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Signia Podcast Series: Successfully Navigating the Shift in Third-Party Reimbursements Post Covid-19

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1.  Which of the following has created a need for providers to change or streamline standard business practices in order to maintain profitability? The sudden increase in direct-to-consumer hearing aid sales An increase in private insurance coverage for hearing aids The decrease of government funded hearing aid coverage Un upcoming presidential election

2.  Which standard business practices may providers consider adjusting in response to a change in hearing aid reimbursements? Operational processes Staffing responsibilities and compensation Patient communication All of the above considered best practices

3.  Why is the industry seeing a growing number of third-party payors, including Medicare Advantage programs, include hearing aids as a reimbursable expense? To address consumer demand for lower out-of-pocket costs To eliminate the need for over-the-counter hearing aids To compete with Big Box retail sales To address the shortage of VA audiologists working with veterans

4.  What is the most accurate way to calculate the economic value of a third-party referral? Cost of goods minus average sales price Customer acquisition cost minus cost of goods Calculate top-line revenue from all hearing aids sold annually Profit-per-patient-per hour

5.  Why can Providers no longer rely on Average Selling Price (ASP) and total number of hearing aids sold annually as strong indicators of the financial health of a retail clinic? Competitive market pressures have reduced margins on hearing aid sales Providers are not busy enough seeing patients, post pandemic It’s too difficult to calculate ASP OTC hearing aids are coming to market sooner than people realize

6.  Which of the following metrics are required to accurately calculate the economic value of third-party referrals? Average # visits per patient in the first 12 months after initial fitting, average number of minutes spent on hearing exam, a fitting and a follow-up visit Clinic overhead costs, staff salaries paid, patient hearing aid financing transaction fees paid Customer acquisition cost (CAC) and cost of goods sold (COGs) Total number of patients seen each month divided by total hearing aids sales revenue

7.  There are _____ Medicare Advantage and other similar third party insurance companies with a hearing aid benefit. Less than 10 More than a dozen Hundreds An indeterminant number

8.  It is estimated that in 2018, ____ of US private market purchases involved an insurance benefit. Less than 1% Less than 5% 5 to 10% More than 25%

9.  In the near future, this number is expected to ___ over the next 3 to 5 years Double Triple Remain Stable Significantly Decline

10.  Members of Medicare Advantage and other similar managed care programs with an insurance benefit save on average ____ compared to those who pay out-of-pocket without any insurance benefit. More than 10% More than 25% More than 33% More than 50%