This post is sponsored by PEL, LLC.
Mike Sotak is the president and chief executive officer of PEL, LLC. He has more than 22 years of experience in the medical products industry. Prior to joining PEL he spent six years as an executive with Invacare, headquartered in Elyria, Ohio. In this interview, Sotak discusses some of the challenges of the device manufacturing industry and how technology is shaping the future.
Question: What is the biggest challenge the O&P industry faces in getting fair Medicare reimbursement for their products? What can be learned from others in health care about making the reimbursement process easier?
Mike Sotak: One of the biggest challenges O&P professionals face is getting reimbursed for the total cost of delivering a device to a patient. The current reimbursement model does not separate the patient care service provided and the cost of the device. O&P caregivers are challenged to demonstrate the value they provide in bringing about desired patient outcomes and the service costs associated with properly delivering a device to a patient.…
The Young Entrepreneur Council is an invite-only organization comprised of the world’s most promising young entrepreneurs. YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses. Read previous SmartBlogs posts by YEC.
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Q. What is one thing I can do to inspire my team to work harder than we have been in order to meet goals without damaging morale?
One of the best things about running a marathon is hitting that finish line, which everyone participating knows is 26.2 miles away. Likewise, make sure your team knows where your finish line is, and what they’ll get for crossing it (a break, for example). This will act as a motivator. Having no (or an improbable) finish line can be very damaging.…
Whether your brand is already off and running with mobile ordering, or you’re still figuring out how to make it work, technologies such as NFC, QR codes, Bluetooth Smart, Wi-Fi, geo-fencing and in-app check-ins are here to stay. And they have the potential to transform both the brand and its operations.
Combined, these technologies and techniques make up a class called “mobile presence technologies,” which can communicate a customer’s proximity to a restaurant location.
This year, we will undoubtedly see brands adopting automatic or user-prompted technologies to signal to communicate wirelessly, from the customer to the kitchen. With technologies such as Bluetooth Smart, Wi-Fi and geo-fencing, a restaurant’s branded mobile app can trigger an order automatically when the customer crosses a predefined perimeter or physically arrives on-site. Sound a little too sci-fi? It’s not. Just as map and navigation systems can tell customers how to get to your location, the technology can be used to geo-fence, establishing a technological perimeter around your location.…