On May 10 to 12 at Bally’s Hotel and Resort in Las Vegas, the Medtrade Management Group, the National Association for Medical Equipment Services (NAMES) and the California Association of Medical Product Suppliers (CAMPS) will present the 11th annual FutureShow. This year’s show boasts the theme “Taking a Smart New Step Toward the New Millennium.” Industry experts recommend that HME providers establish a strategic process to achieve the goals they have set for the show, and planning ahead is the first step in that process.
New Discoveries
The trade show floor can be overwhelming with hundreds of exhibitors and products; however, knowing how to overcome the floor can make time at the show well spent and help providers take a smart step.
“Always seek out what’s new,” said Louis Feuer, MA, MSW, director of education, BillCom and Medtrade Management Group and president of Pembroke Pines, Fla.-based Dynamic Seminars and Consulting Inc.
The New Product Showcase is a central place for provider to look at new products. It will include more than 50 products that feature the latest technology and medical advances, and this year’s showcase is expected to sell out. The rest of the 500-booth exhibit floor will consist of the typical mix of tried and true products along with new products, according to Joe Randall, general manager, home health care group, Bill Communications.
Feuer recommends asking exhibitors for clarification about any product that seems unfamiliar because not all new products are marked. Some providers might not know which products are new, and while a newer product might be more technologically advanced, an older product could be exactly what the provider needs. Talking with booth personnel is essential to receive the best information on available products.
“It may be new to you, but not necessarily new to them (the exhibitors),” Feuer said.
New or unfamiliar products may be impressive, but make time on the exhibit floor beneficial by looking for ways to improve current inventory. Miriam Lieber, an HME industry consultant and trainer based in Sherman Oaks, Calif., suggests building additional cash revenue onto existing sales by looking for products that are not covered by Medicare to complement products that are covered.
“Becoming more operationally savvy in a true cost-cutting environment is the focus these days,” she said. “Looking inside your own organization is something that many HME providers are finally confronting.”
Jack Evans, president, Global Media Marketing, Malibu, Calif., advises attendees to look for their niche. Providers should understand what products have the highest turn rate and are the most profitable, he said. After identifying the products, he suggests talking with the manufacturers during the show to determine what other products might appeal to the same customers.
“Become the expert in this respective category by becoming knowledgeable about and being able to provide all of the products and services available,” he said.
When a provider becomes the expert, he or she can advertise and market that expertise to referral sources and to the community, he said.
Educational Opportunities
Another way to take a step in the right direction is to study the state of the industry to successfully attend the show’s seminars. During the FutureShow, NAMES presents its annual conference, which features more than 85 concurrent educational sessions, the Washington Update, and a keynote speech by Dr. Dennis S. O’Leary, president of the Joint Commission on Accreditation of Healthcare Organizations. The conference has nine educational tracks: reimbursement issues, marketing, HME business operations, sales/customer service, strategic planning/new business opportunities, rehab technology, fraud and abuse surety bonds, respiratory care, and accreditation managed care issues.
Topics to Notice
"There is always something to learn or to review no matter what program you attend,” Feuer said.
He said he attends seminars that can teach him new information, enable him to polish his skills or make him rethink his business practices. To keep up with the state of the industry, providers should attend seminars on the hot topics of the day. Such topics include Medicare reimbursement cuts, inherent reasonableness, competitive bidding, and fraud and abuse problems. According to Lieber, confronting problems with managed care contracts is a subject to be reviewed.
“People are learning that a poorly negotiated contract is worse than no contract,” she said.” Learning how to say no to a prospectively unprofitable contract is an art unto itself. Additionally, those who are already engaged in contracts are learning how to renegotiate for better terms mid-contract.”
Customer service is also a key topic.
“The customer is more involved, and we need to better understand our customers and their needs,” Feuer said.
Today’s home medical equipment customer base consists of the product user and caregiver, who might be user’s adult children. Customers want products that make life easier in addition to products that suit their specific medical needs. Retail and add-on items are becoming increasingly popular.
“With retail on the forefront and on the minds of many of our attendees, we may be getting closer to our customers than we have ever in our industry’s history,” Feuer said.The seminars and exhibits at FutureShow not only provide a step in the right direction in regards to industry trends and product advances, but they also provide a good place for networking.
“Take advantage of your peers,” Lieber said. “They typically have invaluable insight and experience.”
By establishing steps that will enable them to plan ahead and stick to that plan, attendees can have a successful trade show experience and take away from this year’s FutureShow new product lines, marketing strategies and knowledge that will make the upcoming year profitable.
