Have you ever wondered why malls are so successful especially around the Christmastime? The answer is, malls come as a blessing if you need several items as they offer an assortment of varied type of items all under one roof. The mall idea has been largely taken by the hospitals who offers convenience to clientele through retail within the hospital itself. This is indeed the secret of the successful concept of retail medicine. And, in recent tight economic times, when hospitals are faced with the challenge of increasing revenue retail medicine has offered them with the desired O2 in order to survive.
The typical concept of retail medicine ideally refers to the health care related products which are usually offered by the hospital, which are not covered by insurance. Reports unveil that the, “average hospital makes $500,000 annually from retail such as gift and coffee shops, but has the potential of $5 million to $15 million annually with the extended retail medicine. The return on investment is higher in retail than in reimbursed health care, with 15 percent to 20 percent returns in retail, compared with 2 percent to 3 percent return in
Here is the list of the different types of retail reimbursed health care.”
Due to this ever growing numbers now several hospitals are catching on the concept of retail medicine.
Services in healthcare settings:
o catering services
o retail clinics
o optical and contact lenses stores
o dental and orthodontic services
o hearing services
o pharmacy and supplement needs
o healthy food markets
o prosthetics services
o specialty cancer shops
o new mom shops
o cosmetic surgery centers
o health library and book stores and many more…
The retail healthcare industry is nowadays being estimated at$500 billion in revenues and is also projected to reach at $1 trillion dollars. The retail healthcare industry has an immense future and is expected to grow further. Here comes the million dollar question “what should we be asking as you put together a hospital retail strategy?” The answer is a razor-sharp concentration on the consumer. The marketing department for the retail healthcare should focus on every detail from store design to convenient placement of the stores within the hospital to add value to your consumers.