Preparing to sell your
business to attract a
potential buyer can be viewed
much like preparing for an
accreditation survey.
All aspects of your day-to-day
operations need to be evaluated.
However, if your firm is accredited,
it’s likely that you already have the
tools at hand that will make the
job much less fretful.
Good communications are
key. Start with your company
brochure. Include a mission
statement that describes your
business and service goals. Have
documentation that spells out
who formed the company, who
currently owns it, who is in
charge of everyday operations,
as well as a list of employees and
their responsibilities.
How do you deliver the
services you promise? Who are
the customers you serve? Are you
meeting your financial goals?
Your policy and procedure
manual should describe how
your organization gets things
done and those responsible for
doing the work.
Hands-on knowledge of
your employees is imperative.
Performance evaluations and
training tell a prospective buyer
a lot. Ensure that your staff
members are vetted and in good
standing via sources as SAM
and OIG. Review all policies
and procedures. Do they match
your process? If not, change one
or the other.
Sell or don’t sell; that is the question.
Whatever your reason is to sell, you want
to be prepared to get the biggest bang
for the buck!
As accreditors, we look at things
operationally and how what you do
impacts the patient. Though important,
just having pretty financials and good
EBITDA numbers doesn’t paint the whole
picture for us.
First and foremost, the strength of
your business is your employees. Not just
you’re your leadership team, but those
on the front lines every day. They are the
people who leave lasting impressions
with your patients. Hire the right people
for the job at hand and train them well.
If you are a DMEPOS provider, you
likely specialize in equipment. If so,
your business relies on the service
associated with it. Excelling in equipment
management is therefore hugely
important. It all starts in the warehouse.
You should have a profile for every
piece, where it is at, the manufacturer’s
guidelines and a history of the device.
Track patient usage, all breakdowns
and repairs, as well as all preventive
maintenance. Proper storage, handling
and infection control are mandatory
procedures. Monitor staff and patient
feedback. Did the outcome meet the
desired results?
Product deliveries and their associated
services are another strength. Patient
files should tell a story of everything
that a patient has received from your
company. State why they received it
and include all of the mandatory billing
documentation.
Marketing comes next. A potential
buyer will certainly be interested in
your business’s market penetration as
well as how you differentiate yourself
from the competition. Highlight growth
opportunities. One way of sharing your
success is via patient satisfaction surveys.
Look at your patient satisfaction scores
to see if you are meeting their needs. Not
only is it a Medicare requirement, but it’s
also good business.
Patient demographics are important
for a prospective buyer to know.
Are there complimentary services or
products you can offer them? Just as
training is a huge factor in employee
performance and retention, so is patient
education. Be their “go-to” provider for
questions and turn that into sales.
Last but certainly not least is how you
minimize risk. Focus on perfecting your
basic day-to-day operations to prevent
patient or employee incidents. Make sure
time-sensitive supplies are current and all
equipment is in good working order.
Keep in mind that a savvy buyer, much
like we accreditors, will look beyond your
financials to see if you are running a great
operation. Using accreditation quality
standards as a guide should help make
finding a buyer that much easier.
POINTS TO REMEMBER
- Perform a Mock survey of your
Business - Operations manual or guide
- Operational excellence leads to a
healthy bottom line - A company is judged by their
weakest link; don’t have any! - Excel in 2 things, Equipment
Management and Patient services,
which leads to lower risk - Measure patient and employee
satisfaction and take any corrective
actions necessary
LEARN MORE
Having a business worthy of
selling must be of value to your
employees and patients and any
other stakeholders involved. Using
an operational approach to achieving
success will get your business in
shape to pass it on to the next owner.
Accreditation quality standards
address areas that must work efficiently
in order to generate profits that a
buyer will require. Find out more at
hme-business.com/accreditation and
thecomplianceteam.org.
