If businesses can manage a crisis well, they emerge stronger than before. In the current situation, companies that adapt to change are likelier to emerge more resilient and tougher from it. COVID-19 has led to large-scale lay-offs and a bleak economy, affecting typical small businesses where it hurts most: lack of adequate staffing and reduced financial capabilities. For a DME/HME business, challenges include ensuring supply while managing logistics and facilities burdened by the COVID-19 pandemic. DME/HME businesses looking to emerge stronger from a crisis, consider:
- Identifying challenges and looking for resolutions
Businesses, including your DME/HME, are vulnerable to disruptions in product manufacturing, supply chain, logistics, and more. Your business should not stay vulnerable. Identifying issues with management can be a first step to resolving them and strengthening your business. For example, if getting claims paid is an issue you face time and again, outsourced medical billing is a good option. Medical billing can help streamline record-keeping to ensure critical documents like prescriptions and authorizations are filed neatly and accessible on demand, allowing for prompt payments.
- Going digital
The businesses that continue to operate, or are re-emerging, are doing so on the basis of technical strength or adoption of digital solutions and automation. This has helped deal with the loss of critical staff. An International Data Corporation report describes the need for digital marketing in small businesses to mitigate the impacts of COVID-19. According to the report, 43.4 percent of small businesses have Ecommerce capabilities, while 24.1 percent intended to increase them before COVID-19 became a pandemic. A TechRepublic study found that nearly three quarters, or 70 percent, of small business respondents are accelerating digital transformation efforts due to the coronavirus pandemic.
- Embracing change
A recurring theme in crisis management is adaptability. Whether adopting technology to manage certain aspects in your business operations, or choosing to change the way you transact with stakeholders, including patients and vendors, the COVID-19 crisis has been transformational in several different ways. Business operators, owners, and employees are discovering the need to learn new skills and equip themselves to cope with demands that previously didn’t exist or were once marginal in status. These skills include working remotely in roles that traditionally needed in-person engagement. One of the biggest surprises has been tele-health, or healthcare consultation on video calls, instead of in-person.
For small businesses, change also includes employees embracing new roles and learning to ensure they’re performing optimally.
Bringing it all together
If your DME/HME business is just starting out, or considering re-emerging after a crisis, consider engaging a professional, or better yet, a DME partnership. Not only is it a simpler solution, since your business benefits from proven systems, it also helps save up on costs. Most small businesses face financial challenges that become greater during a crisis. A DME partnership can be a great way to develop sustainability and strength as you continue your journey with access to proven infrastructure and expertise.
- Learn more about Analytix medical billing solutions that streamline your operations and boost profitability.
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