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Smart Talk

Social media

Listen to the conversation
 - 
07/27/2012

Q. Why should I use social media?

A. Customer loyalty is at the heart of every business. A Harvard Business Review study demonstrated that recovering only 5% of abandoning customers could increase profitability by 30% to 85%.

Accessibility

Define your target market
 - 
07/27/2012

Q. How can I sell “accessibility”?

Workplace safety

Understand the scope of violence
 - 
07/27/2012

Q. Is my HME business at risk for workplace violence?

Marketing: Play with your brand

Q. How do we set ourselves apart in a “sea of same?”
 - 
06/22/2012

A. As providers, most of you carry the same brands of equipment. Most of you have business models that include a mix of insurance and cash sales. Most of you have some combination of clinical, sales, operational, inventory and billing departments.

Finance: Plan for sale well in advance

Q. How, and when, should I plan for selling my business?
 - 
06/22/2012

A. One of the benefits of owning your own business is the option of how you are established for tax purposes. As examples, you can be a partnership, sole proprietorship, LLC, Sub S, or Sub C.

ICD-10: Don't wait for ICD-11

Q. Could we skip ICD-10 and go directly to ICD-11?
 - 
06/22/2012

A. Passing over ICD-10 for ICD-11 will effectively result in keeping the current diagnostic coding system for at least the next seven to 10 years. ICD-11 has not been ratified by any government or world health organization. In fact, when ICD-10 was mandated by the U.S.

Employee compensation: Detail sales incentive plans

Q. Can we pay employees commissions only?
 - 
06/22/2012

A. Sales employees have a direct and measurable impact on the company’s bottom line profit; thus, pay structures for sales employees are typically represented in the form of total target compensation rather than a fixed salary. 

Marketing: Establish your brand

Q. Is it important to have a brand?
 - 
05/24/2012

A. As the HME world continues to become more competitive, it’s important to realize what a powerful tool your brand can become. 

Finance: Project your cash flow

Q. Q. Is there a connection between making a profit and having cash?
 - 
05/24/2012

A. For a business to have a comfortable amount of cash on hand, the business cannot be experiencing a tremendous growth or a comparable downturn in business.

ICD-10: Prepare to avoid disruption

Q. What training will my billing department need for ICD-10?
 - 
05/24/2012

A. Since ICD-10 codes will have an expanded character set, the change from ICD-9 will be a disrupter. With a higher level of detail, diagnosis codes will become more clinical in nature, and while HCPCS codes will not change, diagnosis connections will.

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