Skill, not luck, grows U.S. Med's business

HME providers need to seize control of their future instead of leaving it to chance, says Mary Ellen Conway, chief compliance officer for US Med.

“Lower barriers to entry in various HME sectors mean more competition sprouting daily,” she said. “Strategic planning and focus must be intentional to ensure that one's company maintains a sustainable, competitive advantage preventing others from stealing market share.”

Growing market share requires a deep understanding of stakeholder needs, market dynamics and company core competencies, Conway says.

“Customer needs and market dynamics can quickly shift so it's important to constantly assess one's strengths and weaknesses, and match those up with market opportunities,” she said. “Leaving it to luck may work in the short-term but will, ultimately, lead to suboptimal sales in the short and long-term.”

When assessing opportunities for growth, customer empathy is a critical factor, added Patricio Casillas, chief strategy officer for US Med.

“Understanding the attitudes, needs and behaviors of customers is foundational for creating growth strategies,” Casillas said. “Having a robust patient feedback program is important - this can include weekly email surveys, patient advisory panels and social media engagement.”

After establishing a framework, the next step is to align the organizational design with the company's growth strategy, Conway said.

“For example, resources should intentionally be reallocated to growth initiatives - it's a zero-sum game so firms must be intentional about what to invest in based on projected returns on investments,” she said. “Incentives must be aligned and buy-in from management and front-line staff is paramount. Lastly, the creation and frequent reporting and monitoring of key performance indicators and scorecards will ensure that everyone is focused on the key growth drivers.”