Now Hear This
ECPs looking for a new source of revenue may want to look into expanding their practices to include audiology
Karlen McLean, NCLC, ABOC
By 2030, the number of baby boomer seniors who are hearing impaired is expected to total over 63 million, with one out of three seniors experiencing hearing impairment.
In addition, the six dominant hearing aid manufacturers worldwide are concerned that there aren't enough qualified audiologists and hearing aid specialists to service this market.
One answer may be for ECPs to include hearing aid dispensing in their practices. This offers seniors one-stop shopping for their eyewear and hearing aid needs. Premium hearing aids, like premium eyewear, are in demand and will increase in popularity as discriminating boomers seek hidden ear pieces and improved hearing devices and services.
A NATURAL ADDITION
With an established patient base, ECPs already have the business infrastructure in place to provide hearing testing, measuring, counseling, and hearing aid dispensing.
"In a down economy, most ECPs are looking for ways to enhance their practice revenues," points out Kirk Smick, OD, of Clayton Eye Center in Morrow, Ga. "Optometrists who have been in practice for several years have a large volume of senior patients suffering from eye conditions such as cataracts and glaucoma who are beginning to also have hearing difficulties."
After interviewing more than 100 patients ages 70 and older, Smick noted that a full 35 percent said they were beginning to have hearing loss and were considering having hearing testing done but didn't know where to go. "I've been investigating incorporating a hearing facility into my practice and plan to initiate this strategy during this fiscal year," he says.
"The fields are mirrors of each other, one focused upon vision, one focusing upon hearing," observes Dennis L. Gunn, BH-HIS, director of The Hearing Aid Academy, LLC, in Atlanta, Texas.
GETTING PREPARED
Gunn's Academy offers web-access video training combined with an on-site lab session and full-time support line to train students to pass state licensure exams for audiology, plus business skills, marketing, and sales.
"This program is for persons who are already established in health carerelated fields that want to add hearing aid services and products to their businesses, but can't interrupt their existing practices to obtain the required education and licensing," Gunn says.
If training yourself isn't an option, consider training someone in your office or hiring a graduate student.
A GROWING FIELD
According to the U.S. Bureau of Labor Statistics, the job outlook for audiology is in a growth mode due to the rapid growth and longer survival rate of older population groups and improving survival rates of premature infants and trauma victims. A number of states require that newborns are screened for hearing loss and receive early intervention services.
According to the National Institutes of Health, an estimated 15 percent of American adults report having some form of hearing loss, and nearly half of adults 75 years and older have hearing loss.
CHING THING |
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$96,000 The annual average revenue for a hearing aid specialist who owns and operates the office $65,000 The annual average income for a hearing aid dispenser working as an employee $3,000 to $5,000 Profit from a pair of today's digital hearing instruments |
HEARING HOW-TO |
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Advice from L. Owen Fulghum, BC-HIS, hearing aid specialist at Jackson Davenport Vision and Hearing Center in Charleston, N.C., can help ECPs implement a hearing specialty in their practices. STEP 1 Pick one of the two professions that, in most states, can be licensed to distribute hearing aids. Audiologists were originally trained to perform a range of hearing related testing prescribed by doctors in order to help diagnose medical problems associated with hearing. Audiologists have since expanded their practice to include fitting hearing aids. Hearing aid specialists concentrate on only fitting hearing aids and are trained on all aspects related to the optimal fitting of these devices. STEP 2 Decide whether you want to rent out office space to a hearing professional or employ them. The advantages to renting out space would include no start-up costs or overhead and protection from financial loss if the hearing business was unsuccessful. Disadvantages include less control of the way the hearing business is run and less potential for profit from a successful business. If you decided to employ an audiologist, the cost to open a full-service practice can be in the $50,000 to $100,000 range. If employing a hearing aid specialist, limiting the practice to the fitting of hearing aids, the start-up costs may be in the $20,000 to $30,000 range. A key part of the build-out or remodeling is being able to reduce outside sounds from entering the hearing test room; separate dedicated rooms are required for vision and hearing services. Make sure you have enough space in your waiting room. STEP 3 Select the right hearing aid professional to work in your office. Here, due diligence is a must. Select only a professional with a proven track record and excellent references. Check with licensing authorities to see if he or she has had a problematic history. Once your hearing professional is in place, you could easily have the hearing business up and running within a month. STEP 4 Don't forget the crossover potential. Besides extra profits from hearing aid sales, service, and accessories, crossovers from hearing aids can boost vision-related sales such as eye exams, eyewear, contact lenses, sunglasses, and accessories. Using the same staff to answer the telephone, making appointments and other clerical needs can lead to greater efficiencies and potentially greater profits. Combined vision and hearing advertising and marketing can be more efficient in producing sales and can bring in a larger, broader range of customers. |
THE VISION-HEARING CONNECTION
A link between hearing loss and impaired vision was identified in a study reported by Science Daily, with 18 percent of U.S. adults older than 70 reporting impaired vision, 33 percent reporting hearing problems, and nine percent reporting both.
The authors found that both vision and hearing loss are regular consequences of aging, and that both "often occur in the same individual." Common risk factors, such as hardening of the arteries and diabetes, could predispose older adults to both conditions.
That said, age is not the only determining factor in hearing loss and hearing aid need.
"I have parents each month who ask if our office checks children for hearing problems," says Norris R. Philbeck, OD, of Jackson Davenport Vision and Hearing Center in Charleston, S.C.
ONE-STOP SHOPPING
"The largest advantage of having both vision and hearing services within the same office is the convenience to patients who require both services," says Philbeck. "The largest population in need of hearing services is the elderly, who happen to be the ones needing the most aid in walking. Vision and hearing services in the same location help reduce travel needs for both them and their caregivers or family."
Gaining new patients and establishing a base of new patient referrals is also a potential profit-maker. Adds Philbeck: "Because both vision and hearing services are available within the same office, one area has the opportunity to benefit from a new patient coming in for the need of the other. Within our office we have several mutual patients who have taken advantage of both services because they were together in one place."
Adding audiology to your practice—especially if you have elderly and low vision patients in your practice—could be a smart move. EB
GETTING LICENSED |
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State licensing boards can provide information on audiology licensure requirements. All 50 states require licensure or registration, and 41 states require continuing education. Twenty states and the District of Columbia require audiologists to have a Hearing Aid Dispenser license to dispense hearing aids; the other 30 states require only an audiologist license to dispense hearing aids. For information on specific states, contact the state's licensing board. These sources can set you on the right track: ■ The Hearing Aid Academy: www.thehearingaidacademy.com ■ U.S. Bureau of Labor Statistics: www.bls.gov ■ American Speech-Language-Hearing Association: www.asha.org ■ American Board of Audiology: www.americanboardofaudiology.org ■ Audiology Foundation of America: www.audfound.org |