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Contracting: Offer best value proposition

Q. How can I get contracted into closed and narrow networks?
 - 
09/29/2016

A. It is often challenging for HME companies to get contracted with payers. Payers often close their networks to new provider applications once they reach a certain number of HME companies. 

Merchandising: Make your store POP

Q. Some of my vendors want to send me point-of-purchase materials for my store. How do I decide which ones would be most effective?
 - 
09/29/2016

A. If your vendors want to send you POP materials, be happy. Only a handful of HME vendors understand retail and the need to help you be “retail friendly.”

Mergers & Acquisitions: PE groups seek strong managment

Q. If the DME market is in such rough shape, why is there so much private equity group (PEG) activity?
 - 
09/29/2016

A. There are several factors contributing to strong PEG interest. First, DME entrepreneurs are finding new ways to operate profitably. Second, there have been numerous “roll ups” of smaller DMEs within geographic areas.

ALJ Appeals: Pay attention to details

Q. What are some best tips for defending claims—from ADR letters to ALJ appeals?
 - 
09/29/2016

A. A home medical equipment supplier can protect its profit margins from recoupment by establishing a compliance culture that collects adequate documentation and submits proper billing claims, but it is equally important for a supplier’s bottom line to defend and appeal erroneous Medicare recoupments.

Human Resources: Make positive first impression

Q. Should you have a formal onboarding process for new hires?
 - 
08/22/2016

A. An effective onboarding program takes work and planning to ensure new team members can hit the ground running and feel welcomed from day one.

Overpayments: Create culture of compliance

Q. What is the best remedy for overpayment problems?
 - 
08/22/2016

A. In previous columns, I discussed how the 60-day overpayment rule presents a myriad of problems and questions that are sometimes difficult for an HME supplier to identify and address.

Buying Triggers: Pull data, analyze, repeat

Q. How can I measure buying triggers for sales analysis?
 - 
08/22/2016

A. Let’s assume that you have determined your top buying triggers, you’ve found a way to quantify why people need products, and you know why they are choosing your company. The next step is to set up a six-month analysis.

Cyber Security: Play offense

Q. How can I protect my company from future threats?
 - 
08/22/2016

A. According to Ernst & Young, only 38% of businesses are prepared for a cyber-attack. While companies are slow to rise to the threat, cybercriminals are ramping up the sophistication and speed of their attacks.

Buying triggers: Recognize your reputation

Q. How do I use buying triggers to refine my sales process?
 - 
07/25/2016

A. Depending on your process, you will identify your standard buying triggers within the first three months of tracking them.

Human Resources: Recognize, reward, repeat

Q. How do we make rewards and recognition a habit?
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07/25/2016

A. It seems like such an easy phrase to say and a common sense reaction, but all too often it is a phrase that isn’t used enough, not only in our personal lives but also in the workplace.

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