Forget the old gift and flower shop as we have known them...get ready for some wigs, scarves, and many other items as the sale of these items is not only a convenience, but also a source of additional revenue. (Subscription required) BD
Hospitals and medical clinics, faced with tighter reimbursement from insurers, are looking for new ways to make money, and retail is one of them.
"Retail medicine" is a term for any health care related product or service that is not covered by insurance, from aromatherapy oils to acupuncture and massage. Hospitals and medical clinics in the Milwaukee area and throughout the country are expanding their offerings to include a variety of products, from wigs and scarves for cancer patients to specialty cosmetics.
The trend is a way for hospitals to increase revenue from sources other than insurance and government health plans and to expand care outside the hospital, said Gary Paquin, executive vice president of The Paquin Group, a health care retail consultant firm based in Celebration, Fla.