To help you make better decisions for your business, we conducted a survey with 153 medical directors and other medical staff at top DME companies nationwide. We asked these medical professionals to share their insights on current challenges pertaining to the management of their inventory portfolio.
Key Findings: 50.0% of the medical directors and staff are currently purchasing between 2.0 and 5.0 products, while 49.0% are purchasing between 5.0 and 10.
It’s simple. They rely on the best available data. Data is the key to overcoming many of the issues facing the DME industry.
DME needs to be treated in the same way as other pharmaceutical products. Prescription records of prescribers should be kept electronically and linked to the patient to be used by the supplier.
To be able to manage inventory effectively, it’s important to understand the unique characteristics of both specialty and traditional medications — for example, how quickly they turn over in the supply chain and how many days are needed to reach the end user.
“These complexities are not new, but we have to understand how to manage them better as we have a more technologically advanced delivery system,” said Gopal Takru, president of Medco Health Solutions.
To create a solution for our DME providers, WWS provides a proprietary data analytical model to help DME providers in making the right decisions on product selections and inventory levels in a landscape that is changing every day.
However, you don’t need to be a programmer to reap the benefits of data analytics. In fact, with the right tools and resources, anyone can become a data-driven marketer. And that’s exactly what WWS accoamlisehes with the data analytical model.
Whether you’re a seasoned marketing professional or a DME newbie, its important to obtain valuable insights to increase your revenue and better engage with your customers.
DME companies are realizing the value of analytics and are using data to drive decision-making for improving outcomes and lowering costs. More than half of providers are using analytics to increase efficiency, according to a recent survey from the DME Association of Florida.In addition, 84 percent of providers reported that they use analytics to reduce costs and improve outcomes.
In the past, charts, graphs and spreadsheets were the primary tools to view data, but with the increased demand for better data analysis, a more modern and innovative approach is needed. The need for data visualization is also present in many other industries, particularly in ones that require customization of a product or services to a specific customer. In the DME industry, being able to quickly and easily provide a customer with a visual representation of their data has maximized customer satisfaction and potentially boosted profits.
