Fine-Tuning Processes Increases Efficiency and Revenue by 29%
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.
In order to reverse the decline in revenue, Audigy Medical’s COPM-C certified consultants worked to fine-tune the practice’s existing processes among four key areas.
With a more operationally efficient practice, they saw revenue increasing. From June 2017 to June 2018, hearing aid revenue increased by 29%.
Solution to Increasing Hearing Aid Revenue by 29%:
Creating a Culture for Growth
- Developed career pathways for each team member
- Bridged the gap between the university’s and practice’s performance metrics
- Implemented best practices to move patients from diagnosis to treatment
Standardizing Operations for a More Efficient Practice
- Helped create a standard of care for hearing aid patients
- Provided a data-driven analysis of the current monthly capacity for hearing aid evaluations
- Increased the hearing aid evaluation time to optimize the likelihood of a conversion
- Coached the department head on best practices for reporting
Building and Launching a Comprehensive 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:
- Creating an annual marketing plan and budget
- Creating materials branding the practice and supporting the hearing aid leasing program
- Developing a digital marketing strategy, including paid search and a monthly e-newsletter
Developing a Finance Plan and Budgets for a Profitable Practice
The Audigy Medical team did a complete financial review of the ENT practice to ensure pricing and compensation plans.
- Developed a hearing aid leasing program
- Educated the department on measuring the university’s key performance indicators
- Reviewed the budget and annual planning
- Analyzed the profitability of the current FTEs
READY TO BECOME MORE EFFICIENT AND PROFITABLE?
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