130% Increase in Profitability Through Audigy-Driven Efficiencies
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After a two-day on-site analysis of an East Coast-based ENT practice, the Audigy Medical team identified key cultural, operational, marketing, and financial changes that could easily increase profits for the practice.
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.
After completing and implementing the strategic plan, the practice saw a 130% increase in profitability and a 30% increase in hearing aid revenue.
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 of tactical plans and overall strategy
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
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 the 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 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