Running a durable medical equipment (DME) business is a tough gig. Every day, you have to juggle a million different tasks, including processing reimbursement claims and following up with patients. With so much to do, it’s inevitable for some things — like tidying up and keeping things organized — to fall through the cracks. And when everything’s a mess, it can overwhelm your team and lead them to perform less efficiently.
Below are some useful tips and tricks to clean up your DME business and breathe new life into your operations.
Purge your inbox
Unread messages and spam can pile up fast if you don’t stay on top of your inbox. You can easily regain control by setting aside a few minutes every day to sort through your emails. Delete spam and emails you no longer need, and archive important messages such as purchase orders and invoices. It’s also a good idea to file emails into folders to make it easy for you to find the information you need.
Most email services come with the option to delete emails in bulk. In Gmail, for instance, you can select all messages in any of your inbox’s three tabs (Primary, Social, and Promotions) and delete or archive them with one click. You can also use the search bar to look for specific emails by subject, sender, and keywords, among other criteria. These functionalities enable you to go through your mail and get organized quickly.
Review and refocus your budget
Compare your DME business’s budget against your actual income and spending to see how you’re doing in terms of your financial goals. Are you on target or are you spending more than you planned for? If you’re over budget, there might be some leaks in your spending plan that are causing you to hemorrhage money. These include not-so-obvious expenses such as bank fees or losses due to understaffing. Plugging up these budget leaks immediately will help get you back on track to achieving your financial goals.
You’ll also want to cut your expenses by eliminating discretionary spending, renegotiating the lease on your office space and/or warehouse, and asking creditors to write off a percentage of your loans, to name a few. At the same time, you must step up investment in activities that will improve your bottom line, such as marketing and employee development.
Assess your inventory
You may not be aware of it, but excess inventory may be causing your DME business cash flow problems. Surplus items take up space in your warehouses, costing you a significant amount in storage and inventory management. And since they’re just sitting in storage, you’re not profiting from them. Purging your inventory of old, damaged, expired, and low-turnover items will free up space for other, in-demand products, which will help you improve your offerings and revenue.
Aside from clearing out excess inventory, you should also take the time to assess why you have overstock and take the steps necessary to prevent a surplus in the future. Some of the things you can do include setting minimum and maximum inventory levels, conducting regular inventory audits, and investing in a cloud-based inventory system.
In particular, a centralized inventory system will allow your staff to keep track of your stocks, analyze product movement, and identify low-turnover items in real time across your business’s various locations. They can use this information to accurately forecast demand and properly plan replenishment orders, so you don’t end up with too much — or too little — inventory.
Update customer data
Having an outdated customer database can lead to errors and inefficiencies in areas of your business that rely on patient information such as order processing and billing. These issues may result in costly rework efforts that take your team away from their core responsibilities.
It’s therefore crucial to regularly validate and update patient information such as billing and delivery addresses, phone numbers, and insurance details. Delete duplicate entries and make sure that data aggregated from various sources is consistent and thus usable across your team.
Moreover, consider centralizing your patient data by deploying a cloud-based customer resource management (CRM) platform. Aside from enabling different departments to view and edit the same data from a single dashboard, a CRM has the added benefit of preventing information silos and related issues in your organization. Also, you should look into integrating automated data validation tools with your CRM to further increase your staff’s efficiency and productivity.
Organize your space
A clean, well-organized workplace offers many benefits, including increased productivity and reduced hazards. It also gives your customers a good impression of your business. So if your offices are looking a bit cluttered, it’s time to bring out the cleaning supplies and clear out as much junk as possible.
You don’t have to do anything too drastic. Start small and tidy up a little at a time; don’t be so ambitious that you end up overburdening yourself. And remember to plan ahead — set the best time for the task and prioritize — and get everyone on your team to pitch in. If your staff has been working remotely, encourage them to declutter their workspaces at home. Getting organized will allow them to better focus on their tasks, improve their comfort level, and lower their stress and anxiety.
A clean, well-organized workplace offers many benefits, including increased productivity and reduced hazards. It also gives your customers a good impression of your business.
You can also tidy up and streamline your DME business by partnering with a resupply company like Revsuppliance. Our professionals have the skills and experience needed to create efficiencies in all areas of your operations, from patient outreach to DME billing and coding.
Get more information about our services or schedule a demonstration by calling 405-467-1791.