Healthcare business is a low profit margin business, you are not going to become a millionaire overnight. It’s a tough business with lots of competition and expenses such as insurance, wages, rent, etc. In order to stay in the healthcare industry you need to use everything to your advantage. One way to do this is to improve your product sales because as healthcare practitioners we find it very hard to sell products to our clients.
In order to survive in the healthcare business a change of mindset is needed. I’m not suggesting you start over servicing your clients or charging them for everything. In this blog I’m going to use physiotherapy as an example because that’s what my background is, however this is applicable to all healthcare industries.
Will they benefit from it: Before you give your client a product ask yourself the question “will they benefit from its use?” otherwise you are over servicing your clients, this is not what you want to happen. Most clients in Physio will benefit from having a hot/cold pack for home use – this can even be personalised with your logo and business details.
You pay for it: If a client uses a piece of resistance band in the clinic and takes it home with them, then I feel you should charge for it. Otherwise you are under valuing your service and increasing your expenses through your stock. If you buy a 10 metre roll of resisted band for $30 then you should be able to sell it for $100 making the business $70.
Expert and Demonstration – spikey ball: If you sell your client a product you have the advantage of being onsite to show them how to use it. This is the difference between you and online purchases, you can also make simple video to show your clients how to use the products which in turn boosts your online presence. This is an easy way to build your profile.
Product placement: It’s not by chance that millions of dollars are spent yearly on product placement and the psychology of shopping (This works on my wife every time). Next time you go to the petrol station – do you just buy petrol or do you also buy milk and maybe a bar of chocolate? Make a display for your products, keep it simple five or six max. When people see it they are more likely to buy it.
Holidays: Selling products can improve your bottom line and your quality of service. This will lead to an increase in revenue which should lead to more time off as discuss in my previous blog with regards to taking holidays in healthcare. Selling $50 (profit) worth of products per week could pay for a $2400 holiday at the end of the year.
Selling products in part of healthcare business and if you are not doing it then you are doing a disservice to yourself and your clients. To find out how to organise product sales then speak to PracticeNav via email email@example.com or take our Free business audit to find how we can help. Also feel free to share your experience of how product sales helped improve your business’s bottom line.