LAS VEGAS – Medtrade Spring, set for Feb 29-March 2, 2016, will feature a new set of educational sessions aimed specifically at decision makers. Dubbed the “Executive Track,” the three new sessions are designed to help executives stay “on their game” during an era that demands effective leadership.
Medtrade Monday asked Medtrade educational advisory board (EAB) member Jeffrey S. Baird, JD, to explain the rationale behind the new track, as well as why leaders should consider attending these sessions.
Medtrade Monday: Why did the EAB decide to add a new Executive Track to the Medtrade/Medtrade Spring lineup?
Jeffrey S. Baird, JD, chairman if the Health Care Group, Brown & Fortunato, Amarillo, Tex: Now more than ever, executives must be “on their game” when making decisions for their company. The ground beneath the industry’s feet is constantly shifting, and this places a huge responsibility on the shoulders of decision makers. The EAB is committed to providing the “tools” that executives must have to make correct decisions. The Executive Track will provide in-depth information regarding important issues that executives must address.
Medtrade Monday: What topics will be covered in the Executive Track sessions, and why were they selected?
Baird: A time-honored phrase is “information is power.” This is particularly true with today’s DME industry. Successful DME suppliers are reinventing themselves. They are transitioning from product suppliers to service providers. As they make this transition, suppliers are being asked to justify their services to third payers, hospitals, and physicians.
The only way to do this for the supplier to collect data on patient outcomes. This requires knowledge of how to collect the relevant date to share with payers and other providers. Additionally, DME suppliers must operate on narrow profit margins. To do this, suppliers must understand their business inside and out. No detail is too small.
This is micro analysis, but the “big picture” is equally important. Executives need to understand how their DME company fits into the health care continuum. This requires knowledge of what the health care delivery system, as a whole, is doing. It also requires knowledge of what competitors are doing. Lastly, mergers and acquisitions are on the rise. These are not just big players purchasing smaller players. We are seeing small players purchase other small players, and also purchase larger players. The reasons for a merger or acquisition are many. The Executive Track programs will cover all of these important topics.
Medtrade Monday: Why should providers consider attending Medtrade Spring this year?
Baird: Pure and simple, Medtrade Spring and Medtrade are the only events where all components of the DME industry come together. Local, state, and regional events offer some valuable tools. However, Medtrade is the only venue that offers all of the tools.
Medtrade Spring offers: the ability to network with manufacturers, other types of vendors, and other DME suppliers; the ability to converse face-to-face with industry attorneys, consultants and other experts; the ability to listen to, and converse with, AAHomecare, which is working day and night for the industry; the ability to meet with representatives of CMS contractors; the opportunity to attend excellent educational programs; and the opportunity to see new products and services that have been brought to the market.
Here are the planned Executive Track sessions at Medtrade Spring
Tuesday, March 1
1:30 PM – 2:30 PM
Session: Getting to Know Big Data
Big data helps providers know their competition, themselves and the market as a whole. This session will explain the big data available to the HME industry and will feature a provider that has been successful using this information and how it did so.
Speaker: Ryan Ball, director, VGM Market Data
Tuesday, March 1
1:30 PM – 2:30 PM
Session: Using Your Data
True understanding of your business comes from knowing the numbers. This panel will focus on the pain points and hot spots that providers should pay attention to when it comes to understanding a) the data that providers should be tracking, b) how to interpret that data and c) ways to measure and monitor the data.
Moderator: Chris Kinard or Wayne van Halem…(soon to be determined)
Panelists: Andrea Stark, Reimbursement Consultant, MiraVista LLC; Bryan Hines, Lab Tactical; Robert Steedley, Barnes Healthcare
Tuesday, March 1
4:00 PM – 5:00 PM
Session: M+A Management
Get real answers to the question you always wanted to ask about buying or selling an HME business. This panel of M&A/legal experts will address two main questions: How do you know if selling/buying is right for you? How do you manage the human factors?
Moderator: Jeffrey Baird, Attorney, Brown & Fortunato, P.C.
Panelists: Ross Burris, Polsinelli; Brad Smith, Vertess; Johnathan Saddock, Paragon
