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Defining the True Value in a Comprehensive Hearing Care Practice; How To Do a Time and Cost Analysis

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1.  Why must the independent hearing care practice consider a new pricing model? The wholesale price of hearing aids are increasing The manufacturer's suggested retail price is set to high? New competition has significantly lowered the retail price of premium hearing aids The current profit levels for the independent hearing care provider are too low.

2.  The current pricing model is based upon the wholesale price of the hearing aid a typical cost of goods (COG) at what percent? 10% 35% 45% 55%

3.  How do must hearing care professionals currently justify their retail price of hearing aids? The professional offers greater care than the discount offices and the patient will hear better. In order to stay in business they need to keep their prices at the current level They have an advanced degree and the patient needs to recognize the value of that education All of the above

4.  Achieving a hearing care focus must be reflected by: The signage in the office The amount of time spent with a patient The pricing strategy of the practice The posting of diplomas and certificates in the office and on the website

5.  What the three key components to emphasize in a Comprehensive Hearing Care model? Protocols, Pricing and Marketing Staffing, top brand hearing aids, pricing Location, Location, Location Warranties, free services included in the price, free hearing screening tests

6.  What is the key difference between a hearing treatment focus and a hearing technology focus? It's all about the best technology Matching patient needs with best technology is the central professional emphasis The patient leaves with a hearing treatment plan that may or not include the purchase of hearing aids. Time spent with a patient when hearing aids are not purchased results in little or no revenue for the practice.

7.  What would be the benefits of unbundled or itemized pricing if you were using a hearing treatment focus in a comprehensive hearing care practice? The pricing reflects your focus The practice gains revenue even when hearing aids are not purchased. The practice has expanded range of services for which they can receive a payment. All of the above

8.  In order to investigate an unbundled or itemized pricing model a practice must know their service revenue requirement, (SRR). Select the answer below that best describes the SRR. The amount of money needed to cover the cost of hearing aid purchases The total amount of revenue after cost of goods sold is subtracted to cover expenses The total amount of revenue less the cost of good sold plus the necessary profit to run the practice. This can also be called the Gross Profit Requirement Total practice revenue divided by the available productive hours

9.  What items to do you need to consider in order when establishing the available productive hours (APV)? Total weeks worked, total hours per day with a patient, total number days per week per audiologist, total vacation days per audiologist, total holidays, total days off for professional education Total weeks less vacation weeks. Only office hours and vacation days Time taken each day for patient counseling over the phone

10.  What is the value of doing all the work to determine the value per minute for delivering audiology care? It clarifies the value for audiology services Makes it easier to establish pricing for additional audiology care beyond the price of the hearing aid It keeps the practice open to servicing patients who did not purchase their hearing aids from their practice All of the above