There comes a time when you, as an entrepreneur, have to sit down and see where you are going with your company, then plan how you will get there.
Before you proceed, however, please do the following: Review the demographics of your market. Has it changed? How has it changed? The population of the United States is a constantly shifting entity, and what your market is now compared to what it was the last time you checked could be a big surprise. Also, determine which segments of your current operation your profits are coming from.
Every time providers I have spoken with have gone through this exercise, they get a shock. Too often, they find that the Medicare or Medicaid business they thought they were dependent upon does not generate sufficient profit dollars. They discover the amount of time spent providing services to this segment is out of proportion to the return they receive.
I am not going to suggest that you cease providing service to Medicare and Medicaid patients. But you must consider this as only one part of your total operation. What will happen if you enter Medicare's coming competitive bid but do not win?
When you write a new business plan, think about third-party service as a small portion of your total volume and explore additional sources of income. Make an effort, for example, to become a provider of equipment and services to industry in your community. Look to servicing business, police, fire departments and schools, especially universities. And, as I have suggested so often over the years, look at the opportunities for building up your over-the-counter sales.
When you see which disciplines you currently service and the profits each provides, then that is where you should place extra efforts. Build these areas up, invest the necessary dollars to make them grow, train your staff and make sure your outside salespeople are beating the drum that your company is able to provide the best service in the community.
Redefine your company!
Elucubrate and Pococurante
No, these words are not foreign. They are interesting because they apply to all of us.
Elucubrate means “to produce by long and intensive effort,” according to Webster's College Dictionary. Shelly's translation is that it describes “working hard and diligently.”
Pococurante is used to portray “a careless or indifferent person.” Shelly's translation is simply one who is nonchalant or apathetic, or the opposite of elucubrate.
Those providers who “elucubrate” should be able to get through coming changes and add extra revenue. However, too many providers today are “pococurante.” Which definition fits you?
Home Telehealth
I have written about this before, but as a reminder when you seek out new opportunities, home telehealth is one to put on your list.
One of the questions I receive whenever I speak on this topic is why home telehealth is not recognized for reimbursement. Although there is no compensation for the DME provider, you can easily become the center of activity and provide the service, the equipment and all of the other items needed by the patient, the family, the caregiver, the home health agency or visiting nurse, the physician or any other professional.
You will be renting, leasing or selling this equipment, you will be providing the maintenance programs — and all of your efforts will be for cash.
DME providers handle various technical items for their clientele. Many have excellent bio-engineers on staff. Some companies have nurses, physical therapists, respiratory therapists, pharmacists and other care professionals, all working hard to provide the best care and services for their customers. Home telehealth is the kind of service that could make your company attractive for any practitioner to utilize and then send referrals.
Home telehealth may be new for our industry, but it is one more revenue-generating term to add to your lexicon.
Sheldon “Shelly” Prial is based in Melbourne, Fla., with Prial Consulting and also serves as the director of government relations for Atlanta-based Graham-Field Health Products. In 1987, he founded the Homecare Providers Co-Op, now part of The VGM Group. He can be reached by e-mail at shelly.prial@att.net or by phone at 321/255-3885.
