5 Benefits of Hearing Aid Leasing Programs
By Travis Tullis, Au.D., Director of Sales at Allegro Credit
Many industries have developed brand loyalty, such as automobiles and cell phones, but how can hearing care providers use those same tactics to grow their business? The answer is leasing programs, like Phonak Freedom, which allow a patient to pay to use a hearing device for a fixed monthly payment over a fixed period (term). At the end of the term, the patient can either own the hearing device, upgrade or return them to Allegro Credit.
Phonak Freedom leasing program provides a variety of benefits to hearing care providers and their patients.
1. Create lifetime patients
Hearing aids can be a very transactional business. Once a patient purchases a hearing aid, he/she may never return to your office — or worse — purchase his/her next device from a competitor. Leasing allows you to be in control of the patient relationship and grow with them in ways transactional purchases do not offer.
2. Better fit technology
Lease monthly payments are lower when compared to standard financing purchases. As a result, advanced hearing devices are more accessible to patients who did not think that could be an option. Patients will be more attracted to advanced hearing devices, because the lease payment may fit the monthly payment range they were looking for.
3. Fit your patients more frequently
Leasing provides a unique opportunity to fit your patients more frequently in two main ways. During the lease term, the patient can have an option to upgrade to the latest technology. They do not have to wait until the end of their lease term. For a hearing care provider, it provides a unique opportunity to grow with the patient’s hearing needs. Another opportunity is at the end of the lease: Since the patient returns the hearing devices, he/she has the option to purchase or lease another pair of hearing devices.
4. Highlight services rather than devices
All practices have the main goal of helping patients with their hearing needs and would prefer not to become a salesperson. With the leasing program, providers can highlight the relationship that is built rather than product. During the life of the lease, providers can check-in with their patients regarding their hearing needs and be their one resource for care.
5. Increase conversion rate and eliminate sticker shock
Patients are accustomed to leasing other items, such as smartphones and cars. They typically lease to avoid paying for an item upfront out-of-pocket. By discussing the lower monthly investment compared to standard financing and comparing it to something relatable, it can be easier to get patients to enroll.
Additional benefits for patients include:
- Comprehensive hearing program
- Latest technology
- Flexible monthly payment options
- Warranty for the life of the lease
As patients evolve, there will be an increasing demand for a leasing option through Phonak Freedom, and hearing care providers now have the program to meet this demand. Provider adoption is seamless, and funding still happens 2-3 business days after contract signing and delivery.
Note: Due to COVID-19 , Phonak Freedom is currently closed for new merchant enrollments into the program. Phonak Freedom continues to be available for those members who are currently signed up, and we encourage those members to use this program with all patients. Please check back in the upcoming weeks to see program updates for enrolling new merchants.