Newspaper article The Florida Times Union

PSS Officers Confident as They Broaden Medical Market Reach; the Company Generated $2.03 Billion in Fiscal 2011, Ending April 1

Newspaper article The Florida Times Union

PSS Officers Confident as They Broaden Medical Market Reach; the Company Generated $2.03 Billion in Fiscal 2011, Ending April 1

Article excerpt

Byline: Mark Basch

PSS World Medical Inc. grew into a $2 billion-a-year business by distributing medical supplies to physician offices and elder care facilities.

But as the Jacksonville-based company laid out a new three-year growth plan for investors, its top officials wanted everyone to know that PSS is more than a product distributor.

"We are a professional services company," says President and CEO Gary Corless.

In an era where health care reform is a continuing topic for debate nationwide, PSS is focusing on helping its customers manage their businesses by offering a broader range of services than they have in the past.

"There's a lot of pressure on caregivers," Corless said.

"We're not naive about the challenges out there. But that creates opportunity," he said.

As an example, PSS last year acquired another Jacksonville-based company called Linear Solutions Inc. that provides physicians with systems to dispense prescriptions in their offices. PSS Chief Financial Officer David Bronson said that business is currently generating $100 million in annual revenue for PSS, but has the potential to grow to $500 million a year.

PSS presented a look at its opportunities and financial goals over the next three years last week at an "Investor Day" presentation in New York, and Corless and Bronson discussed them Wednesday in an interview at their Jacksonville headquarters.

One focus of the company's strategy is a new purpose statement that says PSS aims to "strengthen the clinical success and financial health of caregivers by solving their biggest problems." Corless said the purpose statement has been "ingrained quickly" into the company's 4,000 employees and its customers.

"This is driving all the decisions that we're making," he said.

PRIVATE LABELS

One decision is for the company to offer more private label products to its customers, which are generally cheaper for them than name brand products. Corless said that gives customers more choices. …

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