All signals point to a record number of orthopedic procedures at the end of 2020.
Most states are now allowing elective procedures. PPEs are abundant and testing is in place now. Orthopedists are chomping at the bit to make up for lost income. Hospitals and ASCs are re-scheduling cases.
The smart ortho companies will be well-positioned to take advantage of the pending boom in procedures.
What are you doing in these areas?
Cash – Improve your cash position to be prepared for the comeback (cut your expense line, take advantage of the PPP & SBA loans, sell receivables, borrow at low interest rates, sell stock, sell assets, move certain positions to part-time or 1099s, etc.)
Processes – Create more flexible and nimble processes throughout your business with less human touch.
Inventory – Invest now in the proper levels of implant and instrument inventory for 24/7 surgeries at certain customers. How much more implant and instrument inventory is needed to support continual surgeries at a single location? Double?
Sales support readiness – Create a program to certify that you have a COVID-free sales force. Re-certify in Reptrax.
Virtual sales support – Experiment with flexible, virtual surgery support with more 1099s and new technologies such as Avail.io. (Look for my new interview with the Avail CEO soon).
Training – Train and retrain your sales people on-line NOW. Best time in history because your sales force is not running around all day.
Logistics – Improve scheduling, delivering, sterilizing and servicing for your customers to put less work and less stress on healthcare workers.
Supply Chain – Re-evaluate your OUS supply chains. Start programs to onshore or nearshore manufacturing, or at the very least, qualify new US suppliers as backups.