Durable Medical Equipment is a profitable way to extend your patient offer. Not only does it afford patients convenience and extended practice loyalty, but the revenues can also be significant.
Ancillary Medical Solutions now provides a top line offer for physicians to incorporate Durable Medical Equipment into their office and retain the majority share of the profit. Profit margins are typically around 75% across the extensive equipment offer.
Durable Medical Equipment encompasses many facets of patient care and lifestyle improvement. Products on offer include knee, neck, wrist and back braces, TENS units, hot/cold therapy, assisted living aids such as canes and walkers and more. Products are from major manufacturers such as Bledsoe, Aspen Medical, Quinn, Corflex and more.
Having this offer in office, reduces the risk of litigation by ensuring patient injuries can be stabilised right away, minimizing further harm. Assistance with patient insurance and product selection is supported by the vendor to maximize patient benefits and minimize patients out of pocket costs.
Many specialties can benefit from provision of Durable Medical Equipment including Pain, Orthopedic, Neurosurgery, Podiatry, Physiatrist (Physical therapy/rehab), Chiropractor, Internal medicine and Family practices. If you think your office could find 2 to 4 patients per week who would benefit from Durable Medical Equipment, you have a large enough practice to support the model.
Patients that are key targets are those suffering with acute or chronic back pain, osteoarthritis in the knee, carpal tunnel and cervical pain. For the up to 15 minutes of time it could take to fit a patient with a device, physicians can expect to make $500 to $1000. Estimated annual revenues are $50 000 to $100 000 per year for 2 to 4 patients per week. Larger offices can make substantially more.
Physicians have struggled to see an increase in financial returns over the last 3 to 4 years. Increasing your ancillary offer is a good way to do this. With the many services available, there is no reason why you couldn’t double your practice profits over the next year or two with implementation of compatible services.
If you are currently outsourcing your Durable Medical Equipment, you are missing out on revenue that could be easily retained in office. This solution is well suited to Medicare patients, private insurance, Workers comp and Personal Injury with assistance with patient and product. Coding is handled by the vendor due to the large variety of injuries and CPT codes. The office relays the patient information to the vendor enabling them to determine the best products and codes to support the patient insurance type.
The turnkey solution that Ancillary Medical Solutions offers, not only will return many financial rewards for your practice but keep your patients in office and healthier, affording quality of life.
For more information on this and other Ancillary Medical Solutions, contact us and we will have one of our Certified Ancillary Consultants contact you.