Volume 126
August 24, 2022
  • Need to Know
  • 65,000+ Words
  • Coming Soon
  • Your Plans
  • The Golden Rule
  • Consumerism

Practice Growth Insights™ aims to empower, in various ways, those aspiring to Elevate the Profession. Our Grassroots Educational Marketing must be versatile in pursuing many topics which present and potential consumers or interdisciplinary collaborators should be more knowledgeable of. Think of it as a need to know basis which we “Diagnose and Treat” …
“Seek first to understand, then to be understood.”
—Steven Covey
Regarding this week’s published FDA Ruling, all 65,000+ words of it, what do we understand?


One thing we understand, for sure…
Are these nearby?

Going forward, we will explore viewpoints of and responses to this pivotal catalyst. Like most complex healthcare issues, ecosystem participants may have differing perceptions. With respect to clinical and business practices in the Over The Counter Hearing Aid (OTC HA) era, if you plan:

  • No Changes, how will you explain to customers and medical colleagues why status quo is preferable?
  • To Actively Oppose, which specific action steps will produce positive results?
  • To Embrace and Prosper, how will you do so transparently in patient-centered ways?

For those eager to Embrace and Prosper, we concur this choice is ideal and are deeply committed to supporting you achieving these vital goals. Speaking of how Rules affect those in your Circle of Influence, this one always inspires.
Our inaugural (March 25, 2020) Practice Growth Insights™ stated:
“While guiding principles like The Golden Rule are timeless, sometimes unforeseen events increase their significance. While public health policy imperatives and educational awareness have always been important, their prevalence in our daily lives is now heightened. From whatever media sources we select, reputable experts provide perspectives for us to be better informed citizens.

“With respect to hearing and balance healthcare, you and other key opinion leaders are uniquely positioned to educate your patients, fellow healthcare providers, local communities, and other key decision makers on the benefits of helping folks to hear, understand, and connect with others to the best of their ability. Your professional voice should be heard by all who need to know.”

Then, Covid-19 was a primary public interest and now, in hearing care, OTC HA will be. In this context, we are again guided by the World Health Organization articulating:

Health literacy refers, broadly, to the ability of individuals to “gain access to, understand and use information in ways which promote and maintain good health” for themselves, their families and their communities.”

OTC HA’s much anticipated arrival is an educational process set to unfold for years. All market participants have important roles and as always, helping consumers improve their quality of life is crucial. At this mission critical juncture, amid likely fanfare and confusion, we add context by broaching the subject of Consumerism, being described as the:

  • Theory that individual spending on goods and services is an integral growth driver which measures economic productivity

  • Need to protect and promote consumer interests with an immense and diverse array of products
Do you know:

What is...
$24.85 trillion?
The U.S. 2nd Quarter 2022 current dollar Gross Domestic Product.1
1 https://www.bea.gov/news/2022/gross-domestic-product-second-quarter-2022-advance-estimate
68%?
The Personal Consumption Expenditures share of GDP.2
2 https://fred.stlouisfed.org/series/DPCERE1Q156NBEA
We recognize the products and services marketplace is massive and while OTC HA will formally arrive soon, today there are 1000+ “Hearing Aids” choices on Amazon:
From experience, to what degree do you believe typical consumers understand these reputably variable options? Trends are evident, consumers presently have many hearing solution choices and new product announcements will accelerate. In reality, for the vast majority, their most important choice is which trusted professionals will expertly guide their hearing care journey, for life. 

They should understand, that should be you and your compassionate team!
Planning ahead, may we ask?

If there is one colleague you would like to benefit from Practice Growth Insights™, we appreciate you sharing.

See you next week as we discuss ABC’s of OTC HA.
Bruce Essman
CEO
High Definition Impressions (HDI)



314.276.7392

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