Starting from scratch with $1 million

Tuesday, February 28, 2006

Are you worried about the current state of Medicare reimbursement and how it will affect your company? Do you ever wish you could start over? Do you ever think about things you'd do differently in your business, now that you've been at it for a while?
Here at HME News, we were thinking about how, if we were a provider, we would respond to the challenges of doing business today. So we decided to ask some industry experts their opinion.
We wanted a variety of views, so we asked two consultants, two experienced providers and someone from both VGM and The MED Group to give us the benefit of their thoughts. We asked each expert to assume they were entering the HME business from scratch with $1 million in start-up capital.
To provide some framework for our experts, we talked to many people in the industry about what areas are most important in running a business today. They identified five significant areas, and we asked our experts to respond to questions in those areas.
The results follow. Some see specialization as the key; others think a full-service company has the best chance for success. There's universal concern about the state of Medicare, but a recognition that it represents a significant payer source, like it or not. I think you'll find these reports provocative, and, I daresay, you'll get some ideas you can use in your business today, without starting over.