As providers work to expand their revenues, one long-standing category provides a good mix of retail and funded revenue that is also supported by solid demographics: orthopedics.
For starters, orthopedic goods are products that often meet the criteria for reimbursement, and are more often covered than not when prescribed as medically necessary. Also, when orthopedics are prescribed, there are many items providers can sell on a retail that dovetail with those products to increase theirs profits. For instance, when a patient needs a knee brace, the provider can up-sell heating pads, analgesics and knee wedges. Or, when a lumbar or cervical support is prescribed, the provider can sell positioning pillows and cushions, heating pads, pain relief devices, analgesics and reaching aids.
But orthopedic goods can also be sold on a retail basis, as well, and when you consider the demographics that need these offerings, the argument to offer orthopedic products becomes even stronger. Baby Boomers represent a key patient population, and selling orthopedic products to this huge customer base can offer a high rate of success given that many of the can self-fund. Also as that population ages and people that are older remain physically active longer, an increasing number of those people require some type of supports and braces to help maintain those active lifestyles, as well as to prevent and treat minor injuries.
Suffice it to say that orthopedic products clearly represent a key revenue opportunity for providers, and one that lets them leverage existing patient relationships and their in-depth product knowledge. Let’s take a look at some key orthopedic offerings: