Retail HME/DME Sales Can be a Booming Business
The forver-young generation of baby boomers are transforming the typical HME/DME model. Are you prepared to accommodate?
With growing concerns of audits, competitive bidding, and the ever-changing requirements of Medicare, many HME providers struggle to grow their businesses. Yet the key to expansion could be right under their noses—in the form of retail customers, especially baby boomers, who are increasingly becoming HME/DME users.
The catch with baby boomers is that they want their medical equipment to be trendy as well as functional. Therefore, shifting focus to retail, especially to reach this powerful consumer base, will require that providers expand their showroom selections with out-of-the ordinary products, such as walkers that are not the typical gray but pink, red, or green instead and have custom accessories such as stylish bags, baskets, and extra-comfort grips.
In addition, baby boomers are increasingly comfortable with shopping online and appreciate the broad array of options available from practically anywhere. In fact, data from Immersion Active research suggest that boomers outspend younger adults online 2 to 1 on a per-capita basis, so retail websites can also help broaden any HME business’ boomer appeal.
Sure, Medicare will not cover additional features and accessories, but baby boomers are generally willing to pay cash for customized options that make their lives easier and express their personalities and lifestyles. As a result, this group of potential customers, with massive spending power, is the new opportunity for HME providers to thrive and drive revenue growth. So banish a showroom full of bland products that focus on function, and add some pizzazz to appeal to the young at heart.