What’s YOUR New Year’s Resolution?
A New Year’s resolution is a tradition where a person decides to accomplish a personal goal, resolves to continue certain good practices, change an undesired trait or behavior, or do something different to improve their life or the lives of those around them. In this new year AND new decade, today’s DME providers are looking for ways to do something different that could make a strong impact in their business for 2020. Some providers have shared with us the following ideas:
1) Celebrate Your Staff
You’re busy, your staff is busy; but make this the year you take the time to celebrate your staff, if you don’t already. Review your company’s performance last year with your staff and celebrate your wins. Let them know you appreciate what they contribute to your company’s overall success. Praise those who go above and beyond and encourage everyone to do better in this new year. Your business will grow when you have happy, dedicated people who strive for success.
2) Evaluate Customer Relations
Take a look at your customers and make sure they are in good standing with you. The level of service and quality of product you provide should be consistent, as should their payments for those. We often get into the routine of keeping customers just to keep them, but do not address where they help our business, so making a resolution to assess your customers yearly can benefit you tremendously. Remember, it is ok to say NO to business that will not add to your bottom line.
3) Calculate Your Expenses
How often do you run your business the same way year after year, without reviewing or assessing your performance? It’s important to keep your expenses down to maintain profitability. Look to your employees and see if they have suggestions on how to lower expenses; they may have ideas that can help your bottom line since they are in the trenches day in and day out. Measure and set goals to maximize productivity in the workplace.
4) Diversify Your Business
Year after year you say you are going to look at potential new areas for revenue, but you never get around to it. Are you doing 100% Medicare reimbursement only? Have you been looking into more retail, cash-paying product assortments? Make 2020 the year you get out of your comfort zone with your existing business. Relying on one type of payer source for your business can be unreliable. Expanding your product offering can help can help your cash flow and operating expenses and keep your business sustainable.
5) Assess Your Current Partnerships
With all the changes going on in the HME market, and all the revolving players, it is important to assess your current partnerships with your suppliers and vendors. Make sure you are getting the most value from the products and services they provide. Are you taking advantage of all possible cost savings with your partners, such as bulk pricing, discounted pricing, discounted early payment, and so on? Ask yourself – even though you may have been buying from your current partners for years, are there other options out there to evaluate? Make this new year and new decade the time when you really sit down and thoroughly assess your business.
Even the smallest changes can create the biggest impact to make your company stronger and more sustainable in 2020.
Cynthia Counts is Vice President of Product Management & Homecare SBU at Graham-Field.
About GF Health Products, Inc.
Headquartered in Atlanta, Georgia, with more than 300 US-based employees, GF Health Products, Inc. is a major manufacturer of healthcare products for the acute care, extended care, homecare and primary care markets. Graham-Field product brands include Basic American Medical Products, Everest & Jennings, Grafco, Hausted, Intensa, John Bunn, Labtron, Lumex and Lumiscope. Visit www.grahamfield.com or call 1.770.368.4700.