For several years HME providers have been hit hard by CMS regulations, audits and a suicidal bidding program. All have resulted in downward spiraling reimbursement levels, thinner margins and operational changes that directly and negatively affect the product quality and high level of services that you can provide to your clients and referral sources. The compelling question is: What can I do to survive in this hostile climate?
The answer that’s becoming clear to many providers is to expand product and service offerings to include home accessibility and modification. These emerging markets are a natural progression for an HME because you already provide in-home care services and have always helped your clients live comfortable, safe and independent lives for as long as possible. Accessibility offers a diversified revenue stream that flows away from traditional Medicare and fixed reimbursement programs.
Progressive-minded and proactive HME providers are staking their claim and planting seeds for a bountiful harvest to come. As customers, Baby Boomers are still in their infancy. According to organizations like the U.S. Census, AARP and Met Life, the next 15 to 20 years will have the largest growth rate, with roughly 10,000 Americans becoming “senior matured” every day. That’s the kind of market demographic that bodes well for a full-line service, a one-stop shop that caters to their everyday needs and desires to live independently.
Look closely at accessibility and you’ll find the market is broader than just the aging. The close-at-hand target market is anyone within your current client base that you’re serving. No matter what their home care needs are today, they all have other unexplored needs, wants and desires for assistance in their activities of daily living.
Other patient groups that have additional needs and services include bariatric patients and those with mobility and physical challenges. Take a close look at younger Boomers. These individuals in their late 40s and early 50s have done their research and know that they want to make a difference in their lives to come or for their parents’ lives as they age gracefully in the family home. All have issues within their homes and real solutions are possible.
The most important component of making a successful transition into the accessibility marketplace is marketing. The right message to the right audience in a timely and informative fashion is the key to success. Your existing clientele, your existing referral sources and your community as a whole all need to be made of aware of the new services you offer and the products available to help them.
Those involved in accessibility today will confirm that marketing, awareness and education are as important as product training and the proper credentials. Today’s consumer and your clientele rely on your expertise to guide them through their challenges and find the proper solutions to assist them with their challenges of everyday living for today, tomorrow and the future.
Enhancing your current business model to include accessibility is a multi-step program. You may actually quietly be providing some products or services now, so the first step would be to expand your opportunities and let your community and referral sources know that you’re taking an active role in accessible living solutions. From there the doors will often open themselves. Your staff will be intrigued and eager to offer new and exciting opportunities to their current customers.
Don’t let the fear of installation techniques and remodeling get in the way of your progress. There are avenues to explore within this niche environment that offer a great amount of help, information and expertise. Consultants, experienced and reliable remodelers and associations exist today and are ready to help.
The time for change is now. The opportunity is ripe and the accessibility market has presented itself as a natural progression and enhancement for your current business. Our population is growing older and living longer, but not necessarily healthier. The need for in-home health care and assistance to live independently is stronger than ever. The desire for professional and caring assistance by this generation and their families is growing and will only continue to build for years to come.
