Navigating a home-based care supply business is no easy feat, riddled with challenges that test your resilience. However, nestled within these challenges are silver-lined opportunities ready to be seized. At the recent VGM Heartland Conference, Joey Graham, Chief Revenue Officer at Prochant, and Ronda Buhrmester from VGM, shed light on these opportunities and strategies to master your resupply business.
Overcoming the Resupply Tunnel Vision
Graham pinpointed a common error within the healthcare supply industry - the limited scope of resupply. Often, professionals tend to confine resupply to CPAP alone, overlooking an array of other product categories eligible for resupply. According to Graham, this is akin to "wearing blinders", narrowing potential revenue avenues.
Exploring the Expansive Resupply Landscape
Beyond CPAP, lies an untapped and expansive market for resupplies spanning diverse areas such as urology, ostomy, incontinence, diabetes, enteral, mastectomy, TENS, and neb-meds. Embracing this wider perspective could unlock immense opportunities, allowing businesses to maximize their resupply revenue.
Unlocking the Secrets to a Successful Resupply Business
Mastering the resupply business isn't a feat achieved overnight, but Graham distilled it down to two crucial elements:
Creating a "Happy Path": This involves proactively managing each patient's prescription and employing a multi-channel engagement strategy (phone, email, and text) to ensure a seamless customer journey.
Cultivating a Dedicated Team: To effectively manage resupply, you need a team exclusively devoted to it. As Graham noted, "This is not your normal intake team,”. Balancing resupply with new orders, setups, or stat discharges often leaves resupply on the backburner. Hence, a dedicated team can ensure undivided attention to this pivotal business segment.
Decoding the Bottom Line
Graham's message from the VGM Heartland Conference is clear - it's time to remove the blinders and see the full potential of the resupply market. By acknowledging the breadth of the market and cultivating dedicated teams, businesses can unlock untapped revenue streams and truly excel in their resupply efforts.
Navigating the dynamic realm of healthcare supplies may seem daunting, but armed with Prochant's Joey Graham's insightful roadmap, you are prepared for the journey. Mastering the resupply business is a challenge, yet it's a challenge worth embracing for the rewards it promises - a thriving business and satisfied customers.
With the right strategies in place and a dedicated team at hand, you are on your way to transforming challenges into opportunities, taking your business to new heights.
Prochant is the only AI-driven reimbursement service provider in the home-based care industry. We deliver focused revenue cycle management (RCM) solutions to healthcare providers with 7 wholly-owned global delivery centers. Our expertise lies in providing end-to-end RCM for home-based care, infusion, and specialty pharmacies, consistently delivering exceptional results to some of the leading healthcare providers in the country. We harness specialized automation technology and deep industry knowledge to streamline the time-consuming and expensive reimbursement process. As a result, we help healthcare providers accelerate their collections, increase revenue, and reduce operational costs while managing risk. Prochant is HITRUST certified, the gold standard for HIPAA security. For more information, please visit prochant.com.