by Cody Meier, MHA, DOO

Current Climate

As we all know, over-the-counter product dispensing is growing quickly within the podiatry community. As insurance continues to cut services and increase patient prices, we’re expected to extenuate, diversify and maintain a high level of service. Many podiatrists are embracing the new norm, accommodating their patients and diversifying their revenue through OTC.

Where to Start

Are you currently dispensing OTC? If so, how much of your annual revenue does it account for? Use the formula below to either gauge where you are or when you could be. A rockstar in OTC dispensing should shoot for 10%.

(# of clinical visits * % of visits OTC is dispensed) * Average visit cost = Monthly OTC Revenue

Want an idea of what you’re missing out on? Here’s some sample numbers:

(534 * 60%) * $48 = $15,379.20 * 12 months = $184,550.40

Building your Base

So, how do you go from novice to rockstar? It should go without saying but it all starts with your product selection. There are two important points to remember:

  1.     Be a believer. So often do we hear providers reference themselves selling a product, rather than dispensing it. You are not a salesperson. If you don’t believe the product/product line is adding value to your patient’s treatment plan, don’t carry it. OTC should be considered part of your treatment plan and if you’re unable to see a certain product in that way, it’s not worth your effort.
  2.     Connect with it. Your brand is everything and everything affects your brand. There’s so much variability between product lines that do the same thing. Some are more scientifically marketed while others are spa-like. Find one that matches or enhances your brand, and you’ll feel more connected to it.
  3.     Operations. Always consider the systems used by these lines. Find a vendor that puts themselves in your shoes and does their best to eliminate your administrative burden. Vendors are becoming more creative on how to enhance their brand through creative, time saving methods – seek them out.

Sustainability

Many of us come home from a conference with the bright and shiny new piece of equipment or product line ready to roll it out tomorrow. We fail in not including our team. Your team spends more time with your patients than you do and are most often faced with reiterating the treatment plan you’ve established. Help them help you:

  1.     Let them vet. Establish an inventory specialist who is tasked with the research of new products. You don’t have the time to be a doctor and chat with vendors all day but someone within your office can become tertiary revenue generating through adequate discovery.
  2.     Let them train. Before rolling out any new product or service, get your staff’s hands on it. Let them become familiar with how certain creams feel, smell or otherwise affect bodies. Firsthand knowledge goes a very long way in convincing a patient they need something.
  3.     Let them lead. Again, you don’t have the time to be a doctor, administrator or trainer. Establish someone (maybe whoever does research) within your team to onboard new products/services. With your help, let them roll out whatever strategies your office responds best to.
  4.     Track it. Most importantly, run your analytics. Use the above formula to establish a baseline, create a target goal and check yourself along the way. Recognizing successful dispensing is a team effort. Just because you’ve recommended it to 90% of your patients today, doesn’t mean 90% are getting it.

Cody Meier, MHA, DOO

Lexington Podiatry | Modern Podiatrist | Toe Tactics