ATLANTA – The upcoming Medtrade (Oct 20-23, 2014 in Atlanta) has an excellent line-up of speakers who will present programs addressing the most important topics faced by DME suppliers today. Every issue of Medtrade Monday, leading up to Medtrade, will highlight a Medtrade program.
Incremental Retail Sales: It’s All About Results
Our industry is constantly bombarded with information about our retail opportunity. “Cash is king.” “It’s the direction of our business.” “Capture your piece of the billion dollar pie.” “Diversify!”
Whether you’re just starting your HME retail business or expanding a current operation, the key to success in this industry is building on your core base. But once you get started, how do you build momentum, keep it and generate real, long-term results? In short, it’s about analysis and measurement. How do you take what you already have, analyze it, and add the right pieces to make your business a retail success?
To get results in this process of analyzing and adding, an HME retailer must manage all the moving parts of the business. As healthcare equipment providers serving a generation with ever-changing wants and needs, customers are the largest piece of the puzzle.
To serve them effectively an HME retailer must:
• offer products that fit the customer’s needs and wants, understand product turn and adjust inventory accordingly;
• build on your existing customer base and its needs;
• analyze and adjust your offerings consistently based on the data and what works; adjust when necessary; and
• train and educate staff on changes and trends in the industry to be the customer’s go-to source for information.
Examining your operation, understanding your results, and being fluid to change are what make great retailers. With the current state of the HME industry battling against competitive bidding and other industry changing factors, the ability to adjust from a traditional operation relying on Medicare and Medicaid reimbursements to a flexible health equipment provider, focused on lessons from traditional retail is key.
This Medtrade program will explain the methodology of analyzing a retail business, provide some consistent key, long-term measurements and show you how executing retail is doable for everyone, but it takes examination, understanding and fluidity for real results.
On Tuesday, October 21, 2014, Rob Baumhover, director of Retail Programs, The VGM group Inc, will present an in-depth program entitled “Incremental Retail Sales: It’s About Results!”
Providers who wish to register for Medtrade should CLICK HERE.
• The full link for registration is http://registration.experientevent.com/showmth141/default.aspx?flowcode=att
• Pricing for events can be found at http://medtrade.com/attendee/pricing.shtml
Exhibitors have already bought 96% of the floor space at the Georgia World Congress Center in anticipation of what could be the most important Medtrade in the event’s long history. For a complete list of exhibitors and/or additional information about the show, visit www.medtrade.com.