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.
Product - Convert reuse-able (heavy, dirty, labor intensive) instruments to single-use disposable instrument wherever possible.
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 y...
