Although the basic industry remains the same, due to the many changes HME providers must contend with, now is the time to prepare a new start. I have touched on this topic in the past. It is not really difficult! A new start means getting all the facts you have and re-evaluating each.
The computer programs you have are able to show you which segments of your business produce the largest volume and most profits. Often, a provider is so involved doing paper work that finding time to do other things seems to melt away.
Some areas of interest are: aids to daily living, first aid, bath safety, wheelchairs, scooters, ambulatory devices, diabetic supplies, furnishings, oxygen, orthopedics, sports medicine and ostomy supplies. Be sure you include all minor segments. Providers have reported to me that they were really not aware of how many services their company provides.
Prepare a list of employees, how long they have been with you, annual salary and what you think is their job description (I will touch on this in a later blog). The purpose of this is not to eliminate anyone, but to know what each does and how you can increase their productivity to the company.
Prepare a listing of all annual expenses. A careful study of these may uncover expenses which may no longer be necessary. I recall one provider realizing that bringing in donuts twice a week turned out to be outrageous when nearly half of them went out with the garbage. No one complained when that ceased and he saves about $400 a year.
Another provider found his maintenance costs for the vehicles seemed to be rather high. He made a deal with his service center to have his vehicles inspected on a regular schedule and his maintenance costs plummeted by about 50%.
A review of this information will enable you to write a new business plan and to make a new start. This is the key. Find the time to do it. If I can be of any help, please contact me at (877) 553-5127 or firstname.lastname@example.org.