Question
We know from industry statistics that patients who wear hearing aids purchase new aids on average every 5.7 years, and that has been true for our practice. How can we keep a revenue stream going and keep our patients loyal during this time?
Answer
We agree that the practitioner has to do everything they can to create that retention. Traditionally, providing batteries for the life of the hearing aid has been one way to keep patients coming back, however, free batteries are not an incentive if the patient can buy a product cheaper somewhere elsewhere.
One very effective solution is an extended hearing instrument warranty, combined with a limited service plan covering office visits. This enables a practitioner to not only capture some of the lost revenue because of the longer sales cycle, but also to strengthen patient loyalty.
Such a warranty can be offered on an annual renewable basis, and used as a reason
for the annual office visit. With an ESCO policy, we will notify your patients two months before their warranty is about to expire and remind them to make an appointment to make sure everything is working properly. The policy is tied to the practice, as it requires a certain level of service be provided as part of its provisions. In this situation the device is not tied to a specific manufacturer requiring that it be sent to only one place or that a patient has to be directly involved in the repair decision. The patient relies on you as the specialist, to decide where to send it for repair.
If the patient pays for additional coverage, it was my experience that they were motivated to keep their end of the warranty appointment. That gives you opportunity to counsel them and determine whether they’re satisfied with their current products or whether newer technology may provide them with added benefit.
For more information about ESCO, visit www.earserv.com or the ESCO Expo Page on AudiologyOnline.
