Selling Medical Supplies From Home
One of the options when it comes to a home-based business is a medical supply company. Not only can this be a good business opportunity but you will also be helping people that are not well. There is plenty of scope for growth in this industry as well.
You will, of course, need to make sure that you get the paperwork out of the way first – register with the state and federal government and get your business license. You will also need to get a National Provider Identification number so that you are able to buy and sell stock and if you want to be able to bill medical insurance companies. It may pay you to contact an attorney to help you get set up properly first and who can advise you on getting liability cover.
You will need to decide on what type of supplies you will sell – it would be very difficult, if not impossible, to sell everything to everyone. Rather work on specific niches and specialize there. This will enable you to become more of an expert.
Set up a relationship with the companies whose products you are planning to sell. Set up a distribution agreement that makes it viable for you to sell the products. Make sure that the profit margin makes it worth your effort.
Next you will have to start building a client base. Get a relationship going with medical professionals or facilities that you may be able to sell to. Even if they are not likely to buy directly, these relationships may be worth cultivating for the potential referrals that they can supply. Make it as easy as possible for the clients to deal with you.
In order to do this, you will need to get a good working relationship going with the insurance providers locally and nationally. Contract to them so that you get the pricing and claims procedure right. If you are contracted into a medical insurance company, and become a preferred provider, their clients will seek you out. Margins may be lower but you are liable to receive a lot more business and are guaranteed payment.
Get to know the right billing codes. If you get these wrong, you will not be paid out. You should also consider using a program that will allow you to do all the claims and billing electronically. It is a lot easier to keep track this way and settlements are a lot faster.