Meeting IT Compliance standards can be crucial to securing business from that large, regulated target client, ImageQuest’s Jay Mallory told members of the Kentuckiana Chapter of the Exit Planning Institute.
Mallory, Executive Vice President, Marketing and Business Development for ImageQuest, used the example of a Durable Medical Equipment (DME) company seeking to do business with a large hospital system.
The DME company possibly could get a small percentage of business from the hospital – perhaps an order to supply some equipment to one location.
But the ultimate business goal might be to supply discharged patients with recurring supplies – such as items needed for CPAP machines. However, Mallory said, the DME company would have to demonstrate to the hospital system that it followed the same data security compliance requirements as the hospital system.
Otherwise, the hospital system potentially could reject the DME company in favor of another vendor that meets those security and compliance requirements, Mallory said.
The Exit Planning Institute Chapter Network is a forum where the local professional advisors can collaborate to address unique needs of the local community using exit planning and succession planning as business strategy. Mallory was one of several speakers offering brief insights during Wednesday’s chapter meeting.