From the Red to $67,000 Net Profit In Just One Quarter
Challenge
A Northeast ENT and neurotology practice wasn’t reaching its full revenue potential. Some of the practice’s processes, operations, and team culture needed retooling to help the business achieve their goals.
Goal
Help the practice address key areas — cultural, operational, marketing-related, and financial — to help drive greater success, increase revenue and profits.
Results
Between 2017 and 2018, the practice’s hearing aid revenue jumped 13%.
Solution to achieving a 13% revenue boost :
Creating A Culture For Growth
- Assisted the director of audiology in navigating internal conflicts that preventing the practice from attaining growth goals
- Supported bimonthly staff meetings between audiology director and staff to address progress on 2018 financial goals, the department’s overall strategy, and execution of tactical plans
- Established monthly check-in sessions between Audigy Medical and the audiology director
- Built a framework to support efficient and productive quarterly business meetings among the audiology director, physicians, and practice administrator
- Created a new career-advancement path for a key employee and implemented a series of professional development coaching sessions to groom them for a new practice-administrator role
Standardize Operations For A More Efficient Practice
- Helped create a standard of care for hearing aid patients, including an audiology recommendation form to ensure scheduling of hearing loss patients and objective and subjective criteria
- Completed a capacity analysis to understand how many hearing aid evaluations can be conducted monthly, given the practice’s current diagnostic and scheduling demands
- Assisted the audiology director with operational reporting and key performance indicators for physicians
- Trained entire staff on minimizing attrition and positively impacting outcomes for hearing aid patients
- Developed unique practice collateral in support of the new process
- Helped the practice streamline technology and data collection, including EMR, patient portal, intake forms, and more, as well as identify next steps to complete EMR transition
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.
Ready to get these types of results?
Speak to our team about the Audigy marketing services that can help your practice increase patient referrals