Creating Efficiencies Leads to 130% Increase in Profitability for an East Coast ENT Practice

Challenges Facing the Practice

After a two-day on-site analysis of a well-established East Coast-based ENT practice, the Audigy Medical team identified key cultural, operational, marketing, and financial changes that could be made to easily increase profits for the practice.

Solution to Solve Challenges

In order to increase profits, Audigy Medical’s COPM-certified consultants focused on closing the communication gap, standardizing procedures, completing a financial review, and building out a complete marketing plan.

Results

After completing this strategic plan, the practice saw a 130% increase in profitability and a 30% increase in hearing aid revenue.

The plan for achieving a 130% increase in profitability

Closing the Communication Gap

The right meeting strategy will save your practice time, reduce friction between departments, and increase patient care and practice profits.

  • Weekly staff meetings between audiology department and management
  • Weekly meetings between physicians and Audigy Medical to discuss execution on tactical plans and overall strategy

Standardize operations for a more efficient practice

Inefficiencies and inconsistencies were identified that were creating confusion, duplication of work, and loss of trust between the patient and practice. The Audigy Medical team standardized key areas to resolve these hindrances.

  • Created a standard of care for hearing aid patients
  • Created audiology recommendation form to ensure scheduling of hearing loss patients
  • Completed capacity analysis to understand how many hearing aid patients can be seen
  • Developed plan for how physicians can transfer credibility to the audiologists for hearing loss patients

A Complete Marketing Plan

To ensure the practice brings in a consistent flow of the right patients, the Audigy Medical marketing team created a comprehensive marketing plan that included:

  • An annual marketing plan
  • Custom website design and development
  • A paid-search marketing campaign designed and run by Audigy Medical’s Google Premier Partner team
  • An email-marketing program for contacting current and prospective patients

A Comprehensive Financial Review and Plan

The Audigy Medical team did a complete financial review of the ENT practice to ensure pricing and compensation plans.

  • Standardized value proposition created across practice locations and providers
  • Review of current pricing strategy
  • Compensation plan review and creation to help better align the plan with the goals and priorities of the practice
  • Breakeven analysis for audiology department

Your Practice-Management Experts

Access untapped potential with the insights of Audigy Medical’s COPM-C certified consultants — recognized experts in all areas of ENT practice management. They rigorously analyze your specific processes and ancillary services and provide data-driven strategies to increase efficiency throughout your practice. Audigy Medical helps otolaryngology practices become more efficient, maintain their autonomy, practice medicine in a manner they see fit, and build a financially stable organization.

Your practice can achieve these types of results too.

Contact the Audigy team today to learn more about the services and solutions we offer medical practices.

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