Provider lends Helping Hand
ALLENTOWN, Pa. - Provider Marty Falk knows a business opportunity when he sees one.
Helping Hand Medical Supply recently signed contracts with three skilled nursing facilities (SNFs) to do CPAP set-ups. It was a natural fit for the company, which already provides DME and respiratory products and services in SNFs.
"They were trying to do it on their own and their outcomes weren't really that good," said Falk, a partner. "We just do the technical set-up and monitor that, take the oxygen readings and have the RTs in the facilities check on patients at least once a week."
Helping Hands charges a flat rate for the CPAP service. The provider is paid directly from the SNF--no haggling with Medicare over billing and documentation.
"The burden of proof lies with the SNFs," said Falk. "We are out of the mix."
About 70% of Helping Hands' business comes from hospice and the provider has its eye on expanding into pediatric and ventilators. When it comes to growing the business, Falk keeps an eye on niche opportunities.
"My dad always told me, 'Do the things well that everyone else doesn't want to do,'" said Falk.
Despite an economic downturn, the six-year-old company expects to do close to $3 million in revenues in 2009, up from $1 million just a year ago.
"The opportunities are there," said Falk. "You just need to want to do it."