Issue link: https://read.dmtmag.com/i/56191
14 Smart Talk MERGERS & ACQUISITIONS Surround yourself with strong players BY STEPHANIE MORGAN GREENE Q. I'm ready to buy/sell a DME business. Who do I need on my team? A. Like many aspects of life, it's important to have a strong team around you when you're purchasing or selling a DME business. The ideal team will include both inside and out- side players, each bringing a unique experi- ence and know-how. The type and number of team members will vary greatly from deal to deal. Nonetheless, there are some strategic members that should be a part of each team. First, your company, whether buying or selling, should have a "gate keeper" who is the key contact person with the responsibility of being the go-between for the company and all outside team members. Having the right contact who understands (and knows how to play) this role is key. This person should have WWW.HMENEWS.COM / MARCH 2012 / HME NEWS authority to make decisions, be available and timely in responsiveness, and have a good working relationship with all other team members. Second, you should have an HME reimbursement specialist who can review the claims history and determine levels of risks associated with prior claims and current bill- ing practices. This person will assist in per- forming or reviewing chart audits of the sell- er's claims, and assist in general consulting for the numerous DME-specific issues that will arise. Third, regardless of what side of the transaction you are on, you must have legal counsel with experience not only in M&A transactions, but specifically in the health- care field. Finally, you may also need other team members such as specialists in taxation issues, ERISA/benefits issues, labor/employ- ment/intellectual property, lending/finance and real estate. The key component to a quick success- ful purchase or sale of a DME company is preparation. HME Stephanie Morgan Greene is general coun- sel for Harrington Management Group, also known as The Audit Team. Reach her at sgreene@theauditteam.com or 888-833-3478. BUSINESS ASSETS The biggest news at Medtrade was actually the smallest and most innovative! Assess your company culture BY RYAN RUSKIN Q. How does the concept of intangible value apply to company culture? A. Company culture is perhaps the most difficult success indicator to place a value on; however, it is the most important value to cultivate a thriving business. Most companies neglect the importance of accessing the intangible value of their company culture and fail to identify sys- tems and programs to asses the core ele- ments of company culture, support them and measure them. Actual size. Actually! We'd like to thank everyone at Medtrade for voting us the most innovative product for 2011. Transcend is changing the way sleep apnea therapy is being delivered. The portability, small size, waterless humidification and battery options practically sell themselves. Don't sleep on it, call us today at: 877-621-9626 to find out how you can become a key partner. What's with the ball? Stop by booth #446 at Medtrade Spring and find out. Key elements to consider when assess- ing company culture include: employee satisfaction, overall business environ- ment, staff longevity, staff interaction, staff and management interaction, and employee commitment to the company. To measure the intangible values of company culture, I would recommend you start first by identifying the elements as mentioned above and identifying perhaps the top five which you think would be key to a positive culture. Once you identify these areas, you can begin assessments through basic communication with staff members and identifying value systems to rate their responses. For example, ask your staff members what they enjoy about working with the company. Their ability to answer this question in a quick and positive fashion would indicate a certain level of overall satisfaction. Additionally, ask them to supply the top five reasons why they enjoy working with your orga- nization. Create a numeric scale to match responses and responsiveness per element investigated. Once you have evaluated and measured the intangible values of your company's culture you can use this information to create an improved envi- ronment or maintain the status of our cur- rent work culture. Sleep Apnea Therapy SYSTEM MEDTRADE BOOTH 446 Based on the information received, you should create reporting, data collection and quarterly assessments that focus on your culture and overall happiness. Just as a good business manger collects finan- cial information every month, a very good business manger would also be collecting information regarding the values of his current company culture. HME Ryan Ruskin is an independent consultant and attorney. Reach him at ryanm17r@yahoo.com or 772-528-4818.