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Succession planning: Start planning well in advance

Q. When and how should I start thinking about a succession plan?
 - 
04/01/2019

A. Begin planning well before a successor will be needed. Start with skill building for the identified core group of staff. Teach and train leadership techniques to the most skilled and talented group of employees at your company.

Outsourcing: Analyze net revenue, actual cash

Q. What measure should I use to track revenues?
 - 
04/01/2019

A. HME providers are split on how best to measure and recognize revenue in their businesses. In general, measures are organized into four camps:

Business operations: Define your mission

Q. If I have collection procedures, do I need a collection policy?
 - 
03/06/2019

A. Yes, a collection policy defines the mission and rules you want employees to follow to reach company goals.

Accreditation: Don't get it and forget it

Q. Ow do I prepare for reaccreditation and maintaining my accreditation?
 - 
02/22/2019

A. DME accreditation needs to be renewed every three years. With the initial accreditation most DME supplies take the time to prepare and get ready for the survey. Many hire the expertise of a consultant and sweat it out waiting for the site survey.

Marketing: Make investments that move the needle

Q. How can I be sure that the money I’m investing is not only building my brand awareness, but also stimulating sales?
 - 
02/22/2019

A. Marketing’s function is to create brand awareness, educate customers, and direct them to point-of-sale locations or sales representatives. Sales result from well-executed marketing, repeat sales result from excellent experiences.

Succession planning: Don't get caught without a plan

Q. Is succession planning important for every organization?
 - 
02/22/2019

Yes, succession planning is essential for every organization regardless of size because it demonstrates planning ahead and developing strategies, programs and people for the future and for inevitabilities.

Outsourcing: Streamline, automate your cash posting

Q. What are the best practices for my cash posting process?
 - 
02/22/2019

Cash posting is an essential part the revenue cycle. Accurately applying payments, adjustments, and denials to line items in your A/R remains the key to success – one that your billing team probably knows like the back of their hand.

Accreditation: Plan carefully to avoid pitfalls

 - 
01/24/2019

A. 2019 is a big year for the HME industry when it comes to accreditation renewals and adding product categories to your line of business. Many providers are considering adding new lines of business since the lifting of competitive bidding until January of 2021.

Marketing: Create engaging platform

Q. How do I create the most engaging content for social media?
 - 
01/24/2019

A. Social media has become one of the most engaging entertainment platforms, second only to TV. The average person spends two hours on social media daily and wants to consume media.

Succession planning: Identify future leaders

Q. If I asked one of your core employees if you have a succession plan, what would they say?
 - 
01/24/2019

A. If you asked the leaders about their HME company’s succession plan, they would likely say they don’t have one and don’t know exactly what a succession plan entails.

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