Question
How do you know when it's time to increase prices for hearing aids or services?
Answer
I increase my prices when my cost of goods sold (COGS) goes up based on my profit margin. When my COGS goes up based upon the formula I'm using for profit margin, I increase prices to maintain that profit margin. If you don't do it this way, you should build in an inflation factor every year. Except for the past two years, we've had inflation every year.
Granville Y. Brady, Jr., Au.D., F.A.A.A. earned his Au.D. from Arizona School of Health Sciences. He is a licensed audiologist and speech-language pathologist with offices in Clifton and East Brunswick, NJ. Dr. Brady teaches business development and accounting at A.T. Still University. In addition to his clinical experience, Dr. Brady has served as councilman and finance chairman for the Borough of Somerville, NJ and was responsible for the budget, insurance and retirement operations of the municipality. He serves as treasurer of the Audiology Foundation of America.
This Ask the Expert was taken from the recorded course, Managing Revenue Fluctuations - Guidelines for Avoiding Peaks and Valleys, course 15583. To register for the course, click here.
Granville Y. Brady, AuD Jr, FAAA
licensed audiologist and speech-language pathologist with offices in Clifton and East Brunswick, NJ
Granville Y. Brady, Jr., Au.D., F.A.A.A. earned his Au.D. from Arizona School of Health Sciences. He is a licensed audiologist and speech-language pathologist with offices in Clifton and East Brunswick, NJ. Dr. Brady teaches business development and accounting at A.T. Still University. In addition to his clinical experience, Dr. Brady has served as councilman and finance chairman for the Borough of Somerville, NJ and was responsible for the budget, insurance and retirement operations of the municipality. He serves as treasurer of the Audiology Foundation of America.
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