COVID-19 has been changing the way we look at things in healthcare. Rather than achieving desired needs, survival has become the uncompetitive desire in these pandemic days of livelihood. Like every industry encounters challenges to handle their business in their present scenario, durable medical equipment (DME) in healthcare also requires a great boost and new approach for further enhancement and sustainability. Navigating to the new normal can take some time for DME suppliers to completely transform. Still with the support of simple-to-learn and implement technology, it becomes easy-to-handle the current situation for them as well.
As a new approach to DME industry, this article brings you some useful ways that you can revamp your DME business in 2020. It will definitely be an aid for you to navigate this new normal.
#1: Act smart with your expenses
Here are some best ways that you can keep checkpoints on your DME expenses.
Extend your payroll taxes
DME providers are eligible to delay the payment of the FICA part of payroll taxes, as you have time to pay those taxes until the end of the year. This could serve your payment needs of any urgent purchases or expenses.
Limit your expenses
See which expenses are essential and you cannot avoid at all. You can try to avoid the rest and save for other mandate needs. Following these strategies can show you some way for saving funds:
- If you are serving industries like real estate, vehicles and other large loans, opting for interest-only payments can help you to an extent.
- Understanding the current situation, many landlords are offering extension on rent/lease amounts. Check if your landlord can offer you with the same facility, so again you need not carry any tensions due to financial constraint.
- If you are using any application or software that you may not require at this time, see whether any licensing fee has been paid regularly. If so, you can stop temporarily using those apps and go for a limited/free version as of now.
- Control your credit card expenses and try to limit your DME office needs. Use/spend only when highly unavoidable situations occur.
#2: Grab benefits of online industry events
Make online webinars your e-learning platform and try to gain more knowledge on the DME industry. This helps you recollect previous practices and how you can implement them in the current trend without changing its originality but in a modernized manner.
#3: Serve your DME billing teams
If you have laid-off some employees or made them work even on this terrible condition, sufferings will have more impact than how you treated them in earlier days. But you can still keep hold of the rest of your employees and motivate them susceptibly and positively.
- Highlight your team’s efficiency everyday with which you are in this position at present. Wish them a good morning when the day begins and a thank you when the day ends.
- Conduct a one-one session with your employees and know about their family and financial condition and keep it confidential as well.
- Offer a free financial advice through a trusted financial advisor or to pay for doing a budgeting course online.
#4: Work from home and stay safe
Give instructions to your IT and HR department to ensure that majority of employees work from home, and the required facilities are provided to them without any delay. Make all the necessary guidelines implemented properly and suitable for working from home. Provide laptops or PCs to work from home employees and make sure they all are set to work without any interruption.
24/7 Medical Billing Services is a DME billing company that supports its DME suppliers at a great level. The piece of information provided in this blog is an initiative taken by 24/7 Medical Billing Services to support DME providers with various ways they can tune up from the current situation. We encourage start-up DME providers to reach us for any strategic consultation and support through any of our communication channels.