HME Handbook: MSOs
How to Leverage Your MSO Membership to Expand Your Business
Are you taking your MSO membership for granted?
Ever sign up for a membership at a gym and then rarely use it? Some providers might have a similar relationship with their member service organization (MSO) membership. It’s understandable: many providers will join an MSO for the group purchasing advantages, but then never truly take advantage of the rest of the MSO’s offerings because they’re stretched in too many directions.
That’s a mistake that needs correcting, because today’s MSOs offer a multiplicity of services and resources that can help providers enhance their efficiency; stay up to date on regulatory developments; acquire new expertise; tap into new growth opportunities; and ensure the long-term success of their businesses. MSOs host annual events, educational seminars and create venues for providers to network and grow their business. Some MSOs will even take the lead on lobbying efforts and regulatory issues for the industry. If anything, the HME industry’s MSOs serve as multi-faceted, business-improvement communities.
But the trick lies in becoming a truly active member of your MSO. You wouldn’t want to join the gym only to wind up just using the elliptical machine three times a week, and you don’t want to join an MSO only to miss out on using the wide range of services they offer. Let’s take a look at some of the ways you can get the most out of your membership in order to benefit your HME business.
Assign a Champion
First off, if you have an MSO membership and know for a fact that you haven’t been able to take advantage of everything it has to offer — yet want to — then consider nominating one of your team members to champion the cause of maximizing your company’s MSO use. This person should review the resources available from the MSO and see how they can benefit the various aspects of your provider business. It is likely the MSO will have a member services staffer who can sit down with your team champion help conduct that review so that your business can maximize its membership.
Your MSO champion should also regularly monitor the MSOs activities to ensure he or she is aware of new services, events or educational opportunities that can help the business. This person should be tasked with reading your MSO’s periodic electronic and traditional newsletters, tweets and website updates so that you’re in the loop about upcoming events and new services that can help improve or expand your business.
Learn from the MSO’s Experts
A major way MSOs can help your business is through the on-staff expertise that they provide to your team. New ideas come from new knowledge, so ensure that you’re aware of which experts are available to help your business, and then make sure that your team regularly consults with them. Those MSO experts can serve as a sounding board and source of fresh perspectives that will help your team grow and develop.
Attend the Conferences
The industry’s MSOs host events that offer seminar tracks covering a broad variety of topics and attract speakers from across the industry who provide insights and education on the issues of the day. The sessions at these events conferences often include courses that offer CEUs. Some of these events even host expo floors where vendors within their buying groups will display their products and services. These are not-to-be-missed opportunities for learning new ways to tackle existing challenges as well as to refine or expand your business.
Networking
One of the biggest advantages of MSOs is the opportunity to network with other providers and industry professionals. The industry’s MSOs provide a variety of networking opportunities that let members interact with their fellow HME professionals all year long. The best way to learn new business strategies, operations efficiencies and approaches to patient care is to get them straight from your peers, and MSO networking offerings make that possible.
Usually at the larger conferences hosted by the MSOs, there’s time to relax at special networking gatherings such as dinners and informal social events. These offer solid chances to chat with providers, vendor staff and other industry stakeholders in a more social setting, and possibly create some new business relationships in the process. Also, MSOs often create electronic communities that providers can use to network and learn from other providers on a daily basis, so make sure to log on and participate.
Join Specialized Groups and Organizations
Many MSOs offer special groups within their membership that deliver solid networking value. They might be focused on helping providers excel at specialized business models, such as retail sales or home access, or they might be focused on providing resources tailored to specialized care services, such as respiratory, complex rehab, or orthotics and prosthetics. Often these special groups are designed to cover the spectrum of information and education for that business or care model. They can offer assistance to help newcomers learn more about these businesses and start to get oriented trained, as well as to help the experts in those areas get even better. Moreover, some can help you obtain new certifications and create business relationships with new partners and referral sources.
Points to Remember:
- MSO membership can boost your business in many ways, but the key lies in actually learning about your membership and then using it.
- Consider appointing an internal champion to work with your MSO to see what services can best benefit your business. That person should regularly monitor the MSO for new services and offerings.
- Take advantage of annual conferences, special events and meetings in order to gain new education from experts, as well as to learn insights and best practices from fellow providers.
- Many offer specialized groups that can help learn about new services or improve specific aspects of your services or care.
Learn More:
Dive in deeper by visiting the websites for the industry’s major MSOs and reviewing what they have to offer: Essentially Women (essentiallywomen.com; now a division of The VGM Group); The MED Group (medgroup.com); and The VGM Group (vgm.com).
This article originally appeared in the June 2017 issue of HME Business.