home medical equipment retailers speak out
DESCRIPTION
A panel of home medical equipment retailers share some of the strategies that have helped their companies successfully build retail sales - and expand from 3rd party insurance business.TRANSCRIPT
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HME RETAILERS HME RETAILERS SPEAK OUTSPEAK OUT
Medtrade Spring Retail PanelMedtrade Spring Retail Panel
Retail TrackRetail Track
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Panelists & FacilitatorPanelists & Facilitator
Jim Greatorex, Pres. & CEO, Black Bear Jim Greatorex, Pres. & CEO, Black Bear MedicalMedical
Jeff Kelemen, Pres. & CEO, Everything Jeff Kelemen, Pres. & CEO, Everything MedicalMedical
Tom Mullaney, R.Ph., President, Mullaney Tom Mullaney, R.Ph., President, Mullaney Medical, Inc. (Material presented by Medical, Inc. (Material presented by Colette)Colette)
Colette Weil, Managing Director, Summit Colette Weil, Managing Director, Summit Marketing (facilitator)Marketing (facilitator)
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Panel Discussion ObjectivesPanel Discussion Objectives
Learn about different business models and Learn about different business models and the role retail/cash sales playsthe role retail/cash sales plays
Learn about the panelistsLearn about the panelists’’ varying varying marketing strategies and retail views marketing strategies and retail views
Discuss future strategy considerationsDiscuss future strategy considerations
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Program OutlineProgram Outline
About the PanelistAbout the Panelist’’s stores & business s stores & business modelmodel
How they built retail/cash sale businessHow they built retail/cash sale business– Location & brandingLocation & branding– Revenue, product & services mixRevenue, product & services mix– Advertising, promotion, sales, internetAdvertising, promotion, sales, internet– In-store merchandisingIn-store merchandising
Q & AQ & A
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Black Bear MedicalBlack Bear Medical
Large showroomsLarge showrooms Personal servicePersonal service Two locationsTwo locations Satellite locationSatellite location Comprehensive Comprehensive
product offeringproduct offering
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Black Bear Medical Retail Black Bear Medical Retail ModelModel
Product Mix: 48% - Complex Rehab Product Mix: 48% - Complex Rehab 23% - Retail 22% Supplies 7%-DME23% - Retail 22% Supplies 7%-DME
Retail focus since 1994Retail focus since 1994 Surpasses $1 million in Retail-only revenue Surpasses $1 million in Retail-only revenue
in 2004in 2004 Use Rehab and Supply business to Use Rehab and Supply business to
compliment Retail compliment Retail Convenient location in a known but lower Convenient location in a known but lower
rent location rent location
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PERSONALIZED SHOWROOMPERSONALIZED SHOWROOM
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Good–Better-Best SelectionGood–Better-Best Selection
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3 Retail locations: 1 3 Retail locations: 1 Pharmacy & DME, 2 Pharmacy & DME, 2 DME onlyDME only
Started as retail Started as retail pharmacy in 1936, pharmacy in 1936, added retail DME in added retail DME in 1989.1989.
DidnDidn’’t hire first t hire first outside salesperson outside salesperson until 2001until 2001
42% Cash42% Cash 21% Medicaid 21% Medicaid 17% Medicaid 17% Medicaid
Waiver Waiver 11% Medicare11% Medicare 9% Private 9% Private
Insurance, Workers Insurance, Workers CompComp
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Three Retail LocationsThree Retail Locations
All in Suburbs of All in Suburbs of CincinnatiCincinnati
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Everything MedicalEverything MedicalLas Vegas, NVLas Vegas, NV
ThatThat’’s our service s our service mottomotto
Started as a wholesaler Started as a wholesaler of disposables in early of disposables in early 8080’’s s
Launched retail in Launched retail in ’’9797 Good opportunitiesGood opportunities We know the productsWe know the products
Two Locations, central Two Locations, central Las VegasLas Vegas
Primary: 5000 sq. feet Primary: 5000 sq. feet retailretail
Second: 2000 sq. feet Second: 2000 sq. feet retailretail
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About Las VegasAbout Las Vegas
Among highest Among highest foreclosure levelsforeclosure levels
Among highest Among highest vacancy ratevacancy rate
High unemploymentHigh unemployment Recipe for HME Recipe for HME
Retail? Retail? 3 senior 3 senior
communitiescommunities VisitorsVisitors
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Our Business ModelOur Business Model
75% Retail75% Retail 25% 325% 3rdrd Party Party
90% Medicaid90% Medicaid Centrally LocatedCentrally Located
Location 1Location 1• Across from the Across from the
county hospitalcounty hospital Location 2Location 2
• 1 mile from 3 1 mile from 3 hospitalshospitals
Service: we will Service: we will find exactly what find exactly what you need – you will you need – you will love us, you will tell love us, you will tell your friends (cause your friends (cause we know you will we know you will be a customer for be a customer for life)life)
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Selection, Selection, SelectionSelection, Selection, SelectionGood – Better - BestGood – Better - Best
Commitment to inventory !!Commitment to inventory !! Train employees on differing Train employees on differing
products and value for price – products and value for price – explain the why.explain the why.
