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 2018? Give us a call!