Page 21 - HME Business, January 2018

with some really unique solutions that are coming in very small form factors.
This is a key product trend that sleep providers will want to monitor during 2018, because it could translate into considerable added retail revenue for them. While a patient’s home PAP device will likely be funded, a tiny travel device is likely to get billed to their credit card. Moreover, since the batteries on travel sleep therapy devices are smaller, the patient is likely to buy some backup batteries as well.
We’ve pro led some of travel sleep therapy devices in the sidebar, “Sleep Products That Will Help Fuel Your Business Through 2018.” Make sure
to take a look at the options available and continue to keep an eye out for new travel friendly units to get unveiled during 2018.
Prioritizing Patient Re-engagement
Sleep providers need to get used to the idea that they sometimes
fail patients. As of 2014, an esti- mated eight million people who had been diagnosed with OSA were not engaged with therapy, according to analysis from Philips Respironics of data from the Centers for Disease Control, Health Market Science, Acxiom and Forrester.
When a patient doesn’t comply with therapy or drops off the face of the map, the provider must take responsibility for that. That said, make no mistake, this isn’t about fault or blame, this is about patient care and business opportunities. If patients are dropping off, then so is revenue, and providers are obliged by their bottom lines just as much as their
care concerns to pick those patients back up and get them back on their therapy programs.
This means that for 2018, providers should be analyzing their wayward patients that are either struggling
to a considerable deal or have
stopped therapy altogether and devel- oping campaigns that are aimed at re-engaging them and getting them re-involved with managing their condi- tion. These campaigns should provide a mix of information on managing their condition, the dangers of untreated sleep apnea, the technology advances, improved product comfort, and the ability to self-manage conditions. In other words, they must provide any “hooks” possible that will recapture patients’ interest and get them back on their therapy.
Renew
Renew
The Distributed Provider
How outsourcing can drive provider revenues & profitability.
What’s Inside:
Standard Power’s Retail Rebirth 25 News, Trends & Analysis 8 FightingBackWithNumbers 6 AnalyzingHME’sFuture 14 OrthopedicSoftgoods 28 ThePowerofPartnership 30 Services Help HMEs Become More Flexible and Responsive Outsourcing has been a i n f d a u m s i t l r i a i e r s c f o o n r c a e t p l e t a f o s t r t m w o o s dt Ae c m a e d r e i c s a , n but in the world of HME, it’s still
r s e u l r a p t r i v i s e i n l y g n —e w w t e e ’ r r r e i t o t a r l y k i n T g h a a t b ’ s o n u o t t
h p e a a t i l e t h n c t s a , r s e o A t h p e r on v o i t d i o e n r ’ s o c f l o i e u n t t s s o a u r r e c i n g any aspect of their care can seem contradictory to the process
But it doesn’t have to be that way Services are now letting providers outsource various aspects of their businesses that are costly to admin- ister themselves This is critical given that Medicare and private payer insurance is reducing reimbursement, and price-competitive retail providers must source ways to maintain or widen their margins Moreover, outsourcing lets providers take on new capabili- ties, such as e-commerce and distrib- uted ful llment, which helps them reach even more patients with even more services
The result is that providers can use outsourcing to become distributed businesses that are more agile and capable of adapting to funding and healthcare changes, while providing newer and better offerings to their clients This month’s cover story looks at some of the services available to HME businesses and how providers can start using them
Outsourcing
Provider Functions Page 16
September 2017 Volume 24, Number 9 hme-business.com
Shining a Light
Industry experts help providers navigate upcoming trends.
ALSO INSIDE: SPECIAL WOMEN’S HEALTH COVERAGE
STARTS ON PAGE 34!
