Retail Sale

In: Business and Management

Submitted By abudr3
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Retail Sales: Is There a Place in Your Business?
By Randy Schmitke, CPA, MBA
You have probably asked yourself or your staff questions like these:  Should we get more aggressively into shoes?  Should our company grow into the area of post-mastectomy?  Would it be beneficial to our business and our patients if we carried some soft goods and walking aids in our offices? If you have asked these questions, then you have thought about retail sales as a part of your O&P operation.

What is "retail" and why might you want to enter the retail game?
First, we should define what "retail" is in the context of this article. Although most facilities have a "retail" fee schedule for all the appropriate billing codes, this is not what we are referring to here. The American Heritage Dictionary defines "retail" as the sale of goods or commodities in small quantities directly to the consumer. The key word in this definition is "commodity" this denotes a product which involves little or no customization and is readily available for purchase, most likely in a variety of locations. Clearly, products such as extra-depth shoes, canes, and select compression hosiery would fall into the category of commodities. These products need little or no customization and can be found in shoe stores, home medical equipment stores, pharmacies, and even department stores. Businesses selling these types of products differentiate themselves primarily by focusing on selection, service, or location. Of course, many businesses both in and outside of healthcare have "retail" operations as their core business. The Shoe Carnival sells shoes, Dick's Sporting Goods sells sporting equipment, and both companies focus primarily on selling as much as possible. However, many companies also use retail operations as a complement to their core products/services. If I get a haircut at Susie's Salon, I might also be…...

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