#25: Access Diabetic Supply A health-care company reaches out to the masses.
By April Y. Pennington •
Opinions expressed by Entrepreneur contributors are their own.
Managing long-term illness is an unfortunate but real aspect ofmany people's lives. For Access DiabeticSupply's co-founders, Montgomery Byers Jr., 34; DavidWallace, 36; and Timothy Stocksdale, 34, offering mail ordermedical supplies to the 17 million Americans who are afflicted withdiabetes caused their business to skyrocket from its first-yearsales of $400,000 in 2000 to projected sales of $25 million in2003. Banking on a profitable niche market, Access DiabeticSupply's co-founders are controlling its growth while layingthe groundwork for its continued expansion and success.
As former executives at specialty chemicals and materialscompany W.R. Grace & Co., where they handled health-careacquisitions, Byers, Wallace and Stocksdale knew that investingheavily in technology and automation--something most of theircompetitors have been slow to do--would be key to moving ahead ofthe competition as well as managing growth. Because Access DiabeticSupply employs a direct-billing process where Medicare andinsurance companies are billed electronically, the company is avirtually paperless operation.
The No. 25 company on the Hot 100 list, Access Diabetic Supplyis now determined to "overemphasize" customer service.Flooded with calls and enrollment prospects as they increaseadvertising, the company is meeting the challenge by creating a7-to-10-day turnaround time for enrolling new prospects. Theco-founders will also bulk up their staff from 50 employees to 150by year's end. Luckily, South Florida's cluster ofhealth-care firms has presented a pool of well-trained specialistsfor the company to wade through.
The Pompano Beach, Florida-based firm continues to grow itsdiabetic supplies division as well as its recently addedrespiratory pharmacy division. Distributing respiratory medicationsand supplies to those suffering from asthma, emphysema and chronicbronchitis, Access Diabetic Supply's most recent target marketincludes 30 million potential new clients. "It really is ourplatform to be one of the top three players in our business,"declares Wallace. "The investment's made, and that'sthe direction we're heading."
