HME News

AUG 2017

HME News is the monthly business newspaper for home medical equipment providers. This controlled circulation publication reaches 17,100 home medical equipment services providers, including traditional HME dealers & suppliers, hospital- and pharmacy-o

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6 www.hmenews.com / august 2017 / hme news e ditorial Publisher Rick Rector rrector@hmenews.com e ditor Liz Beaulieu ebeaulieu@hmenews.com managing e ditor Theresa Flaherty tflaherty@hmenews.com contributing editor John Andrews e ditorial d irector Brook Taliaferro e ditorial & a dvertising o ffice 106 Lafayette Street PO Box 998 Yarmouth, ME 04096 207-846-0600 (fax) 207-846-0657 advertising account manager Jo-Ellen Reed jreed@hmenews.com advertising coordinator Christina Dubois cdubois@hmenews.com Production director Lise Dubois ldubois@unitedpublications.com re P rints For custom reprints or digital reuse, please contact our reprint partner, The YGS Group, by calling 717-505-9701, ext. 100, or unitedpublications@theygsgroup.com a rt c redits Steve Meyers: cartoon s ubscri P tion i nformation www.hmenews.com/subscribe HME News PO Box 47860 Plymouth, MN 55447-0860 800-869-6882 Publishers of specialized business newspapers including HME News and Security Systems News. Producers of the HME News Business Summit and the Home Health Technology Summit. President & ceo J.G. Taliaferro, Jr. vice President Rick Rector 'Action expresses priorities' I n these challenging days, h M e businesses can be an insular bunch. But there are problems in any market. And the severity of those problems typically ebbs and flows, with periods of decline and regrowth. At this year's h M e n ews Business s ummit, we're here to focus on the latter: regrowth. t o regrow, a business must take action. It can't wait for it to hap- pen. It must make it happen. s ometimes taking action means throwing your playbook out the window. n ever think you'd outsource your billing operations to another country? n ever think you'd drop- ship sleep therapy equipment and service patients remotely? For speakers t odd Usher and Joseph LaPorta, two providers, it not only made sense, it has worked. e ven pre-eminent health systems are under pressure to take action. As health care transitions from a fee-for-service to value- based model, keynote speaker Don Carroll is reshaping Cleveland Clinic's home and transitional care services to become not only a provider of specialty referral-based services, but also a manager of population health. h e's writing a new playbook for connected care. t here are very few more action-oriented entities than private equity firms, and we'll have three of them represented on a panel to talk about how they're taking h M e -relat- ed businesses to the next level. Less burdened by the indus- try's past successes and failures, these firms have no playbooks. Almost anything is fair game. t o use a lofty quote from Gandhi: "Action expresses pri- orities." What actions are you taking? And what does that say about your priorities? Come to the s ummit,and find out. hme l I z beaul I eu Don't let desperation lead to miscalculation R e C ent L y, W h IL e talking with a friend/business adviser about expanding my business, we dis- cussed some areas that I had ventured into in the last year. t he topic of the conversation revolved around budget allocation for this expansion. I know what you are thinking, "yawn." During our conversa- tion, he asked me my thoughts on the marketplace in which I was making my move. I knew I could do what needed to be done to make it successful, but as we continued to talk about the costs and steps required to make it happen, I said, "I know I can do it, but I'm just not passionate about it." At that moment he said, " s top right there. If you don't have the passion, it's not worth pursuing." h e was right. y ou have to have passion to be success- ful. s o I took a step back and asked some important questions: What excites me in business; where can I find my passion in my expansion; what is holding me back and how can I overcome that? I have to say, I still have passion when it comes to my current book of business in health care. At this point, you may be thinking I'm crazy. I don't blame you, as it's hard to imagine still having that enthusiasm with all the challenges we face in the current marketplace, but God help me, I'm still passionate about it. t hat being said, to stay relevant and grow, you have to look at areas that ignite in you a hunger for more. t his conversation with my trusted friend was a pivotal moment for me. I had been feeling a burden about my thoughts on the expansion and when he pointed out what I knew but didn't want to admit, I found my load lift and ideas flow. In these days of uncertainty about the healthcare arena, many owners look desperately for a new way to increase revenues. Desperation can lead to miscalculations and lost profitability. We forget that we are entrepreneurs who began many years ago with a passion and a purpose that led us to start our businesses. Over time, some may lose that entrepre- neurial spirit as work experiences, reimbursement cuts and maybe age takes its toll. Why should we not move forward with the same vigor and optimistic fortitude that got us into our businesses? t he only thing stop- ping us is ourselves. My son graduated from college recently and he is so enthusiastic about his future. h e listens to podcasts, reads books and sits in on lectures from some of the most successful and wealthy entrepreneurs. h e found them so interesting that he told me about them. I began listening to the same speakers and reading the same authors, and I have to say, I found myself getting excited again. s o when my friend told me I needed to do some- thing that gave me passion, it all hit me at once. e verything that I had been reading, listening to and thinking about settled in and I knew that I could find my new passion in business and I am an entrepreneur. t hat spirit needs to feed our minds and ideas for new revenue streams, opportunities and increased potential for success. People always say, hindsight is 20/20. Guess what: As more experienced (not older?) entrepreneurs, we do have the insight and experience that we didn't have in our 20s and 30s. We can use that knowledge to spur on new ideas, experiences and yes, even new businesses. We can keep our current companies moving forward by reviving our sense of spirit, and if we want, venture into new business expansions, too. y ou don't have to be a millennial to find your revived entrepreneurial spirit and make the jump to increased success. y ou just have to have the passion to take the leap again. And if you need a little extra courage, there's always wine. —Sarah Hanna is CEO of ECS North in Tiffin, Ohio Letter to the editor Sarah Hanna c orrection On page 19 of the July issue, we misla- beled Rovi's power wheelchair. h ere is the correct listing: Rovi Rovi X3 ■ In-line battery configuration for stability. ■ Narrow overall width for indoor accessibility. ■ ARC suspension and EAD 4-pole motors for maneuverability. www.rovimobility.com

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