DME FAQs: How your healthcare business can benefit from networking events by Analytix Editorial Team | September 11, 2020 | 8:44 am Category : DME If you are a DME/HME considering whether it would be beneficial to attend medical conferences and networking events, here are some compelling reasons you should. In the time of COVID-19, conferences and events are online. So, as a DME/HME owner looking to grow your business, you stand to gain a lot by attending as you can: Hear about common struggles faced by others in the industry and how they overcame them, and were able to grow their business. Gain additional information through transfer of professional knowledge. Learn more about how to make your own business operations smart, hear about new software and digital trends, and get dependable numeric data if you need more convincing. Too often, the nature of the work of small to mid-size DME/HME businesses results in neglecting the health of their own business, even as they ensure healthcare reaches their clients. This is not always due to inadequate attention paid to business management. Factors such as industry best practices and market trends can help keep a business competitive. Attendance at events, seminars, and conferences can aid in building a reputation and fostering trust for DME/HME businesses. Meeting decision makers A large part of healthcare business networking is about meeting key decision makers for the industry and the patients. These are the people who influence key purchases, business partnerships, and investments. Participating in events and meetings can help provide small business owners and operators the opportunity to interact with influencers and introduce their own services as well, thus opening up the chances of business building. Developing peer networks Attending conferences and seminars, including member-events, are an excellent way to make connections and build a resourceful peer network for your business. Attending events organized specifically for the healthcare industry can propel business networking prospects, enabling access to resources necessary for business sustainability and development. Trend spotting There is no fool-proof manual of proven tips that your DME/HME business can follow to ensure success. Attending industry-specific events can help your business gather rich information pertaining to furthering the business, grant you access to market and industry trends, and provide you with critical inputs on inventory management and feedback on suppliers of quality medical equipment. Addressing healthcare system challenges The healthcare system is reeling under the additional burden of COVID-19. At times like this, member associations and industry-specific events can help businesses understand, identify, and eventually find solutions to overcome challenges. Whether it is supply and inventory based, digital and technology focused, or best practices for crisis-induced challenges like supply chain logistics, a peer network can help your business out of difficult situations, if they arise. Networking events are also a dependable way to initiate major decisions for your business, such as investing in technology, outsourcing specific operations, or entering into medical billing partnerships. Building business through referrals Networking events provide direct access to referrals and contacts that can help a small business ascend the growth curve rapidly and successfully. Businesses can interact with people they have never met before. Business representatives can freely exchange information and ideas to facilitate mutual growth, and importantly, business contacts can be exchanged to help build potential clientele. Points to consider if you’re an emerging DME/HME in the time of COVID-19 If you’re a recovering DME/HME pursuing business building, consider outsourcing your medical billing requirements to professionals. This can help streamline transaction records and medical records and documents. It can also help ensure your business gets paid for the DME/HME services provided to your clients and patients. Next steps Learn more about Analytix medical billing solutions that streamline your operations and boost profitability. Engage with us on LinkedIn and Twitter.