Adding patient financing can improve business with Phonak Freedom
By Rob Reid, Phonak Senior Director, Practice Services
Promoting the availability of patient financing can reduce potential pain points for both the hearing care provider and the patient during the sales process. Consumers often pay monthly for certain products and services such as cable, internet and cell phones. This allows for budget flexibility, hassle-free service and provides access to the latest technology. Phonak Freedom differentiates your office, provides more options for patients and garners patient loyalty.
What is Phonak Freedom?
Phonak Freedom is a subscription-based program created to address common issues experienced by hearing care providers and their patients. The program has simplified the traditional hearing aid sales and purchase process by offering:
- Easy to understand pricing for patients
- Current technology and exceptional care for patients
- More predictable business for providers
- Loyal patients returning for new technology and shortening the time between fittings
Phonak Freedom has multiple options that fit different hearing needs and budgets. It reduces sticker shock and simplifies product presentation, leading to higher sales conversions.
How does Phonak Freedom work?
- Patient: Signs contract with Allegro and agrees to a monthly payment and any applicable end-of-contract fees.
- Hearing care provider: Fits the patient with Phonak hearing aids and provides all follow-up services.
- Allegro: Sends funds to the hearing care provider in 2-3 days after fitting hearing aids.
It’s really that simple!
Benefits for you and your patients
How does Phonak Freedom benefit your patient?
- Best hearing experience: New hearing aids with current technology as often as every 36 months.
- Worry-free care: Includes follow-up services, such as tuning and cleanings, as well as full warranty and loss, stolen and damage coverage.
- Simple and affordable payment: Fixed monthly payment that is most often less than traditional financing without revolving interest fees. Patients save on total dollars spent per hearing aid with early upgrade.
How does Phonak Freedom benefit your business?
- Increased sales conversion: Reduce sticker shock with low monthly payment. Plus, simpler product presentation than financing — no discussion of APR.
- Increased customer lifetime value: You have higher purchase frequency with program structure, higher ASP with pull of low monthly payment toward premium hearing aids and higher patient retention with seamless upgrade experience.
Did you know that 56% of Tested-Not-Fit patients provide a financial reason for not moving forward?
- Offering monthly installments with no APR, Phonak Freedom provides flexibility and patients more options.
Rob brings over 15 years of progressive sales, marketing and clinic operations experience to Phonak. His experience includes leading practice growth programs for over 300 North American clinic locations for GN Hearing and Amplifon.