When you take a trip to the dentist’s office or take your pet to the vet, you can expect to come across one of Henry Schein’s products. A staggering 1.3 million doctors, dentists, and veterinarians depend on Henry Schein’s medical equipment and supplies. It shouldn’t come as a surprise that the company is at the forefront of healthcare products and services.
With a large part of the company in North Carolina, including some of their best dental supplies sales reps in Raleigh, NC, a huge part of the company’s success is its Amazon-like logistical expertise that goes hand in hand with the comprehensive database of a consulting firm. Stanley Bergman, CEO of Henry Schein, explains that the goal of the company isn’t to be the number one seller of face masks. Rather, the goal is to help medical professionals perform at a much more efficient rate. Their business model revolves around helping health care providers run their practices safely, effectively and profitably.
Last month, Bergman celebrated his 25th anniversary as CEO of the company. During the early years of his leadership, Henry Schein was a small supplier of dental equipment, providing the supplies via mail-order within the borders of the US. Today, it’s a multinational company that has climbed its way to the Fortune 500, currently sitting at No. 243.
The exponential growth of the company is truly amazing. It went public in 1995 and hasn’t experienced a decline in revenue since then. The compound annual growth rate of the company is 16%. According to analysts, the company will enjoy $10 billion in sales in 2014 alone.
Health Care Enters The Digital Era
Henry Schein of Raleigh, NC embraces technology in everything it does. Medical practitioners have become tech-savvy, using innovative tools to perform more efficiently than ever. Digital X-rays, for one, enable dentists to maintain an electronic record of patients while assessing potential issues at the same time. This technology is now found in 65% of dental offices, a huge increase compared to 10% just a decade ago. Henry Schein knows that much room is left for improvement, prompting the company to invest in new products and education initiatives that capitalize on technological advancements in medicine. They have also partnered with dental marketing companies like Dental Marketing Experts to help the dentists they server to get more patients.
The company now has business operations in 28 countries, and it’s expected to expand even further moving forward. A testament to this is the company’s investment in Japan, which boasts of the second largest dental market in the world. Plenty of opportunities can be found overseas, and Henry Schein knows they can grow their market share even more. Their continuous global expansion has also enabled them to negotiate with manufacturers and come up with higher-margin offerings, which span different services including financial services, office design, and medical supplies.
Returning To The Community
The company has a nonprofit initiative called Henry Schein Cares. Bergman believes in “Doing well by doing good,” a saying made famous by Benjamin Franklin. With its global supply chain and virtually limitless stock of medical necessities, the company can provide supplies to countries in desperate need in quick fashion. You can expect them to donate emergency supplies every time a disaster strikes. Recently, protective gear amounting to $1 million was donated by Henry Schein to countries affected by Ebola, doing its fair share to help in controlling the outbreak.