Providers keep pulse on their businesses

YARMOUTH, Maine – It’s hard to escape headlines about a potential recession, so HME providers are making assessments and tightening their belts, even though business is good right now. 

Will cash sales drop, along with discretionary income? 

Provider Tyler Riddle is keeping an eye on cash sales and patient collections to keep ahead of any potential slowdowns. 

“We’ve pulled our cash sales reports month over month, and we’ve looked at patient collections,” said Riddle, president of MRS Homecare, in Tifton, Ga. “They are in line with where they traditionally have been.” 

How can operations be streamlined? 

Referrals are up and business is brisk at YD Home Medical in York, Ala., but owner Robert Beard says he’s still looking at ways to streamline his operations. 

“We’re really just starting to watch, internally, what we do,” he said. “From a delivery standpoint, we’re not going to the same area twice a day – we’re making sure the van is fully equipped with inventory.” 

How to get by – with just enough? 

But inventory can be a Catch-22: Too little, and your business is inefficient; too much, and it’s costly. Provider Brian Wilson is taking a hard look at how his company manages this area of the business. 

“We’re minimizing our stock, so that we have just enough to meet our need, renegotiating purchasing contracts and things like that to get lower pricing,” said Wilson, COO of Commonwealth Home Health Care in Danville, Va. “Sometimes that works and sometimes it doesn’t.” 

Is technology the answer?  

Adding to the pinch for many providers: an ongoing labor crunch that’s driven wages higher – when they can even find new people to hire. Provider Jason Jones, who says he doesn’t have the same level of staffing he did in 2020, is leaning on technology and outsourcing. 

“We’re all about trying new things,” said Jones, president of Jones Medical Supply in Troy, Ala. “We’re trying to outsource things to billing agencies and software companies and (focus on) doing more of the hands-on work.”