| Snell Prosthetic & Orthotic Laboratory |
| City: | Little Rock |
| Category: | Category II (26-75 Employees) |
| Published: | 2006 |
Frank Snell is always on the lookout for a better prosthetic."We're always on the cutting edge with the newest device, the newest technology," said Snell, president and CEO of Snell Prosthetic & Orthotic Laboratory of Little Rock, a family business that started in 1911. The company, which was founded by Snell's father's uncle, specializes in custom-made and fitted prosthetic or orthotic devices from artificial limbs to braces. It also creates foot gear for arthritic and diabetic clients. Snell Prosthetic started pushing its expansion in 1988 after it noticed companies in other cities were whittling away at its market share. "What we decided to do was have a slow, sustained, planned growth, city by city and where opportunities presented themselves," Snell said. Snell opened its second office in Russellville in 1988. It now has nine offices across the state. Sales have also been growing. In 2000, Snell's revenue was $8 million; in 2006 it was $12 million. That's even more impressive than it may seem at first: Medicare reimbursement rates have been frozen for the last three years, and third-party payers base their rates on Medicare's. "So we pretty much had a three-year freeze across the board from the majority of our contracts," Snell said. The company was able to survive by growth, Snell said. "[We asked] our staff to do more with less, push for that … extra sale, that extra client that's out there," he said. While sales increased during those years, profits remained flat. But in 2007, Snell's bottom line will look brighter because Medicare has lifted the freeze on reimbursements rates. The secret to the company's success, Snell said, is the service it provides. Some of the 53 staff members have been with the company for nearly 40 years. "It has to be a really good, well-trained staff [that] takes pride in taking care of their patients," he said.
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* - denotes category winner
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