Provider zeroes in on HME
CANTON, Ohio - Five years ago, DiaMed broke into the HME market by leveraging its relationships with doctors and nursing homes, whom the company supplied with everything from bandages to EKGs and exam tables.
Now HME and oxygen are the 14-year-old company's fastest growing segments. HME comprises about 30% of total sales, and oxygen--added to the product mix about 20 months ago--kicks in another 10%.
DiaMed rang up $10.3 million in sales last year and plans to grow organically with a focus on HME.
"We're looking in the next five years to become a $50 million company," said Steven Wakser, vice president of sales.
With a built-in physician referral base, the HME market seems almost tailor-made for DiaMed. Already familiar with its commitment to service, DiaMed's supply side customers refer patients to the company for HME.
DiaMed's customer commitment contributes mightily to the company's success, Wakser said.
"We look out for the best interest of the customer, providing them with what they want versus telling them what they can have," he said.
With 80% of its business derived from Medicare/Medicaid, DiaMed has an eye on national competitive bidding. To keep labor costs down and streamline operations, the company has installed new software and will launch an improved Web site and online ordering system in July. A planned expansion will increase DiaMed's footprint from 11,000 to 19,000 square feet.