Using data, practicing self-disclosure and asking for help

Each year, we present the results of the HME Financial Benchmarking Survey during a session at the HME News Business Summit led by Rick Glass, president of Steven Richards & Associates.

Rick usually has a sidekick. Last year, it was provider Scott Lloyd (thanks again, Scott—great job!). This year, it will be Kathy Rankin, a visiting instructor in the Palumbo Donahue School of Business at Duquesne University in Pittsburgh.

Kathy teaches undergraduate and graduate courses in financial accounting, managerial accounting and external financial reporting. She also teaches a course on strategic uses for accounting information.

That last course is worth noting because, while Rick will share and analyze the results of the survey (for everything from revenue growth to revenue per employee to revenue per product line), Kathy will give us some strategies for how to use the results to improve profits.

Additionally, looking at this year's survey, Kathy is curious about, for example, how providers decide whether or not to add or eliminate product lines, and how they monitor DSO.

So be prepared to practice self-disclosure, always a good way to learn something about yourself and your company.

Also, as a speaker at the Summit, here's what Kathy offered as “best business advice”:

“Ask for help when you need it, and offer to help when you can. In today's environment, both at the workplace or in your personal life, workloads can be greater than ever, and some feel asking for help is a sign of weakness. It can actually be shown as a sign of strength and confidence.  Asking for help may provide innovative ideas, or give a fresh perspective to an issue. Working with others can also contribute to teamwork and help to build or strengthen relationships. So ask away, but be prepared to offer help in return.”