Get more guidance from HME experts on moving forward from the COVID-19 crisis.
Prochant’s Joey Graham and fellow industry veteran, Ty Bello, recently revisited their white paper, “2021 & Beyond: From Surviving to Thriving,” through the lens of the current pandemic. They sat down for a two-part podcast called “Navigating the New Normal for HME and Infusion Therapy.” Last week, we shared the first few takeaways. Here are more ways to navigate the “new normal” for HME.
Navigating the New Normal
1. Implement an operating system.
Focus, discipline, and accountability are needed greatly, post-COVID. Is a new operating system the answer? Operating systems address your business’ vision, people, processes, planning, and metrics.
Here are signs that your HME company needs an operating system:
- Not getting the right results;
- Vision unclear and not shared by all;
- Right people, right seats issues;
- Unable to get to key priorities;
- Meetings are ineffective time wasters.
Joey recommends several options, including the EOS / Traction and Rhythm models; strategic coaching; and consulting firms.
2. Consider new resources.
Moving forward, Ty recommends that HME providers look to their state associations, industry thought leaders, AND outside consultants / coaches for guidance.
You need a true partner and coach in your consultant.
If your consultant can implement their recommendations right away, then you are ready to begin the consultative process; if you plan to implement their suggestions internally, then you will need to gather a group of your strongest talent. They will lighten the load and allow your team to perform their jobs effectively as the consultant and their team bring necessary change to your company.
3. Leverage outsourcing.
You have two, key types of outsourcing to leverage post-pandemic.
Strategic outsourcing aligns itself with your company’s long-term strategies: gaining a competitive advantage, repositioning your company in the market, or focusing on activities that are central to your business.
However, tactical outsourcing seeks to fill a specific part of a business function, generally as a convenience, gap-fill, or for a special project, rather than as part of a long-term strategy.
4. Pick a niche and specialize.
Joey suggests that providers dig into a niche, or “small pond where you can be the big fish.”
A niche is a business strategy that focuses on parts of the market with little or no competition. What are some reasons for taking this approach?
- Differentiating your brand in a crowded marketplace;
- Appearing as a unique authority, and resonating more deeply with a distinct set of clients;
- Leveraging your expertise in one area to stand out from your competition;
- Performing a SWOT analysis to determine which niche(s) could be right for you.
Examples of these niches include complex rehab, complex respiratory, supply house, and pharmacy.
Tune in next week for a new blog post! Email us now to receive the second part of Joey and Ty’s podcast.
Prochant is the nation’s leading HME billing and process outsourcing company. Our highly-skilled team helps providers become more profitable by outsourcing or enhancing front- and back-office processes. We rapidly implement changes and proactively monitor metrics to ensure client success. Headquartered in Charlotte, North Carolina, we work with top medical equipment providers and health systems.