Audiology Is a Business

Audiology Is a Business

April 27, 2016 In the News

Reimbursement and practice management strategies are multi-dimensional and ever changing. What is common to all audiology practitioners and staff is that these two topics are foundational for the success of a facility regardless of practice setting. Audiology is a business. It is not solely about making a profit; it is also about being compliant with federal mandates. Ignorance of the law is not an excuse!

The Academy’s second Practice Management Specialty Meeting, June 17-18 in Austin, Texas, is designed to provide knowledge and information to be applied on the “following Monday” after the conference, but additionally, it will address the “must-know changes” and how to prepare for that “Monday-in-the-future.” For example, the passage of the Medicare Access and CHIP Reauthorization Act (MACRA), which supports the intent of the Affordable Care Act, describes the changing payment system and future rules of engagement. The time is now to learn these changes, to understand the impact they will have on reimbursement and the financial bottom line, and to make the necessary shifts in the way your facility performs business practices. Craig Castelli, CEO of Caber Hill Advisors, will educate attendees about what it takes to identify and maintain the financial health of a practice. Mr. Castelli specializes in the valuation, selling, and acquisition of audiology practices. He demystifies the often complex financial formulas and transforms them into understandable and purposeful data collection that all business owners will want to track.

The second day of the meeting will provide stimulating interactive discussions with industry experts to discuss PSAPs as well as identifying future disruptive technologies (new ways of doing things that disrupt or overturn traditional business methods and practices). PSAPs are becoming part of the consumer electronics “world”. Spirited discussions by an expert panel will discuss the many elephants in the room, for example: Is diagnosing and treating hearing loss too complicated for the consumer without the services of a professional? That is only one of many thought-provoking discussions that will guide the attendee to innovate and solidify how his/her practice will compete in the shifting hearing healthcare market.

Simply, today quickly becomes tomorrow…this meeting is structured to encourage creativity and fortify your practice to be recognized as the “best of the best.”

Team participation is the core for establishing a successful business. The expertise of the practitioner(s) is essential, but strong support staff who are knowledgeable about contemporary business practices is a desired asset. Under the leadership of Beth Ehrlich and Roxann Bonta, office personnel is invited to participate in their personalized session that runs concurrently with the specialty meeting. They will be reviewing key topics such as improving the patient journey, creating and executing the prime job description, running reports that are crucial for knowing the “pulse” of the practice, comparing available office software programs, discussing marketing strategies such as recall programs, promotions, birthday/referral/sympathy cards and much more…

The Academy is dedicated to empowering its members with knowledge. Sign up for the Practice Management Specialty Meeting in Austin, Texas, on June 17-18, 2016. You can’t afford to miss it!

Paul Pessis, AuD, and Ken Smith, PhD, are this year’s meeting co-chairs.

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