Operational effectiveness is a cornerstone for increasing revenue and ensuring long-term growth in any audiology practice. By focusing on creating a culture that supports growth, standardizing operations, and implementing comprehensive marketing and financial plans, this university-affiliated practice significantly enhanced its efficiency and profitability.
These initiatives, such as developing career pathways, optimizing patient care standards, and leveraging data-driven insights, worked together to drive a 29% increase in hearing aid revenue, ultimately leading to a more successful and sustainable practice.
A Guide to Increasing Hearing Aid Revenue
Creating a Culture for Growth
- Developed career pathways for each team member
- Bridged the gap between the university’s and practice’s performance metrics
- Implemented best practices to move patients from diagnosis to treatment
Standardizing Operations for a More Efficient Practice
- Helped create a standard of care for hearing aid patients
- Provided a data-driven analysis of the current monthly capacity for hearing aid evaluations
- Increased the hearing aid evaluation time to optimize the likelihood of a conversion
- Coached the department head on best practices for reporting
Building and Launching a Comprehensive Marketing Plan
To ensure the practice brings in a consistent flow of the right patients, the Audigy marketing team created a comprehensive marketing plan that included:
- Creating an annual marketing plan and budget
- Creating materials branding the practice and supporting the hearing aid leasing program
- Developing a digital marketing strategy, including paid search and a monthly e-newsletter
Developing a Finance Plan and Budgets for a Profitable Practice
The Audigy team did a complete financial review of the ENT practice to ensure pricing and compensation plans.
• Developed a hearing aid leasing program
• Educated the department on measuring the university’s key performance indicators
• Reviewed the budget and annual planning
• Analyzed the profitability of the current FTEs