The healthcare industry has faced massive shifts in recent years. As presented on December 20, 2017, in a Wall Street Journal article entitled “Deals Boom in Health-Care Shift,” these massive changes include:
Data analytics, in which healthcare companies collect patient data to provide a more efficient, lower-cost care plan, are increasingly driving healthcare decisions.
These industry changes signal a significant opportunity for DME suppliers. As healthcare moves out of the hospital, more people will be seeking home health care supplies.
But the healthcare giants are going to seek partnerships with only the most advanced DME suppliers. This means that DME suppliers must incorporate the latest in software and data analytics solutions to ensure they can provide necessary information to healthcare companies. DME suppliers that survive the industry shift will be able to collect data that supports payors in demonstrating how products are keeping patients from being readmitted to hospitals.
The DME suppliers that recognize how they fit into the bigger picture of healthcare today are the ones that will succeed. They will recognize how they can make themselves indispensable to hospitals and payors.
In order to become an ally with payors, DME suppliers must maintain flawless records on their customers, including:
This data should be available instantly. With this data, the DME supplier can provide payors and hospitals with valuable insight into the efficacy of patient care, as well as the performance and usage of various DME products over time.
DME suppliers that invest in data collection and analytics are the ones that will survive the current industry consolidation.