Caretailing: The Rise of a New Word

Posted on: September 10th, 2015 by Rob Baumhover

 

In a new world of healthcare retail, it takes a new term to define how HME providers are catering to their customers. And so, in a collaboration between Medtrade and VGM Retail, CARETAILING was born.

Caretailing is defined as: the act of providing customer service and expertise to consumers willing to pay cash for health-related products that improve their lives and are beyond the usual scope of Medicare and other third party payers.

Caretailing is ultimately about fully satisfying the needs and wants of healthcare consumers through the traditional elements of running a retail business rather than a business model focused on reimbursement and insurance. The traditional elements of retail circulate around the 5 core competencies of retail science:

• Store experience and design
• Product sourcing and merchandising
• Financial analysis and projections
• Operations and training
• Marketing and advertising

When an HME business can successfully combine all of these elements, everybody wins! Patients receive the wellness experience they need to live healthier or heal properly, caregivers gain peace of mind that their loved ones are well taken care of, and providers secure happy and healthy customers for future business.

Click here to read a full description of Caretailing and the process that brought the new term to fruition.