What’s Inside:
Medtrade Products Showcase 28 News, Trends & Analysis 8 HMEBootcamp 12 Post-MastectomyCare 34 A Critical Compression Market 38 RevampingResupply 42 Experts Share Insights on the Strategic Issues Facing HME Every year, HMEB
c BonavrdenteosditiscEudssitokeriyalisAsduevis,otryends, challenges and opportunities that
p forroivnidtheerscwoimll winagnmt tonmthosn itor and plan
o f T p h r o e v b i d o e a r r s d , i H s M m E a d b e u s u i p n e f s r o s me x a p e v a r t r s i e , t y manufacturer representatives and industry advocates In short, it is a perfect cross section of the industry There are longtime veterans that sit on the board and share their expertise and perspective, as well as newcomers who bring fresh viewpoints and ideas But they all share a few common traits: They care about this industry; they offer valuable, strategic insights; and they have a vested interest in seeing the readers of this magazine succeed both from a care and a business perspective
And this year, their input is needed more than ever The industry nds itself in a state of transition, as it has more allies on Capitol Hill and in CMS It will likely see a kinder regulatory and legislative environment, but there might not be any going back from some of the changes HME has already experienced This year’s annual roundtable aims to look at the trends and issues you might not be consid- ering, so that you can safely navigate the industry’s uncertain waters Annual Advisory
Board Roundtable Page 14 October 2017 Volume 24, Number 10 hme-business.com
POCs:
What’s Inside:
E-CommerceforHME 20 News, Trends & Analysis 8 OxygenAudits 16 SleepProductSolutions 25 HMEProductInventory 26 HMEBusinessOptimization 30 Portable O2
Still Proves Problematic for Some Providers Oxygen providers have b r e e g e a n r d h i e n a g r i p n o g r a t a f b a l me i o l i a x y r g a e r g n u f mo r e s n o t m e time now The basic business proposi- t p i oa t n i e i s n t t s h a t o t i p f o p r r t o a v b i d l e e r o s x c y a g n e n t r a s o n l s u i t t i i o o n n s , u a n s e d r s t h w e i r l a l e p n e j u o t y i c b o e u t t t e c o r mq u e a s l i d t y u e o f t o l i f e increased ambulation, and providers will reap the rewards on the back end thanks to greatly diminished deliveries and maintenance costs Throw in the improved reputation with referral partners, and there’s a lot to be said for that model
Then there’s the impetus for oxygen providers to look into new business models given pressures such as competitive bidding and the “here to stay” 36-month rental cap, as well as the continued onslaught of audits If providers can’t nd ways to reinforce their margins through increased ef ciency, their bottom line will soon be behind the eight ball
Most of all? Customers want portable solutions There is a booming business being done on the Internet selling portable devices to patients for cash
But many respiratory providers still refuse We ask the experts why that is; why hold-outs need to give portable oxygen a chance; and how they can get started
Annual Oxygen
Market Outlook Page 14
November 2017 Volume 24, Number 11 hme-business.com
Leap of Faith
Respiratory providers waiting in the wings need to take the portable oxygen plunge.
HME’s Next Generation
How Providers Can Connect with Baby Boomers
What’s Inside:
2017 New Product Awards 20 News, Trends & Analysis 8
AnnualSoftwareSurvey 26 BoostingMobilitySales 12 CompressionSolutions 32 LivingintheMicro-Moment 34
Are Providers’ Marketing and Sales Ready for the Baby Boom?
As the Baby Boom has progressed through history it has left a massive impact Whether it was the beginning of targeted youth market- ing, the summer of love, or the groovy disco era, the 76 4 million-person age cohort has dramatically in uenced American culture, politics and history Now it’s impacting HME
As a market of HME consumers, baby boomers greatly differ from previous generations For starters, they lead extremely active lifestyles, with even their eldest members engaging in serious athletic pursuits, such as marathons and triathlons Well into retirement, boomers want to keep living independently for as long as they can, and need medical products that help them do that
Boomers also have re ned consumer tastes and want products to re ect them Gone are the days of “bent metal” when it comes to HME For instance, looking at bath safety products, Boomers want tastefully designed items that will look at home in their interior design They expect HME products to re ect those kinds of consumer-culture sensibilities
Those are just two facets of how the Baby Boom represents an entirely new marketing and sales challenge for HME providers Read this month’s cover story to learn more
Reaching
Baby Boomers Page 14
December 2017 Volume 24, Number 12 hme-business.com
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hme-business.com | January 2018 | HMEBusiness 21