Mike Nadeau is president and CEO of Bedard Pharmacy & Medical Supplies. A third-generation pharmacist, he’s grown the family-owned business which he purchased from his father, and it now has two pharmacy locations and up to 63 employees.
1. At what position did you first start in the company?
My first job at Bedard many years ago consisted of emptying the trashcans and cleaning the offices. Because my father had ownership in the company, Bedard has been a part of my life since I was 7 years old. As soon as I got my driver’s license, I moved up and began delivering to our customers in the Lewiston-Auburn area. Over the years, I have done just about every job in our companies, from cleaning the store to filling prescriptions as a pharmacist to bringing our first computer online, adding robotic technology and expanding the business into the multiple companies we have today (Bedard Pharmacy, Bedard Medical Supplies and Bedard Senior Care). I have seen Bedard grow and I am proud to continue to have our companies be an important part of the community.
2. Describe an average day today.
In today’s world, there is no average day. Being a small business owner, I have a role in many different aspects of the companies. On any given day, I can fill prescriptions and counsel patients, negotiate contracts and business agreements, attend strategic planning and business development meetings, or meet with my colleagues and associations on a local, state or national level. However, I always leave time to make myself available to meet with my staff and our loyal customers. Every day is an adventure, but when you enjoy what you do, that makes it all worthwhile.
3. What key decisions did the company make five to 10 years ago that helped lay the groundwork for all your recent growth?
I have always had the vision and desire to grow Bedard, but when my children showed interest in the business and chose to join the company, I knew expansion would be possible. We looked at the health care industry as a whole and decided on a strategic plan that would take Bedard to the next level. Our strategic plan included education, certification and training in multiple areas, along with the expansion of our corporate headquarters in Auburn. In order to grow and compete, Bedard was at the point where we needed to diversify.
4. If you received a $1 million grant tomorrow, no strings attached, what would you invest it in?
Maine has the oldest population in the country. I would invest into resources and programs that would allow Bedard to get the elderly the medications and medical equipment that they need at an affordable cost. Our seniors invested in this community and I would like the community to continue to give back to them, with Bedard being an integral part of that idea. Too many of our seniors are struggling and go without basic necessities or equipment that would make everyday tasks possible or at least a little easier. A million dollars could make a big difference in a lot of lives.
5. What is a policy or issue you’re following this winter at either the state or national level, and what impact could it have on your business?
One of the most significant issues that our companies are experiencing is cuts in insurance reimbursement for the products and services we provide. We are part of a high-touch, high-service industry which makes some of these cuts unsustainable. Being a small business in the world of large corporations accentuates that challenge. On the medical equipment and supply front, we are dealing with competitive bidding on the national level which will be implemented in January causing another round of significant cuts that will not only affect Bedard, but will also adversely affect the patients whom we serve.
On the pharmacy side, we encounter the same for prescription drugs. We are dealing with negative reimbursements on many fronts and are working on a bill in Augusta for fair and transparent pricing. We have reached out to our local, state and national representatives who have been very supportive of the challenges faced by small businesses. Bedard is very appreciative of the support we have received and we look forward to getting some resolution to these issues in the new year.
6. Are there any scenarios, at any time, under which medical compression stockings could be considered attractive/fashionable?
Compression stockings are already attractive and very fashionable. They have come a long way over the years and are not your grandmother’s thick white stockings anymore. Today, compression stockings are available in knee-high, thigh-high or pantyhose. They come in sheer or opaque and are offered in a variety of styles and colors for both men and women. Also, many of the sport socks are available today as compression stockings. So if you like your stockings polka dot, argyle, pink, purple or traditional, there is a compression stocking that Bedard has in the store for you.
Six Questions For The CEO is a monthly feature on the faces and names that keep business interesting. Contact staff writer Kathryn Skelton at kskelton@sunjournal.com
Send questions/comments to the editors.
