies or specifics such as wheelchairs or surgery supplies. Learn who the manufacturers are of medical supplies. Contact them to learn if you buy directly from them or from a wholesaler they contract with. Negotiate the lowest price possible for supplies as this allows you to increase your profits or undercut the price of your competition.

Rent or buy a facility. Contact a commercial realtor in your community to aid you in the process of finding the right location. Check out multiple facilities. Consider how much space you need for storage of products not on display as well as how much space for a showroom. Include an office area as well to manage the paperwork involved in the business as well as give sales staff a private place to speak with clients.

Arrange to accept insurance. Contact insurance companies in your state and speak with a representative who works with medical providers. Learn what you need to do to become an eligible provider able to bill insurance for the cost of people's medical supplies. Complete any paperwork, and ensure you are familiar with the paperwork and the submission process to receive payouts from the insurance company.

Hire employees. Medical supply companies need sales and administrative staff. Find job candidates who have a sales background preferably in the medical field. Ask them to give a sales presentation to you during the interview to test out their sales abilities. Seek out administrative staff to handle insurance billing and receptionist duties.

Network with medical professionals. Become acquainted with doctors, nurses, physical therapists and other professionals in the medical field. Inform them of your business, and encourage them to refer clients to you when they have patients in need of medical supplies. Find out where hospitals, doctor offices and other medical facilities get their supplies. Ask to provide a free price quote or participate in the bid process.

Market and advertise. Promote your medical supply company to the general public since not all people seek out a referral from their doctor prior to purchasing medical supplies. Complete mass advertising such as on radio or television or in the newspaper or yellow pages. Hang flyers in physician offices, hospitals and other places a person might frequent if they have a medical condition.

Consider expanding. To increase the profit of your medical supply company, determine what other things you can do to grow your business once it's open. Build a website that allows people to order medical supplies online as this allows you to reach out to customers beyond your local geographical area. Offer free in-home consultations or home delivery since this may lead to clients choosing you over your competitor.

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Comments

Sep 9, 2010 1:25pm
aiyanalunette
If your looking for medical supplies I recommend using http://www.180Medical.com
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