There comes a time when every entrepreneur has to stop, think and decide which steps are necessary to be taken for the future. We are now early in a new year and see that the “bid’ to provide services for Medicare has started, so I ask you the following:
“What are your plans for this year?”
“When will you start?”
“Why are you doing this?”
The ”why” is obvious. Whether your company was a winner or not, there are many changes that must be put into place. The gross profits allowed to a winner are insufficient to allow any well-run provider to give the same service to their clients as has been done in the past. If your operation has not won a bid, then you must decide how to replace the volume which you will be losing.
As I have tried to point out, via this blog and at Medtrade meetings, OTC cash sales must be increased. Aggressive marketing steps must be instituted. Do not retire any help; send them on the road to visit all referral sources. They know so much about your company and they will be very successful.
Put new operational plans to work. Your company can offer to provide supplies to the practitioners and clinics in your community. Your salespeople can call on the universities and colleges. They can solicit business from the EMTs, fire and police departments. Their supplies, more often than not, are obtained via mail order. These are all sources that can refer new patients to you!
When you will start has to be NOW! Do not wait! Write a new business plan, meet with your employees and speak to all your customers. Offer new products and provide open houses in your showroom. There are so many opportunities available to you. Speak to all your preferred vendors and get new ideas.
If you wish to discuss this with me, please feel free to call me at (877) 553-5127. I have spoken with many successful HME providers over the years and I can share with you many excellent examples.