The Cash Sales Hustle
HME’s retail rumba is revving up. Are you going to dance to a new tune or miss the cash conga line?
- By David Kopf
- May 09, 2013
Do you hear that steady drumbeat? It’s the sound of HME’s retail rumba revving up, and its time to start learning the steps. If you’ve been reading HME Business for any time, you know that we’ve been pounding out a steady drumbeat when it comes to cash sales. Since 2008, we have made it an editorial priority to make retail sales a primary element of our coverage.
But what’s frustrating is that it’s been taking a while for a lot of providers to start moving to the retail rhythm. Make no mistake, cash has a catchy beat that can sweep you away once you start cutting a rug, but a lot of HMEs have been wallflowers up until this year.
What changed? What compelled providers to finally step out on the floor and start moving their feet? Competitive bidding Round Two’s steady, dirge-like progression has forced them to move into action. The announcement of Round Two’s reimbursement rates with their eviscerating 45 percent average funding cut, and the unveiling of the Round Two contract holders have been a wake-up call like no other.
Simply put, providers have no choice. They either start discovering ways to expand and diversify their revenue, or they can hunker down and wait to watch Round Two slam dance all over their businesses.
Fortunately, providers are starting to tap their feet to the retail beat, as evidenced by the buzz among attendees, exhibitors and speakers at March’s Medtrade Spring in Las Vegas. While many in the industry have been espousing the benefits and necessity of expanding into retail sales for some time, it was as though attendees were truly sitting up and taking note of the information and solutions being offered to them.
That’s great news for us here at HME Business, as we have been intensively covering cash sales for the past six years. If you haven’t already, make sure to visit our Cash Sales Solution Center to page through a plethora of current and past features, articles and columns covering retail sales.
Better yet, we’ve also hosted a number of webinars on cash sales hosted by extremely informative speakers, and are gearing up to stage another such online education opportunity on May 29 at 11 a.m. Pacific/2 p.m. Eastern. Titled, “Fast-tracking Retail,” this webinar is being presented by Ty Bello, RCC, president and founder of HME sales consulting firm Team@Work LLC, this webinar aims to give attendees the tools to develop a solid internal and external sales plan, as well as the insights needed to create and sustain a long-term marketing plan to reach consumers.
I strongly encourage you to sign up for this webinar. Ty’s an engaging and educational speaker who will give you enough ideas and insights to fill a notepad. That said, you’ll be able to re-watch and listen to the webinar as an archive and share it with your co-workers as well. Also, please make sure to go through our back retail sales stories and see if there aren’t some topics that might help you you expand your retail dance routine.
Even if you’re just stepping onto the retail dance floor for the first time, by gaining even just a little education, you’ll go from a simple fox trot to a tango in no time.
David Kopf is the Publisher and Executive Editor of HME Business and DME Pharmacy magazines. Follow him on Twitter at @postacutenews.