The durable medical equipment (DME) market is substantial, encompassing everything from crutches to prosthetic knees used in surgery.
According to the AAOS, total joint arthroplasty cases are only expected to increase. To keep up with demand, the number of surgeons needs to grow by 10% every five years.
Part of this increase is due to the aging population of the Boomer generation. According to Mordor Intelligence, 9.7% of the world population is aged 65 years or above, this will grow to 11.7% by 2050.
That is good news for those with careers in durable medical equipment (DME). Along with the anticipated increase in surgeries, the $221.45 billion DME market is also projected to grow at a CAGR rate of 5.90% between 2024-2030.
Working in the DME space could look a variety of different ways. For some, it’s working at a medical giant such as Johnson & Johnson or Stryker. For others, it looks like working at a smaller medical company or even working as an independent sales rep.
This piece will uncover three big business opportunities in the DME market, perfect for business owners, administrators, and sales reps alike.
Opportunity #1: Buying DME Businesses for a Healthy Profit
For anyone wanting to expand outside of “big ortho” for a more flexible schedule, one option could be buying an existing DME business.
This is a great step for people who understand the reimbursement market and have a good client base. It could also be a smart move for professionals working in healthcare or for private equity firms that want another income stream.
Here are a few steps to consider if interested in purchasing a DME business:
- Assessing the financial health of a business
- Understanding the business’s clientele and competition
- Navigating licensing
- Negotiating the deal
- Securing financing
- Work with a legal team
Opportunity #2: Growing Your Healthcare Facility through Innovative Durable Medical Equipment
Of course, another opportunity within the DME market is to equip patients with the best care by investing in innovative durable medical equipment.
This doesn’t always require cutting-edge technology like robotics or augmented reality. DME innovation can simply include adopting effective recovery products such as compression sleeves to help improve recovery and prevent DVT.
Investing in quality durable medical equipment doesn’t just benefit patients. It can provide value across the board, aiding in recovery, reducing readmission rates, expediting surgeries, and allowing for a higher caseload.
Want to learn more about emerging technologies that can help with safety and caseloads? Here is some information you need to know.
Evaluating Durable Medical Equipment for Your Facility
Here is a list of things to consider in a partnership with a DME provider:
- Quality and reliability: “Durability” is part of the name. DME products need to last for extended facility or home use, and what’s more, they need to be effective.
- Product range and customization: Does a potential partner offer a range of products that complement your facility’s offerings? Is the rep of the company willing to work with you to support your unique needs?
- Service and support: You can’t afford to spend your own time supporting facilities or patients who might run into issues or need assistance with a device. Easy, accessible customer support is a must. Compression Solutions offers 24/7, US-based customer service experts to help patients anytime: day or night, with their devices.
- Cost and pricing structure: before a meeting, decide if you want a stock-and-bill program or to buy DME outright. Make sure the supplier can accommodate your needs.
- Regulatory compliance and accreditation: Make sure the company is compliant and secure before setting up a partnership. Especially if your DME supplier provides medical billing, your partnership will involve the transfer of highly regulated patient information.
Learn more about partnering with Compression Solutions.
Opportunity #3: Growing Your Income as a DME Sales Representative
Anyone currently working in orthopedic sales can expand their book of business by adding more products to their current line.
For those in big ortho, this could mean partnering with smaller DME companies. Sales reps working for a smaller orthopedic company may also be able to carry additional product lines as a 1099 contractor.
Whatever the pathway, with the number of surgeries increasing each year, it’s a great time to dig into the DME market.
How Orthopedic Reps Can Benefit from Changing Trends in the DME Market
The healthcare market is constantly changing, which means that orthopedic reps can add value by clearly defining their target audience and keeping up with the best ways to serve their customers. For example, some DME reps choose to focus on hospitals because of a solid client base. Others focus on targeting surgery centers due to less red tape.
Further reading: Increase your value as an ortho rep.
Stay Up to Date with DME Trends
Technology is rapidly changing, and surgical demand is increasing. Regardless of where you work in healthcare, the DME market could help advance your career, whether you are ready to make the jump and purchase a medical equipment company, integrate more DME in your center, or even add extra products as a rep.
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