Benchmarking Improves the Sleep Business

Sweeping reimbursement cuts and a depressed economy have created a perfect storm where payors are now applying more rigorous requirements and heightened scrutiny to billing claims, and referral sources are more discriminating than ever. Fortunately, benchmarking can identify emerging trends in the industry while helping you gain an advantage.

There are many organizations dedicated to providing information and resources to businesses. Many business associations provide market research, industry benchmarks and statistics, as well as training and educational resources. Do an internet search for business associations in your region, or consult your local Chamber of Commerce or phone book.

Have a frank conversation with your competition about what changes they have seen. There is no need for either party to divulge business secrets, and a general dialogue can benefit both of you, as well as your customers. You might even find ways to partner together to address customers’ unmet needs.

Reach out to businesses in your area that have been successful and arrange to tour and meet with their management to see how they’ve solved business challenges. Many organizational difficulties transcend industries, and you may learn valuable lessons in unexpected places.

Whether your business has well-established benchmarking practices or you’re just beginning to gather data, ResMed’s Sleep Market Panel is a valuable, low-maintenance data source. The Sleep Market Panel was designed to provide you with objective industry data in a simple report.

To join the Sleep Market Panel, email sleepmarketpanel@resmed.com, visit www.resmed.com/smp or call our Sleep Market Panel team at (800) 424-0737, ext. 306101. There are no fees associated with membership.