No magic bullets in HME
Alone in the Dark II dvd Just about 200 providers attended the HME Business Summit Sept. 10 & 11--our annual educational event--and one thing became crystal clear: when it comes to building your business, there's no magic bullet. I thought there might be but there is not; short of, possibly, acquiring a company or opening up a new branch, there doesn't seem to be anything that will boost your annual revenue by 15% or more. You can implement a GPS system, scanning technology, innovative sales compensation, join AAHomecare and your state association, boost retail sales, switch to hybrid delivery vehicles, seek out high-deductible health insurance policies for your staff--but none of these revenue building and expense reduction actions (and these are just some that attendees discussed) produce the "eureka moment" (as speaker Dexter Braff called it), the moment when someone reveals a strategy that if pursued correctly will produce a significant jump in revenue. The closest thing to a magic bullet might be expanding into CPAP and bilevel (as most Summit attendees indicated they had), a market that holds tremendous growth protential. The bottomline here is this: While there's no obvious magic bullet, there's plenty you can do to boost revenue and decrease expenses incrementally, turning your company, in the process, into, as they say, a leaner, meaner machine. That's a key takeaway from this year's Summitâ€”if you plan to remain a viable business well into the future.