Bright Future for HME – Use Data to Improve Business

Posted on in Growth Strategies

By Mike McGill, VGM Marketing

In today’s business environment, data is the primary driver in decision making.

In our industry especially, data is required not only to evaluate how your business is performing and to determine where it needs to progress, but also to measure how you stack up against peers. 

Benchmarking is a common practice and sensible exercise to establish baselines, define best practices, identify improvement opportunities, and create a competitive environment within the organization.

“We all know you can’t run your business in a vacuum,” said Rick Rector, group publisher for HME News. “Good information is the key to success.”

Benchmarking helps companies:

  • Gain an independent perspective about how well they perform compared to other companies.
  • Clearly identify specific areas of opportunity.
  • Validate assumptions.
  • Prioritize improvement opportunities.
  • Set performance expectations.
  • Monitor company performance and manage change.

VGM members have the opportunity to participate in two varying benchmarking surveys. Dave Lyman, director of Alternate Care for VGM Group, Inc., oversees the 2017 VGM Benchmarking Survey. According to Lyman, member involvement is a crucial step to help better position a provider’s business for the future.

“Compiling this data will help you better manage your business,” said Lyman. “It is important to consistently benchmark your business to others to help ensure that you thrive in the future.”

The HME News survey has been providing useful data for the past 12 years. Their survey is open to everyone in the HME market and includes data points that provide historical perspective.      

“You can find out how other companies in the HME space are doing, what products they sell, what their payer mix looks like, what their DSOs are, and more,” said Rector.

Participate Today

HME News’ benchmarking survey is open through Thursday, July 20. To prepare for the survey in advance, click here to view the survey questions. Providers who complete the survey receive a copy of the results and are entered into a drawing for a free pass to the HME Business Summit, where results will be presented.  

For more information about VGM’s Benchmarking survey, contact Dave Lyman at 855-290-6685 or [email protected].

Click here to start the 2017 HME News Financial Benchmarking Survey.