On Your Marks…..Get Set…..Go Go Go……….
Do you sense the excitement of the acceleration in Audiology Business.
Are you mentally ready to take the challenge? Ready to do what it takes to get to the finish line?
If not then you may want to read this.
First, Let’s take a test…
Check off the comments that you are seeing in your practice.
Hearing Instrument Specialist have more job opportunity….
Audiologist / Clinic profits are dropping….
Hearing Aids costs are still too high….
Manufactures are deceptively taking customers that should be ours…
Clinics prices are being squeezed, between Manufactures and Customers…
Clinic Overhead costs continue to rise…
Perfection is required in all office processes just to survive……
Marketing and referral mastery is not an option…..
Third Party Providers are taking a larger cut of the available customers…
Big-box providers are getting more and more of the business….
Customers are demanding lower prices
What are you doing to combat these changes in audiology clinics that will make the difference between success or failure?
My business acumen tells me to manage the business like there is no tomorrow. We have to maximize your provider’s time, our profits, our marketing and most of all our use of our staffing.
I have a five tips that would help clinics add revenue to the bottom line and you may want to consider.
1. Taking a different approach to basic hearing testing, cleaning, and any other trivial tasks should be that they are performed by a student or HIS or even a Audiology Assistant. By using a less expensive staffer we will save many hourly dollars and that affects the bottom line directly.
2. If we split the scheduling (Testing / Provider visits) that will allow doubling the potential time for testing. The providers will potentially close more hearing aid sales per day in the same amount of time resulting in more profits.
3. Watch the prices for all the little items. Manufactures are sticking it to you for things that should be free they are making mistakes on invoices, and over charging you not according to what you are expecting..
4. Watch your marketing like a hawk. Don’t let it get its ROI out of control. If it doesn’t work, don’t do it.
5. Remember the definition of insanity? Doing the same old thing expecting different results. Don’t get trapped in an endless cycle that does not bring improvement to the practice.
I have been in the audiology business for years watching how the manufactures sell out the small practice owners. Clinic owners are finding it hard to make profitable financial sense, given the rising over head, and the cost to purchase aids. Its silly that Providers have to go to Buying groups to get even decent prices on hearing aids.
Finding the magical mix is extremely hard. “The Mix” I am referring to is product offering, price, closing rate, and collections method. This all equals cash flow. Clinics that process insurance are getting more and more stretched with cash flow waiting on reimbursements from insurance companies. Could you do this differently and have a better outcome.
I hope that these words will help you find a better path and stronger future!
Practice Manager / Webmaster