Leverage Technology To Maximize HME Business Growth

Posted by Jason Dillon on April 3, 2017
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The implementation of competitive bidding across the United States wreaked havoc within the HME marketplace. Smaller HME providers found themselves heavily hit and scrambling to recover from the far-reaching ramifications of losing a competitive bid, including financial loss and the need to develop a new plan. Many HME providers were forced to pull themselves up by their bootstraps and begin anew. Investing in HME-specific technology that improves market visibility, supports adaptability, and informs strategic decision-making is a critical component to overcoming the adversity imposed by competitive bidding.

3 Keys to Running a Profitable HME Business

An investment in an HME-specific sales platform allows you to leverage technology to further your business growth and navigate the HME marketplace.

1. Adaptability

In every industry, the one constant is change. Competitive bidding forever altered the HME landscape. Many HME providers struggled to accept this new reality that had been forced upon them. In order to achieve long-term success in business, you must learn to quickly adapt to your present situation. Failure to adapt your business model and strategy in the HME market stunts business growth which in turn shrinks your sales and profit. It’s time to change your thinking.

If you’ve lost a competitive bid, view this as an opportunity to innovate. Take time to reflect and consider the following:

  • How do you re-evaluate your existing business?
  • What are your goals?
  • What other opportunities are available?
  • How can you adjust and differentiate yourself in the market?

Blending in with your competitors will not yield results. Visibility into the HME market is critical if you are to make informed decisions about the best way to proceed to achieve your business goals.

2. Market Visibility

Investing in HME-specific technology allows you to gain visibility into the market to know which referral sources to target to yield results. Access to HME market intelligence data is essential to maximizing opportunities by allowing you to:

  • Identify new opportunities for your HME business
  • Locate potential referral sources
  • View your competitor’s market share

This data gives you the ability to quickly identify sources that are a match to your product offerings so that you can execute targeted marketing campaigns. Once you’ve successfully acquired these referral sources, you can use this technology to manage and nurture these relationships by providing best-in-class customer service.

3. Strategic Decision-Making 

Increased market visibility allows you to make informed, strategic decisions about your HME business growth that save you time and money, while also increasing your market share. Knowing whom to target and how often allows you to maximize the productivity of your sales team. It’s important to choose a technology that is intuitive to your needs as an HME provider.

Don’t Cut Corners: Why an Investment in HME Specific Technology Makes Sense

HME is a niche market. Trying to fit your HME business into generic software is like trying to fit a square peg into a round hole… it just doesn’t work. Providers who choose to go the generic software route are often dissatisfied and frustrated with the lack of intuitiveness, and need to run multiple complex systems to achieve their goals.

Selecting an HME-specific technology solution allows you to enjoy the benefits of a software that is perfectly suited to your needs and designed for your business. You effectively eliminate the headache of trying to run multiple different software products to accomplish tasks, and surge ahead of the competition with access to integrated market intelligence data.

Benefits of choosing an HME-specifics sales technology:

  • Integrated market intelligence data
  • Increased efficiency
  • Management of client relationships
  • The ability to monitor and track the activities of your sale reps
  • The ability to filter market intelligence data by area, product, diagnosis to quickly identify potential referral sources
  • Built-in reporting: track your progress toward your goals with industry-specific reports

With imposed competitive bidding already reducing your market share, don’t waste time and energy on a sales technology platform that doesn’t work for you or your business. Investing in the right technology will allow your HME business to thrive in spite of the restraints of competitive bidding. Success is a choice. Change your mindset, select the right tools and look ahead to the future. Adopt a plan that positions you as a leader. 


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Topics: Sales, Technology, HME, Market Intelligence Data, Sales Growth

Jason Dillon

Written by Jason Dillon

Jason Dillon, National Account Executive with PlayMaker CRM, is a seasoned sales professional with experience in both healthcare and cutting-edge software solutions. His understanding of how HME and Infusion providers can drive business growth using technology is matched only by his desire to solve the day-to-day business challenges of post-acute care providers across the country.

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