Top Tips for Growing your Respiratory and Sleep Business in 2014
Key considerations oxygen and sleep providers should consider implementing to help make 2014 a year for business success.
In looking at their 2014 business planning, a key thing providers need to highlight is to continue focusing on differentiating their patient-focused services to their referral sources, according to Eli Diacopoulos, general manager of Respiratory Care for Philips Respironics.
“They must maintain a steady stream of new patients,” she explains. “With patients flowing into the business, providers must become even more diligent in sustaining them through their long-term needs. It starts with maximizing patient compliance for new patient setups. This doesn’t necessarily require more work. Providers can take advantage of technologies that enable efficient management and patient compliance. A compliant patient leads to long-term service opportunities.”
This means staying engaged with the patient to lead to resupply services for sleep accessories.
“Further, there is also opportunity to recover patient co-pays, which in the past may have been left uncollected,” Diacopoulos says. “Finally, HMEs may also consider off ering Advance Beneficiary Notice of Non-coverage (ABN) options for patients to generate incremental revenue. Partnering with a vendor that can off er integrated solutions throughout the entire care cycle, from awareness and diagnosis to long-term success, can help providers and their patients to see the best possible outcomes.”
Other key considerations providers should consider implementing to help make 2014 a year for business success:
- In order to thrive and survive in any business that bills Medicare, be proactive in the areas of compliance and changing the way you operate to meet the strict regulatory oversight. Otherwise, you will be more vulnerable to audit denials and overpayments in traditional and managed Medicare plans.
- Augment your business by adding an Internet/retail presence.
- Drive patient referrals by increased use of portable oxygen concentrators.
- Offer POC rental and travel programs.
- Partner with manufacturers that are financially stable and will be available for product support in coming years.
- Become a resource for pulmonary departments within local hospitals.
- Reduce re-admissions for all hospitals in your marketplace.
- Create a COPD program for patients to follow as part of their care plan.
- Educate your sales staff to be experts on products that will benefit patients.
- Continue to be the DME of expertise for local sleep labs.
- Keep building your resupply business.
- Develop a smart consumer-marketing plan.
- Develop an education plan for your patients.
- Develop an education plan for your referrals.
- Develop a communications plan for your patients.
- Recruit patients to your office for fittings and adjustment and run CPAP and mask clinics that let patients see their options.
This article originally appeared in the October 2013 Respiratory & Sleep Management issue of HME Business.