Durable medical equipment business plan

Durable medical equipment business plan

The Company is registered as a corporation in the State of New York. The industry is expected to grow significantly over the next twenty years as the baby boomer population begins to reach elderly demographics. Without marketing, no one will know about your business. Doe is not seeking an investment from a third party at this time. Choose how you wish to operate your durable medical equipment business. The industry needs and market potential must be examined and discussed in the business plan, in case investors or shareholders are interested in the business. This arrangement protects your personal assets in case of business problems and may have tax advantages depending on the type of business structure you choose. The aggregate number of market suppliers is approximately 12, Consult the state Board of Pharmacy or medical board to determine whether you need a specialized license to sell DME goods in your state and what the licensing requirements are. These strategies include traditional print advertisements and ads placed on search engines on the Internet.

Create a limited liability company or other business structure according to the procedures outline by your state. This arrangement protects your personal assets in case of business problems and may have tax advantages depending on the type of business structure you choose.

Industry Needs and Competitors Part of the business planning is determining the direct need for the durable medical equipment on the market and analyzing competitors who are offering similar or identical products.

A local DME, dealer, or distributor may recommend therapeutic systems for a resident with Medicare coverage. Their field sales team mainly functions as order takers, going out and visiting facilities, targeting only residents they believe are covered under Medicare part B or an equivalent private pay coverage, then submitting orders for these residents.

becoming a medical supply distributor

Of course, our field reps will also call on non-chain accounts within their territories where opportunities arise, but our strategic focus will be on trying to leverage corporate account relationships to open doors at the facility level for the field reps.

Choose how you wish to operate your durable medical equipment business. The resident may be prompted to purchase therapeutic systems after receiving a direct mail piece, viewing a television advertisement, viewing a brochure, or through word-of-mouth.

Medical equipment rental business plan

Their field sales team mainly functions as order takers, going out and visiting facilities, targeting only residents they believe are covered under Medicare part B or an equivalent private pay coverage, then submitting orders for these residents. You should provide as much information as possible about your pricing as possible in this section. Maintain records of all transactions, recording serial numbers and descriptions of any equipment sold to create a clear record of what has been sold to which patient. The Company will also develop its own online website showcasing the operations, inventories, contact information, and preliminary pricing information for some items. Tip If opening a physical store, look for a commercial location near a hospital or medical offices if possible. These strategies include traditional print advertisements and ads placed on search engines on the Internet. Begin purchasing equipment to stock your store. Products such as wheelchairs, hospital beds, glucose monitors and nebulizers are considered durable medical equipment, and are often covered by insurance plans and Medicare provided that the equipment is intended for long-term use.

The key to writing a strong competitive analysis is that you do your research on the local competition. If you plan on having a physical store, locate a commercial property that meets the needs of your business and rent or lease it.

Without marketing, no one will know about your business. Most likely, the Company will hire a qualified business broker to sell the business on behalf of the Medical Equipment Distributor.

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DURABLE MEDICAL EQUIPMENT BUSINESS PLAN