Merchandise like a grocery Merchandise like a grocery store or pharmacy – big store or pharmacy – big movers with better margins at movers with better margins at eye level – economy lines at eye level – economy lines at top or bottom of section.top or bottom of section.
Utilize companies with self Utilize companies with self service packaging but always service packaging but always back up with serviceback up with service
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Sales & Top CategoriesSales & Top Categories
Over $4 1/2 million Over $4 1/2 million and growingand growing
Top areasTop areas Disposables Disposables Compression hosieryCompression hosiery OrthoticsOrthotics Lift Chairs & ScootersLift Chairs & Scooters Basic DME & Basic DME &
AccessoriesAccessories
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Jim GreatorexJim GreatorexBlack Bear Black Bear
Advertising/PromotionsAdvertising/Promotions
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MerchandisingMerchandising
Put your best looking Put your best looking high volume cash high volume cash items in front of storeitems in front of store
Put bigger ticket items Put bigger ticket items and and ““scaryscary““ products products in a remote part of in a remote part of showroomshowroom
Hire CSRHire CSR’’s with big s with big box store experience box store experience
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Jeff KelemenJeff KelemenEverything Medical Everything Medical
Advertising/PromotionsAdvertising/Promotions
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AdvertisingAdvertising
Yellow Pages primary Yellow Pages primary sourcesource
2 million people in one 2 million people in one phone bookphone book
Still the reference tool Still the reference tool herehere
Print in the beginningPrint in the beginning Now specialty print mags Now specialty print mags
& online& online TV advertising using Co TV advertising using Co
OpOp
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TV Advertising to WomenTV Advertising to Women
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TV Advertising to MenTV Advertising to Men
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Results of High Touch, High Results of High Touch, High Care, High ServiceCare, High Service
Average 150 walk in customers/dayAverage 150 walk in customers/day Cash customers return but small returns Cash customers return but small returns
(<3% due to service)(<3% due to service) Why? We personally help them with Why? We personally help them with
exactly what they need with trained exactly what they need with trained personnelpersonnel
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WhatWhat’’s Next?s Next?
Yellowpages.comYellowpages.com Digital and social media presenceDigital and social media presence Community Service days get free publicityCommunity Service days get free publicity Work with high active doctors/prescribers Work with high active doctors/prescribers Specialty & Niche MarketsSpecialty & Niche Markets
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Tom Mullaney, R.Ph.Tom Mullaney, R.Ph.Mullaney MedicalMullaney Medical
Advertising/PromotionsAdvertising/Promotions
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We print these on small We print these on small pads (Rx size) and pads (Rx size) and pass out to referral pass out to referral
sources.sources.
Chain pharmacies are Chain pharmacies are one of our best sources one of our best sources
of walk in business.of walk in business.
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We split advertising We split advertising cost with 2 other cost with 2 other
Rx/DME stores that Rx/DME stores that dondon’’t compete t compete
geographically with geographically with us for retail us for retail business.business.
We each spend 1/3 We each spend 1/3 of what we were of what we were
spending!spending!
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Tracking Advertising ResponseTracking Advertising Response
Use a unique phone # on your ads to track Use a unique phone # on your ads to track how many phone calls they generate. how many phone calls they generate.
Have a different # for Yellow Pages, TV, Web, Have a different # for Yellow Pages, TV, Web, etc.etc.
Have your CSRHave your CSR’’s ask walk in customers how s ask walk in customers how they heard about you & track them just like they heard about you & track them just like you do referral sources.you do referral sources.
You need to know what works so you know You need to know what works so you know where to spend your $$.where to spend your $$.
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TelevisionTelevision
Network & CableNetwork & Cable Who is your audience?Who is your audience?
Medicare/Medicaid Patients or Cash Patients?Medicare/Medicaid Patients or Cash Patients? Use Spots from your Manufacturers and Use Spots from your Manufacturers and
just add your Name & Phone #just add your Name & Phone # Use Co-Op DollarsUse Co-Op Dollars Set up a year long schedule, you can Set up a year long schedule, you can
cancel anytime.cancel anytime.
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TV CommercialTV Commercial
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In StoreIn Store
Think like a retailer Think like a retailer Impulse salesImpulse sales Add on salesAdd on sales Up-Sell: Good, Better, Best.Up-Sell: Good, Better, Best. Set up your show room to do thisSet up your show room to do this Seasonal Products ( SAD Lights, Seasonal Products ( SAD Lights,
Holiday Gifts)Holiday Gifts)
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Questions and Questions and AnswersAnswers
Thank you everyone!Thank you everyone!