How To Start A Profitable Medical Supply Business From Home

All types of medical professionals need specific equipment to do their jobs properly. For example, eye doctors, GI specialists, and cardiologists all require specific medical supplies to properly care for their patients. Of course, COVID-19 is significantly increasing demand for these supplies and personal protective equipment (PPE). As an entrepreneur, you have a lucrative opportunity to start an at-home medical supply business. In the process of increasing your income, you will help healthcare workers get access to critical equipment for patient care. There are several essential steps you need to enter the medical supply industry. Read on to learn about how to start a medical supply business online.

Obtain Necessary Permits

To start your medical supply business online, you first must obtain necessary permits. Technically, a medical supply company is classified as a retail establishment. Therefore, to get the necessary permits, you may need to secure a commercial warehouse to store inventory equipment properly. For medical supplies, it is critical that you can control the temperature of your facility. Additionally, you need to get the proper business insurance for your chosen structure. If you plan to hire any employees, apply for an employer identification number (EIN) on the IRS website. You will also need to apply for a business name to start your company. You need to obtain the necessary permits for your region to start your online medical supply company.

Raise Startup Capital

Next, raise the startup capital for your business. Because medical supplies are based on the latest technology, the industry is capital-intensive. Ultimately, the niche you decide to venture into will determine you necessary startup costs. For instance, if you decide to sell motorized wheelchairs due to a high local demand, you will need nearly $30k to buy approximately a dozen wheelchairs. On the other hand, if you sell cheaper item such as thermometers and blood pressure monitors, you may be able to launch your business with less than $10k. To acquire business funding, you can apply for small business loans and grants. You can also use crowdfunding techniques. You need to raise startup capital before you can purchase necessary inventory for your medical supply business.

Research The Supply Market

As you raise your startup funds, research the supply market. The medical industry is constantly coming out with new technology to improve care procedures. Hospital and doctor’s office workers want top of the line tools to provide high-quality care. For instance, if you are specializing in laboratory instruments, you should have 2mL serological pipettes for sale to your clients. Used for handling milliliter volumes of liquid, these tools are in high demand for their precise accuracy. They come with sterile packaging and clearly marked positive and negative graduations. Of course, you need to select the supplies that are in highest demand for your chosen niche. Moreover, it’s best to select a niche that has a high projected growth rate. Therefore, it is crucial to research the supply market for products in demand.

Find A Medical Product Distributor

Once you’ve raised capital and collected market research data, find a medical product distributor. Depending on the contracts between the manufacturer and distributor, some brands may need to be purchased directly from the manufacturer. Ideally, you should contact manufacturers for pricing information and to see if you are required to buy from a distributor. One option when setting up your distributor is to find a dropshipper. This eliminates the need for a warehouse facility, as the distributor ships the items directly to your customers. When selecting a distributor and inventory strategy, you also need to factor in costs. Keep in mind that medical facilities want high-quality dependable equipment to treat their patients. Therefore, it is crucial to find a reliable medical product distributor.

Pick Your Supplies

There are several common medical supplies every healthcare company needs. Medical equipment access allows doctors, nurses and medical clinics to assess patients at any given time. With the variety of medical supplies increasing daily, it’s harder for these companies to stock up on vital equipment. As a medical practice owner, you should know the different types of equipment available, their functions and how they work together. This way, you can purchase the most important supplies to help sick or injured patients. Read on to learn about the most common medical supplies every healthcare company needs.

Diagnostic Tools

First, diagnostic tools are common medical supplies every healthcare company need. These tools include instruments that can make diagnoses, check vital signs and monitor patients. With a stethoscope, you can listen to a patient’s heart, lung or blood flow. You can also keep a thermometer on hand to monitor patient temperatures and look out for fevers or hypothermia. More so, you should store professional blood pressure kits in your facility to monitor patients at anytime. You can also keep extra automated blood pressure monitors for patients to use themselves throughout the day. Surely, healthcare companies should keep diagnostic tool medical supplies in their offices.

Infection Prevention Materials

Next, infection prevention materials are another common medical supply every healthcare business needs. Keep a full stock of preventatives to limit the spread of infection across your staff and patients. Make sure every janitorial cart includes floor cleaning tools, scouring pads and full spray bottles. You should also have a full supply of hand care products like soap, sanitizers and electronic hand dryers. More so, your healthcare company needs air treatment products control the air quality, remove contaminants and eliminate moisture. You can also keep temporary containment units to create a barrier between highly sensitive work zones and infection-exposed areas. Of course, your healthcare business needs infection prevention medical supplies.

Sterilization Kits

In addition, every healthcare company needs sterilization medical equipment. You should invest in a steam sterilizer to safely kill infectious microorganisms with heat and moisture. When purchasing a sterilizer, consider how much bench or counter space your company can devote to this large piece of equipment. Then, measure your largest instruments and surgical packages to determine the maximum load capacity your sterilization kit requires. Once you decide on a model, understand that nonporous and porous materials have different sterilization requirements. You should verify that the kit you choose can steam every medical instrument from your facility without damage. For sure, serialization kits are another medical supply every healthcare business needs.

Patient Monitoring Accessories

More so, healthcare facilities need patient monitoring medical supplies. These medical devices can help doctors monitor, report and analyze your patients’ health. For example, you can keep electrocardiography devices like single-use ECG cables and lead wires to avoid cross-contamination among patients. You’ll also need a full supply of recording chart paper to measure your patients’ graphical trends over a long time. More so, keep different thermometers and their necessary components to provide fast and accurate patient care. You can also keep a stock of basic, premium and single-use stethoscopes to get a clear sound, safely. Certainly, healthcare companies need patient monitoring medical supplies.

Auxiliary Supplies

Furthermore, auxiliary supplies are another common type of medical equipment healthcare companies need. You should have plenty of beds, stand assist chairs and over bed tables for patients who are less mobile. Plus, keep extra wheelchairs to transport patients around your facility, as well. In addition, you can keep extra dressers, side tables and storage shelves in recovery rooms to store patient belongings. You should also stock up on extra scales, toilets and showers coated with anti-microbial coating to avoid cross-contamination. Aside from patient-focused equipment, you should always have extra computers, printers and phones to store important medical data. Definitely, healthcare companies need auxiliary medical supplies.

There are several common medical supplies every healthcare company needs. First, always have diagnostic tools to make diagnoses and check patient vital signs. Next, keep extra infection prevention materials to limit the spread of infection throughout your building. In addition, stock up on sterilization kits to clean every piece of medical equipment. More so, you need patient monitoring accessories like electrocardiography devices, recording chart paper and thermometers. Furthermore, keep auxiliary supplies for you both your staff and patients. These are the most common medical supplies every healthcare company needs.

Set Up Your Online Sales Channel

Furthermore, set up your online sales channel once you have selected your supplies and chosen a distributor for your product. By using an ecommerce tool for your online business, you eliminate the need to hire a sales team. Additionally, this self-service tool gives your clients the ability to place orders and conduct payment transactions. Using an online sales channel frees up time to develop marketing strategies, analyze sales data, and nurture prospective clients. Because your clients will be conducting transactions online, consider setting up time to meet with your customers and discuss their specific needs. This demonstrates your dedication to high-quality service. To launch your online medical supply company, set up your online sales channel.

There are several essential steps to start a medical supply business online. First, you must obtain necessary permits. Next, raise startup capital to purchase your inventory. As you raise funds, research the supply market for high demand industry sectors and their necessary equipment. In addition, you need to find a medical product distributor or dropshipper. Furthermore, set up your online sales channel to allocate more time to marketing strategy planning. Follow these steps to start a medical supply business online.