All signals point to a record number of orthopedic procedures in 2021.
Elective procedures are backlogged. Orthopedists are eager to make up for lost income. Hospitals and ASCs are re-scheduling and processing 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 round-the-clock 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 and the other certifications.
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 for sales training because your sales force is less transient now.
Logistics – Improve scheduling, delivering, sterilizing and servicing for your customers to put less work and less stress on your healthcare customers.
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.
Post surgical care – Leverage systems with better data and less human touch for remote patient monitoring and digital care. The new focus is certainly virtual/agile, centered around patient experience and 100% focused on outcomes. [AMP Recover]