On the subject of trends in the Physical Therapy space, one important topic is the idea of “value-based” retailing. There’s a lot to unpack here, so we’ll just touch on a few key points . . .
- PT Changes Lives.
We’re all aware of the infinite value we provide to our patients on a daily basis with our treatment protocols and the lifestyle-related suggestions we make, but there’s always opportunity to add more value and change more lives. Consider retailing as an important solution and additional value you can provide you patients! And if you already retail, are there ways you potentially do it better and more effectively?
- Recommend Products you personally use and believe in
There are products you and your family use on a regular basis to improve your health . . . and there’s a reason . . . they work! And they’re a healthier alternative to other solutions. Your patients put their trust in you as an expert on the subject of health and wellness, so focus the time you have on discussing options you offer in your clinic that they can utilize to help reach their goals. Also, you’ll have a much easier time telling the story of how effective a product is if you have personal experience. No one wants a recommendation for something you haven’t personally experienced or used.
- To Help More People, Your Business Needs to THRIVE
Getting your business to thrive means adding additional revenue streams that add value. What better additional revenue stream than to offer the very products you recommend on a daily basis. This way you know your patients are getting the best of what’s out there . . . and not just a cheap, ineffective attempt at an alternative. AND YOUR business gets to benefit financially from the recommendations you’re making instead of an online retailer or the local health store.
- Create a Protocol . . . and Retailing Is Easy
In order to run a successful business, we create protocols and systems. You have a system for in-coming calls, new patients, work flow, collections, billing, etc. Retailing needs its own system of checks, balances, and accountability in order to be successful and sustainable. The process can be just as easy as ordering the other supplies you order on a regular basis. Here’s a few tips:
- Make someone responsible for inventory,checking inventory at open and close of each day.
- Know when you’re running low . . .and know how long it typically takes for products to arrive. At MeyerPT.com, we have 3 distribution centers conveniently located around the U.S., so most products arrive in 1–3 days. However, there are some products that might take a few additional days, so make sure you check with your MeyerPT Account Manager to confirm so you have clear expectations for your patients.
- Make sure someone else on your staff is also an experton the products so you can hand the patient off. The staff member can then discuss the specifics, benefits, and directions
- Keep Products Out Where Patients Can Touch, Feel, and See Them
Theft and products disappearing is always a concern, but if you have protocols in place for handling your retailing section, this is less of a concern. Keep products out (just like they do at every store, gym, and yoga studio you visit) so patients can touch and feel the products. Also, have professional signage out that you can provide. This helps tell the story and creates some awareness. Many times, if products are out, patients end up asking YOU if it’s right for them.
In Part II, we’ll touch on a few addition trends along with product retailing suggestions that other PTs have had great success with, both from an outcome and monetary perspective.
For more info on products mentioned in this article or for info on current product specials, please contact your personal MeyerPT Account Manager.
If you don’t know who your Account Manager is, please call 866.528.2144 to find out.