The hearing healthcare industry is changing. When I started my business, I was the only audiologist in a county of 150,000 and now I have seven competitors within seven miles.
Competition is increasing; Big Box stores are killing us on price; hearing aids are literally available everywhere; insurance companies are turning over their hearing benefits to internet providers; OTC legislation is on the horizon; reimbursement that we do receive is declining and yet, the percentage of people with hearing loss that get hearing aids is not increasing. All of these factors can make it difficult to operate a profitable practice. For many years, hearing healthcare professionals have had the luxury of being in a high margin, low volume business but the trends have changed and practice owners are being forced to do more for less. Consequently, every practice owner needs a strategy for maximizing profitability.
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