By Tom Schramski, PhD, CM&AA
Volume 1 Issue 20, October 27, 2014
Last month, I received my regular email from Minute Clinic, a division of CVS Pharmacy, and the offer was consultation and prescriptions related to eyelash lengthening. Not too long ago, I was one of those folks lined up for a flu shot that was only announced by an inexpensive banner flapping in the breeze outside the local pharmacy (today, my primary care program advertises flu shots at their office as a convenience during my annual physical). The Minute Clinic and similar operations across the US are evidence of the rapid retailing of healthcare. As a result of this accelerating and disruptive innovation, I can receive treatment for a wide range of issues while I pick up a prescription and a birthday card. Other options include behavioral healthcare at one of the urgent care centers seemingly accessible on every corner. You cannot escape it.
The implications for the healthcare entrepreneur, whether a home care provider, pharmacy, behavioral health clinic, or urgent care center are clear – our customers are seeking out those who can make services and products as accessible and affordable as possible given their demanding lifestyle. If you can add the popular wellness or cosmetic options (like eyelash lengthening), all the better and you will be paid in cash.
Here are a few things to consider as you explore opportunities to diversify within your basic service array:
We have entered one of the most exciting eras in our history for healthcare entrepreneurs. We are understandingly concerned about healthcare reform, employer mandates, and managed care. But in the midst of these challenges lies unknown promise for healthcare businesses to innovate, diversify, and offer their customers extraordinary value.
Tom was the Founder and Managing Partner of VERTESS. He was a Certified Merger & Acquisition Advisor (CM&AA), consultant, and Licensed Psychologist with over 35 years of very successful national experience in the healthcare marketplace, including co-founding and building a $25 million behavioral health/disabilities services company. Tom represented sellers and investors across the healthcare spectrum and was recognized for his executive leadership in the 2005 Entrepreneur of the Year issue of Inc. Tom passed away in December 2018.