Durable Medical Equipment

What Is Durable Medical Equipment (DME)?

What Is Durable Medical Equipment (DME)?

By 2024, the global market for durable medical equipment (DME) is expected to reach over $240 billion, based on Grand View’s Research report. To pharmacies and related business, this promises more profit and revenue should they decide to invest in such equipment.

With the offer of government funding and public-private partnership into the mix, even small players will have an opportunity to provide DME and spur market growth. The growing number of the geriatric population is also a key factor in the increase of demands for DME. After all, the geriatric population is the most prone to chronic diseases, requiring long-term care and the need for equipment that lasts a long time. The prevalence of chronic disorders would also contribute to the market growth of DME.

With these facts and figures, anyone involved in the pharmaceutical industry should find ways to take advantage and move forward.

What Is Durable Medical Equipment (DME)?

This refers to any equipment that aid in therapeutic relief, served mainly for medical purposes. It is not limited to wheelchairs – manual or electric, hospital beds, oxygen, ventilators, kidney machines, but also includes canes, crutches, bili light, bili blankets, nebulizers and many others.

It can be any medical equipment that can withstand repeated use, a bit of abuse, and is reusable. It should be appropriate for home use as well.

Not anyone can have DME. It must be prescribed by a physician and provided by a licensed provider. A DME supplier accreditation and exemption must be obtained by anyone who wishes to sell such equipment as specified by the Department of Health and Human Services.

Benefits of DME to Supplier and Patient

Based on market data, independent pharmacies should venture into DME supply. With a significant growth for years to come, starting as early as now can prove financially advantageous. They can also do their share in helping patients take better control of their lives, even when saddled with a chronic disease.

With a supply of durable medical equipment (DME), you can:

  • Enjoy financial gain, whether from direct sales or reimbursement from Medicare. If your inventory is constantly updated with the latest offerings, profit would continue to flow in.
  • Assist patients in healing and rehabilitation. You may not be a medical professional or surgeon, but you can still help alleviate a patient’s pains and aches by making DME accessible and readily available.
  • Ensure loyalty and increase of client base. By helping to improve patients’ wellness and quality of life, they will not hesitate to recommend your business to other people. As you may know, word-of-mouth advertising is the most effective form of marketing.
  • Ensures accuracy of services. Apart from accreditation and certification, DME suppliers are also expected to effectively communicate to patients the type of products and services they provide. This requires pharmacies to acquire the latest news and information about DME and other products they have in store.

Given these benefits, selling durable medical equipment should be something an every independent pharmacy owner should consider adding to their store. Take advantage of this  billion dollar business.

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