How to find new streams of revenue in 2023

Can you believe that we are halfway through 2023? How are your plans and goals shaping up so far? Now is an opportune time to step back and take the pulse of your practice. Are you on track and running smoothly or do you think there is opportunity to improve and implement something new?

Many practices are indicating various disruptors nipping at the bottom line, which makes this the ideal time to identify a new stream of revenue for your practice. Providing a holistic portfolio of hearing healthcare solutions and services that meet the demands of your patient’s diverse lifestyles is essential. Remember – approximately 20% of patients you see do not come back to your practice when it is time to repurchase new technology. New service offerings and products should be front and center in your practice to attract new patients and keep your current patients coming back to you

If you have ever gone to the Apple store, you probably did not buy only a phone or computer.  Did you leave with some other items to go along with the new purchase; like a set of AirPods, maybe an Apple watch or a new HomePod? What impacted your purchasing decision? It was about the experience that allowed you, as a consumer, to touch, feel, look and listen to the gadgets and enjoy an immersive experience! Our patients are no different.

What would it be like to try this in your practice? Several practices have been successful in creating an experience in their waiting area where patients can listen, touch and demo accessories prior to or after an appointment. iPads have been used to demo hearing aids, TV streamers or Roger accessories.

Other practices have taken a more subtle approach and use the TV in the waiting area. They have created waiting room videos, to share services and accessories which create education and awareness for the patient. 93% of the time, seeing the information will start conversations about the products during the visit.

Here are things to think about before you start:

  1. Consider technology you want to demo or share from Phonak’s portfolio: Roger accessories, Serenity Choice hearing protection, TV streamers, Audeo Life aids for the active patients or Phonak Slim for the cosmetically aware patients.
  2. Choose one of the above and start small. Find a way to set up your waiting area to display items like Serenity Choice or create a test drive with a TV streamer for patients who currently wear hearing aids. Front-office staff or audiology assistants are key in helping demonstrate the technology.
  3. Market and promote consistently both internally in your practice and externally in everything you do. Share and highlight the information on your website and social media feeds, inviting patients to make a call for a demo. Send out our complimentary newsletters or database mailers to existing patients offering a demo. For example, find the outdoor enthusiasts, in your database, who could benefit from Serenity Choice and market hearing protection to generate new leads to your practice. Don’t forget an easy way to market is on the TV in your waiting area, our ENT/Audiology waiting room patient education service can help support this goal.
  4. Take the Inner Circle Challenge and select one service to learn more about how to use the system, market to patients, and understand how to monetize the service.

Inner Circle has relationships with several vendors like Cognivue cognition screening, Redux professional drying system, Safkan’s Otoset cerumen management system, or the aural rehabilitation program through Amptify.

Choose one or a few of these items and position them consistently during patient visits or through marketing. Get started and drive a steady supplemental revenue stream and opportunities to differentiate your practice. Over time, the results will have a positive impact for your practice with new leads, referrals, or a way to retain patients.

Let us help you get started, reach out to your Phonak Field representative, email or visit the dashboard today