By Jimmy Miner, Director of Sales Operations
It’s no secret that the HME/DME industry is being shaken up by policy changes, mergers and acquisitions, and restructuring of business models. We attended Medtrade in Las Vegas this past week and here’s 3 trends we noticed at the show:
New HME Business Models to help you build and grow
At Medtrade, several of the education sessions discussed the potential of partnering with hospitals and ACOs. Such strategic partnerships could take the pressure off of owners by aligning them with the resources of a bigger partner, who would likely have plenty of experience handling Medicare claims and denials amongst other regulatory issues.
For providers not seeking these partnerships, optimizing their business operations will be critical for success. Visibility into every process, from supply chain to collections, is a must, and HMEs should evaluate each part to ensure they are running as efficiently as possible. Automation is a key component to driving these efficiencies even further.
Policy is reshaping the landscape
Last year, the talk amongst HME providers was about competitive bidding. This year, the talk is all about…competitive bidding. And audits. And a whole bunch of other stuff.
Healthcare in the United States as a whole is in a state of transition, and providers will need to stay on top of the changes in order to survive and thrive. Luckily, guys like VGM Group’s John Gallagher were on hand to show providers how they could get involved in the national HME discussion.
Potential for growth is still out there
Despite talk of regulations driving providers under, we saw a surprising amount of optimism for the year ahead, which is fantastic. Our COO Kurt ran into a colleague from the private equity group Jordan Industries and we found out that investors are interested in both the technologies and businesses comprising the HME industry. This vote of confidence is reassuring.
It seems that given the changes, providers have plenty of opportunities; they just need to look for new streams of revenue and operational efficiencies, whether it is strategic partnerships or investments in technology.