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 modernised 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.
Conclusion:
24/7 Medical Billing Services is a DME medical 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 MBS 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.
Meta description
Are you a DME provider and struggling to get over the
COVID-19 situation? Take a free consultation with us to set your right
strategies. Call us now.
About 24/7 Medical Billing
Services:
We are a medical billing
company that offers ‘24/7 Medical Billing Services’ and support physicians,
hospitals, medical institutions and group practices with our end to end medical
billing solutions. We help you earn more revenue with our quick and affordable
services. Our customized Revenue Cycle Management (RCM) solutions allow
physicians to attract additional revenue and reduce administrative burden or
losses.
Contact:
24/7 Medical Billing Services
Tel: +1 888-502-0537
Email: info@247medicalbillingservices.com
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