Fine-Tuning Processes Increases Efficiency and Revenue by 29%

Challenges Facing the Practice

A university-affiliated practice in the Northwest experienced six years of flat
or declining revenue. A cross-functional analysis revealed untapped potential
across four dimensions of the practice.

Solution to Solve Challenges

In order to reverse the decline in revenue, Audigy Medical’s COPM-certified consultants worked to fine-tune the practice’s existing processes among four key areas.

Results

With a more operationally efficient practice they saw revenue increasing. From June 2017 to June 2018, hearing aid revenue increased by 29%

By fine-tuning the practice’s existing processes, Audigy Medical was able to:

Create a culture for growth

  • Develop career pathways for each team member
  • Bridge the gap between the university’s and practice’s performance metrics
  • Implement best practices to move patients from diagnosis to treatment

Standardize operations for a more efficient practice

  • Help create a standard of care for hearing aid patients
  • Provide a data-driven analysis of the current monthly capacity for hearing aid evaluations
  • Increase the hearing aid evaluation time to optimize the likelihood of a
    conversion
  • Coach the department head on best practices for reporting

Build and launch a comprehensive marketing plan

  • Create an annual marketing plan and budget
  • Create materials branding the practice and supporting the hearing aid leasing program
  • Develop a digital marketing strategy, including paid search and a monthly e-newsletter

Develop a finance plan and budgets for a profitable practice

  • Develop a hearing aid leasing program
  • Educate the department on measuring the university’s key performance indicators
  • Review the budget and annual planning
  • Analyze the profitability of the current FTEs

Your Practice-Management Experts

Access untapped potential with the insights of Audigy Medical’s COPMcertified 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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