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Taking on the big boys
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June 27, 2000: 10:48 a.m. ET
How a small medical-equipment business can beat larger competitors
By Jane Applegate
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NEW YORK (CNNfn) - Dear Jane: My friend and I are starting a durable medical equipment business to lease oxygen concentrators, sleep apnea equipment and nebulizers (fine mist sprayers). The competition is much larger than we are, but we intend to emphasize our expertise - we are both credentialed respiratory therapists. So far, we have office space and a telephone. We intend to add inventory as we grow. Payment is usually made by Medicare, Medicaid and private insurance companies, so the money is there. We also live in an area of Oklahoma that has an expanding retired population. How can we increase our prospects of success while competing against larger businesses?
In this age of impersonal and often awful customer service, providing great personal service gives you a distinct advantage over your competition. Start by producing a simple brochure describing who you are and how much experience you and your partner have. Be sure to highlight your ability to deal quickly with problems and provide customized care to clients. Offer extended hours of service or stay open one weekend morning to make it easier for your elderly clients and their families. Get a pager so people can get in touch with you day or night.
Start spreading the word about your new company to health care professionals, especially the social workers who work in the discharge department of local hospitals. If you plug into that network and do a good job, your success will be assured. Get to know local gerontologists (specialists in aging), home health care providers, senior day care workers, companions and nurse practitioners who deal closely with the elderly. Families facing medical problems really appreciate "one-stop" shopping and a streamlined approach to caring for the people they love, so team up with other health care professionals.
You might also offer special discounts on your products or services, including free delivery or a free tank of oxygen, if that's appropriate. If possible, create a simple Web site featuring health care tips and other pertinent information of interest to your clients. You can also create a simple, online catalog that describes your products, services and fees. Use testimonials from "happy clients" on your site and in your advertising.
Word-of-mouth is the most powerful form of advertising, so make sure your clients are being treated well. Solicit comments and resolve complaints quickly. You might also donate some medical equipment or participate in a community service project to raise your profile in the community. Doing something good is always a great way to attract positive publicity.
Be sure to allow ample time to receive payments from insurance companies and government programs, which can be slow to pay. Remember, you don't have to be bigger to be better.
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