Park Av. Acoustics (PAA) use all manufacturers problem, yet tend to sell more of the devices of the manufacturer who they've committed with the sales rep. Hitting the sales numbers with their rep is important to get better pricing access. This motivates her.
Despite not locking in with any manufacturer, there is clear loyalty to the management group who advises them on product and business matters.
Her business gets referrals from ENTs. The ENT generate a high volume of leads and despite not being able to supply hearing instruments they can hire their own Audiologist. If this is the case, the Audiologist is doing loads of tests daily and spending little time with the patient. PAA's business model is not based on the referrals of a sole ENT, instead it relies on many ENTs.
About the manufacturers
Manufacturers have so many products that usually a manufacturer can meet nearly 80% of patients needs. The 20% need something specific. PAA do not recommend a particular product, instead they recommend what is right for the patient.
A comment PAA get is that they cannot be specialised on one specific product but this is not true. The practice focuses on spending more time with fewer patients. This is possible thanks to the higher conversation rates they experience by following the business advice from their management group (Audigy Group).
The most important relationship is the one we have with our patients. The second most important relationship is the one we have with our reps. The third most valuable relationship is the one we have with our management group.
On the relationship with their patients
The focus is providing a hearing plan/ treatment. Patients return at least two to three times before they have their hearing fully adjusted. Patient education is key for the beginning of a successful hearing.
Their are studies that have shown that the experience patients have at the Audiologists has an impact with the level of satisfaction the patient has with the hearing device. The higher the level of satisfaction, the more the device will be used. The more the device is used, the better their hearing is maintained and their brains stimulated. A stimulate brain will lead to fewer emotional and cognitive problems (depression and more).
The focus on the hearing plan is to build a healthy relationship with the patient that is not focused on just selling them a device every three to five years. It is one wherein patients are invited to come in every four to six months to address their hearing needs.
The challenge is to build engagement in the hearing program.
A question that works for the patient is: if you are hearing better, would you like to do more things? Better hearing has an impact on daily activities. More activity options leads to a better quality of life.
On the economics and support for hearing
There is concern on the low level of support the Government provides to citizens when it comes to paying for hearing devices. Even the customers with highest financial needs (Medicaid) can only get $350 devices with limited features. A few unions provide plans to members (Transit workers, Teachers, etc) but this only represents 10% of the insurance.
PAA get a lot of overseas patients (UK, BR, etc) because they get lower prices and potentially get better service. The industry requires 8 years of study which translates to a more holistic assessment (lifestyle, etc) which is not provided by a technician.
How the Doctor's practicing got into Audiology?
Started as a speech pathologist and fell into Audiology. She wanted to get into speech pathology because her brother had speech issues.
- The office manager, by being a receptionist.
- Both Dr. Borgia and Dr. Porowski had a brother with speech impairments.
- Dr. Frankel studied nursing, but was put off by the duties of a nurse and was attracted by the science behind audiology.
What does she find interesting?
To learn about Audiology in other countries. Likes to get the bigger picture from the international patients who visit her.
Hearing Tests are framed negatively
Hearing tests are set up for failure. Test are set up as a loss.
The value of management groups
Management groups are important in providing training beyond the regular emails and article they get. Management groups provide industry benchmarks so that a practice knows how they compare to others and provide analysis and recommendations on the metrics of the business (Volume of patient consultation, conversion rates, etc).
Management groups also train in tried and tested methods (i.e. involving loved ones, involving the patient in the testing process by filling out their own forms, etc) that increase patient acceptance and compliance with the hearing aid program.
Management groups ask PAA to select two manufacturers to align with. In their case, they've chosen Oticon and Starkey. Device sales lead to commissions for the management group.
The management group has directly been involved in helping their business grow into a successful practice.
The two management groups mentioned are HAMS, AHAA group (Lou Breslau) and the Audigy Group.
On business marketing
Daily TV shows, internet, WOM, etc.
Recommended reading
Use it Silverman article. NY times. Use it or lose it. Loss of hearing can lead to hearing muscle at trophy. Hearing loss also can lead to cognitive at trophy. Lack of mental stimulus could lead to Alzheimer's (reference), etc
The Audigy Group provide patient education and marketing materials for the practice.
Dr. Borgia, Dr. Frankel, Ed and Dr. Porowski
To learn about Audiology in other countries. Likes to get the bigger picture from the international patients who visit her.
Hearing Tests are framed negatively
Hearing tests are set up for failure. Test are set up as a loss.
The value of management groups
Management groups are important in providing training beyond the regular emails and article they get. Management groups provide industry benchmarks so that a practice knows how they compare to others and provide analysis and recommendations on the metrics of the business (Volume of patient consultation, conversion rates, etc).
Management groups also train in tried and tested methods (i.e. involving loved ones, involving the patient in the testing process by filling out their own forms, etc) that increase patient acceptance and compliance with the hearing aid program.
Management groups ask PAA to select two manufacturers to align with. In their case, they've chosen Oticon and Starkey. Device sales lead to commissions for the management group.
The management group has directly been involved in helping their business grow into a successful practice.
The two management groups mentioned are HAMS, AHAA group (Lou Breslau) and the Audigy Group.
On business marketing
Daily TV shows, internet, WOM, etc.
How is the business structured?
Dr. King owns the practice, but does not practice anymore. All audiologists within the practice are employees.
They do not lock in with any of the vendors. They deal with all eight manufacturers, yet prefer to deal with the manufacturers who have the most supportive reps. Access to specialized reps is important when dealing with difficult cases and pricing structure. A rep can be helpful in advising how many more units need to be sold to get better pricing (which serves also as a motivator).
Despite not locking in to manufacturers, they do lock in to advisory groups. Park Accoustics are actually in a business relationship with a management consultancy called Audigy Group.
Recommended reading
Use it Silverman article. NY times. Use it or lose it. Loss of hearing can lead to hearing muscle at trophy. Hearing loss also can lead to cognitive at trophy. Lack of mental stimulus could lead to Alzheimer's (reference), etc
The Audigy Group provide patient education and marketing materials for the practice.
Dr. Borgia, Dr. Frankel, Ed and Dr. Porowski
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