PRESENTED BY: Aaron Sorensen, MBA, CPO, LPO O … BY: Aaron Sorensen, MBA, CPO, LPO O and P Billing...
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PRESENTED BY: Aaron Sorensen, MBA, CPO, LPO O and P Billing Solutions, Inc.
Transcript of PRESENTED BY: Aaron Sorensen, MBA, CPO, LPO O … BY: Aaron Sorensen, MBA, CPO, LPO O and P Billing...
PRESENTED BY:
Aaron Sorensen, MBA, CPO, LPO
O and P Billing Solutions, Inc.
Location
Marketing approaches
Product/referral mix
Payer makeup
Relationships with Manufacturers/Distributors
Additional thoughts/concerns
Within one market Traditional ◦ One office ◦ Off-site from hospital or
MOB ◦ Lower cost rent ◦ Many times free standing ◦ May be owner of practice
and bldg
Newer approach ◦ Several smaller offices ◦ Same bldgs as referrals
MOB or hospital ◦ Ease of referral
Convenience matters Busy lives, limited time of
patients
Multiple markets ◦ Do you have the
infrastructure in place?
Fab at each location?
Billing at each location?
Shipping supplies to each office?
Full time office/staff and costs associated
◦ Need cost accounting for analysis
◦ Managing time/ management staff
Hours running practice vs patient care
Multiple markets ◦ Intrastate vs interstate
◦ Different payers
Expansion of current contracts may be difficult
◦ Different CMS regions even makes difference
Reimbursement rates
Different auditing focus of products
Different internal interpretation LCDs
Marketing/sales/ads Costs associated with
media? ◦ Traditional media
expensive per person
Market reach? ◦ Narrow vs wide
Geographic area Target market demographic
Options ◦ TV ◦ Radio ◦ Print ◦ Social media ◦ Internet ◦ Sales force ◦ Sponsorships/vendor
participation
◦ Television (traditional)
◦ Great for visuals!!!!!
◦ Research readily available for viewership
◦ Cable
Pin point markets/viewer mix
◦ Local
Wider net cast
Local news
Older population
Dedicated and loyal!
◦ Commercial production
Independent company
Television station
Radio ◦ No visuals ◦ Distraction from message
Driving
Working
◦ Loss of market reach: Satellite radio
Smart phones
I-pods
Few, but CD players
Internet radio, broad reach by listener
Several options for genre
◦ Not inexpensive ◦ Positive – generally wide
area of reach
Print ◦ All but dead!
◦ Reach minimal
◦ On decline
◦ Expensive!
Social Media ◦ Facebook
◦ Always new sites
◦ Demographic differences
Age
Marital status
Hobbies
Ethnic background of user
Social media ◦ Free for basic usage and
site
◦ Need to keep sites:
Fresh
Relevant
Keep it professional
Timely with postings
Too frequent or rare; turn off
◦ May be time consuming
Staff dedicated to social media
◦ Can purchase ads
◦ Research data available at cost
Internet ◦ Website
Interactive
Educational
Informative
Blogs?
Videos?!
◦ Purchase google ads
◦ Purchase “links/button space” from other sites
◦ Post info for search engines
◦ Frequent posts/changes for recognition by search engines
Sales force ◦ Sales staff
“Boots on the ground”
Personal selling
Routine contact
Face of company
◦ Target: medical professionals
Physicians
PTs
Nursing home staff
Hospital staff
Case managers
PT
Work comp case managers
Sponsorships/Vendor participation ◦ Costs/single event
◦ Sponsorships
Charity golf outings
MDA walk
Special Kids 5K
Wounded Warriors
◦ Vendor participation
Rent table/booth
Case manager meetings
PA meetings
State physician meetings
Guest speaker opportunities
Identity of your company?
◦ Pedorthic, orthotic or prosthetic company?
◦ Low cost provider?
Quality of product dispensed?
Quality of delivery system?
◦ Superb customer service?
Who is the customer?
Patient
Physician/PT
Payer
◦ Custom device specialist?
◦ Superior prosthetic provider?
◦ Specialize in a demographic?
Pediatric
Geriatric
◦ Acute care niche?
On call 24 hrs.?
High inventory
What is important to your model? ◦ Repeat Business by patient?
◦ Lower volume /higher margins?
◦ High volume product/ moderate to low margins?
◦ Custom vs OTS?
◦ Must understand the repercussions from these decisions: Cost of staff
CPO vs CO vs CP vs RFO vs Cped vs registered assistant
# of on-site technicians
Administrative costs associated with paperwork/phone calls/patient scheduling
State and federal “qualified provider” language
Repeat by patient: ◦ Prosthetics
Socket replacements
New prostheses
Replacement consumables
New technology
◦ Pedorthics
Diabetic care
Functional orthoses
Minimal repeat business ◦ OTS orthoses
◦ Spinal
Payer Mix ◦ Do not want referrals to
think of where to refer!
◦ BUT….. Must be conscious of reimbursement point
◦ Reimbursement effect product dispensed?
Preferred product list?
Margins?
Clinical and technical staff education
◦ Negotiate a carve out of codes
Relationships important ◦ Negotiate payment terms
Delays in reimbursement strain small companies
◦ Discounts based on volume
◦ Preferred status for new product trials
◦ Low cost CEUs for credential
◦ Low cost education
◦ Assistance with reimbursement and documentation
Reserve cash ◦ Build up reserves for
unexpected
ICD 10
Audits renewing
Payer announcements of cuts
TN BCBS 30%
Referral loss
Retirement
Merger with hospital/practice
Move from market
Staff ◦ Not just credentials!
◦ Dedicated staff
◦ Knowledgeable staff
◦ Personalities that compliment!
◦ QUALITY staff builds quality organizations!
◦ All positions within organization
Please provide feedback to your Freedom sales representative of future topics to cover and if you find these webinars helpful.
Rob Cripe
VP Global Marketing
Ph. 949-544-7916
Aaron Sorensen, MBA, LPO, CPO
President ,OPBS
Ph. 877-907-4180
