As a business owner, the start of a new year is an ideal time to assess profitability and realign based on your goals for the coming year. If your pricing & reimbursements aren’t meeting the profitability needs of your practice, you may need to consider making some changes, up to and including your business model.
Results of the 2024 Benchmark Survey revealed that nearly two-thirds of respondents itemize fees for service, up from 45% in 2021. Itemizing fees for service isn’t a one-size-fits-all solution. As a matter of fact, the survey revealed varying degrees of itemization:
- Fee for service to show value of services but still offer bundled price for device & services
- Fee for service and offers a hybrid package for the devices and services
- Fee for service and unbundled cost of the devices and services
- Fee for service for the purpose of offering service plans
- We do not itemize [bundled]
So, which model is best?
There isn’t a best model, only the model that is best for your practice, and The Unbundling/Itemization Course and Consultation service through MySuccess can help as you make that decision.
The course is taught by Dr. Erica Person and hosted through Audiology Academy. Through the online modules, you’ll gain an understanding of the value of your time and how to maximize profitability. You’ll determine your hourly break-even rate, set fees to support your profitability goals, and get access to expert advice on implementation as you determine the right model for your practice.
MySuccess Sapphire & Diamond members receive a 20% discount on either package option; standard or premium, year-round. And, exclusively for the month of January, Coral members can take advantage of the MySuccess discount. Learn more on the MySuccess Dashboard and set yourself up for success in 2025!
Senior Practice Services Manager at Sonova
Laurie Daley is a Senior Practice Services Manager at Sonova. Prior to joining in 2012, Laurie practiced as a clinical audiologist in central Massachusetts.As part of the outside sales team, she has shared her passion for helping patients on their journey to better hearing with her customers and the team she led as Region Director.In her current role, Laurie continues to work with hearing healthcare providers to deliver an exceptional patient experience, and to thrive & grow in an ever-evolving industry.
Latest posts by Laurie Daley (see all)
- Maximizing Profitability: Choosing the Right Pricing Model for 2025 - January 3, 2025
- Get set for success in 2025! - January 3, 2025
- Introducing a new service for mySuccess members! - November 19, 2024