Did you know that your trucks could be running much more efficiently – and they could even become mobile profit centers for your business?
The key is to rethink your trucks not as just delivery vehicles, but as mobile stores. With the right software in place, your drivers can have everything they need to be more efficient, eliminate costly return trips to the warehouse, and immediately obtain delivery confirmation, which speeds up the reimbursement process.
You can only do this with Bonafide’s software. Why?
Inventory: Bonafide offers the best inventory control software available for the DME business. Our software ensures your trucks are fully stocked with everything they need for their delivery route. A fully-stocked truck means you can adjust your drivers’ route in real-time, without sending drivers back and forth to the warehouse in between drop-offs.
Documentation: How many times do your drivers fail to get the correct documentation, and then have to return to the customer? Only Bonafide offers smart-phone enabled technology that guides your drivers through the documentation process error-free.
Billing: Are you forced to wait several days between delivery and billing due to the paper trail that your drivers have to maintain? Only Bonafide offers digital delivery documentation, which is immediately sent to your billing department, error-free and in real-time, reducing errors and speeding time-to-payment.
The businesses that will survive the current industry consolidation in DME are adopting Bonafide’s technology to make it happen. Do you want to talk about how you can get started?
As all of us have noticed, the DME industry is undergoing massive change. Last week at Medtrade, which is a very public reflection of the health and vibrance of the industry, we saw the consolidation of the industry first-hand. The show floor has dwindled down to a very small audience of DME providers, and you can feel the change in the air.
As a software provider in the DME industry, we can see first-hand the disaster that lower reimbursement rates have wreaked on small business providers. We have taken note that the providers that are surviving today are adopting new systems and business infrastructure. These changes are undoubtedly very uncomfortable, and require massive changes in the way they do business, but they are also critical to survival.
There are a few providers who are quickly embracing Bonafide’s software to help them gain important business systems, insight and management tools. These are the providers that are thriving. Their margins are healthy because they have close control over their inventory, delivery systems and billing systems. They maintain lean overhead, get reimbursed faster, and at maximum rates. These providers are taking market share from other providers based on their ability to control margins with powerful software from Bonafide.
As we see it from the inside, change is a welcome godsend if embraced, death if not. Please, give me a call and let’s talk about how Bonafide can help your business be not just a survivor but a thriver in today’s compressed market. I would like to see you on the other side of this consolidation process, and I know we can help make that happen for you.
We have all heard it a thousand times – the DME business model is changing. We know that you know by now that in order to stay afloat, you have to change the way you do business.
We have seen a number of forward-thinking providers who are not just surviving but thriving in the new DME market. Here are three things that I’m seeing them do to make the market work for them:
Margins: DME companies that are thriving are hyper-focused on managing their margins. They make sure that from order to reimbursement, they are maximizing their margins at every step.
Control: Inventory control has never been as important as it is today. The growth-based companies are investing in inventory tracking systems like ours, which allow them to monitor every item they carry. With careful controls in place, they can eliminate costly overhead while delivering on time and within price margins.
Software: Software has come a long way in the last five years, and yet many providers are under-utilizing the software available to them. Now is the time to make sure that you really understand and use what your software providers are offering your business. At a minimum, you should be able to access myriad reports to help you run your business.
The DME market is changing, but remember that DME is a “must-have” industry, so it will not go away. The providers who thrive in the new conditions will be able to maximize the three elements above and more.
Wondering how you can thrive in 2017? Give us a call!
The reimbursement cuts that went into effect in July 2016 are brutal beyond belief! They are literally life-threatening to most providers.
Providers who have been managing their business based on the era of the Golden Commode or in the days of a $200 per month Oxygen patient are in big trouble. And even a year ago, DME providers were able to get somewhat healthy margins.
When you have a business operating at 50-60 percent margins, business is pretty forgiving. Good margins keep bad operators in business.
But the tight margins in DME today are a bad-business company killer. You can go down, or you can rework your business to accommodate the tighter management needed to survive.
It is time for all DME businesses to raise their operational insight and aggressively track their inventory costs from the time of purchase all the way through to payment posting.
At Bonafide, we already have all the intelligence built into our software so that you can track every item, rented or sold. This data is seamlessly exported to your General Ledger of choice where you can accurately know your margins on individual categories of business.
With intelligent business software, you can make better management decisions regarding resources and expenditures. By watching your margins, you can push your profitability and be one of the survivors in the DME industry.
We have the ONLY DME software that can be fully and seamlessly integrated into all of your management decisions. Schedule a demo today to find out more.