Starting a DME store is one of the easiest ways to tap into the health care industry, since the business caters to a wide range of professionals and individuals. All types of medical professionals, from veterinarians to midwives and eye doctors, need specific supplies to do their jobs.
DME business is a firm or a company which sells the health care assistance for home for a long period of time, these products may include wheelchairs, hospital beds, glucose monitors and nebulizers.
If your store is going to be successful, you must have a good working relationship with referral sources – doctors, hospitals, nurses and nursing homes. However, senior citizens and the handicapped are likely to be on fixed incomes, entering contract arrangements with private insurance companies and Medicaid may help you ensure higher profitability.
Opening a store allows you to sell and distribute these durable items to those who need them, receiving payment either directly or through an insurance plan that covers purchases. Al so, people with certain ailments or disabilities need medical supplies to live better lives
With the above in mind, let’s now discuss the steps involved in starting a medical equipment business which is getting bigger day-by-day: –
Step – 1
Learn the market for a durable medical equipment office in your community. If your community has too many other DME providers, it will be more difficult for you to establish your business. Choose to operate the kind of existence of the business like by asking yourself that will the business be exist virtually or physically? Because you can operate in both the manner, it’s just the matter of capital you invest.
Step – 2
Call insurance companies and Medicare and ask them about the need for a new DME store in your community. While you are on the phone with the companies and Medicare, ask them about their licensing requirements.
Step – 3
Look at the different markets your DME business could potentially enter. These include selling all durable medical equipment, or specialising in equipment that provides continuous positive airway pressure also called CPAP and other respiratory equipment. As you investigate the different markets, look at the equipment and services offered by other providers in your community. You may choose to generalise, enter a niche market or provide repair services not offered by other providers.
Step – 4
Narrow potential office locations down. Look at office space near doctors’ offices, suites of medical providers or hospitals. When medical providers know about you, they are more likely to refer patients to you.
Step – 5
Obtain a business license from your city. Apply for the license in your state of Board of medical to sell or deal within the durable medical equipment’s, because every state has its own law related to the pharmacy business maybe your state may include the restrictions on the type or amount of certain products that you can keep in the stock, information about the patients, records life etc. You may also need to inquire about the Medicare certification from the social service department of the state.
Step – 6
Pinpoint the personnel needs of your DME office. The market you plan to serve determines the kinds of employees you will be hiring if you plan to provide repair and maintenance services, you need personnel skilled in repairing medical equipment, like walkers, wheelchairs, hospital beds and battery-operated wheelchairs.
Step – 7
Begin setting up your DME business by decorating your store location or securing a website domain name and creating your website. Apply for an employer identification number with the IRS and apply for a merchant account with a credit card processing company if you intend to accept credit cards as a form of payment.
Step – 8
Contact the Department of Social Services or similar organisation in your state to inquire about Medicare and Medicaid certification if you wish to accept these insurance types. States typically only allow Medicare and Medicaid recipients to make purchases using their insurance if the company selling the equipment is enrolled in the state’s supplier program or otherwise registered with the state. Complete any registration paperwork required and pay the registration fee to become eligible to bill Medicare or Medicaid in your state.
Step – 9
Hire office staff that can multitask, answering phones, working with walk-in customers and working on the computer. Your office staff members should be able to stay calm under stress and work well with customers who are ill and under stress.
Step – 10
Maintain records of all transactions, recording serial numbers and descriptions of any equipment sold to create a clear record of what has been sold to which patient. Submit tax payments to the IRS as required, filing your business tax returns according to the IRS schedule for your business type.
Have a great product or an Idea you would like to develop from, talk to our experts for a no obligation consultation and take an informed decision in setting up your own store!