Retail

As insurance payers become less reliable as a source of income, many members have considered including more retail items in their business. There are a few reasons we come across on why providers don’t get into retail, one of those reasons is because there are so many products in the market, businesses are overwhelmed about what to choose first. Another is the unknown if and what products will actually sell. Depending on who you ask, every item out in the market is the best, right? Let’s

Are you selling cash products alongside items that are reimbursable? Is your cash business a focus for you and your team? Retail is essentially selling of products for cash, where there's an interaction between an employee and a customer. The employee uncovers a need from the customer and she suggests a product to help the situation. Insurance payors are becoming increasingly unreliable as a single source of revenue. Supplement revenue with cash sales that make sense for your business.

Many providers who primarily accept Medicare reimbursement are looking to cash as the answer. If a Medicare beneficiary wants to pay cash, do you have to let them know that the item may be covered by Medicare? The answer is yes. This goes for not only independent providers, but bigger national retailers as well.  If a provider has a reason to suspect that a customer is a Medicare beneficiary, it's better to err on the side of caution and go through the Advanced Beneficiary Notice

For many reasons, providers are focusing on retail cash sales of products, including Medicare-covered items and non-covered items. As margins tighten, providers should look for ways to reduce their dependency on insurance reimbursement. What opportunity is out there? An estimated 268,600 new cases of invasive breast cancer will be diagnosed in 2019. There were 3,788,235 births in the U.S. in 2018. Baby boomers are retiring at the rate of 10,000 per day. These individuals need products you can