Audiology Resources
Monthly News & Updates
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It has been 20 months since I last presented anything, a training class, an Aud lecture, a presentation, live and in person! I do not know about you but while I LOVE the OPTION to be remote, I HATE that this was our only option during COVID! I am SO EXCITED to get back face to face with all of you! Working on a white board, having easy back and forth discussions, networking and sharing at lunches and breaks! THIS is why I still love what I do!
I want the opportunity to guide and support practices as they evolve, grow and thrive in this changing industry! I want to help you increase revenues and reduce headaches and inefficiencies. And, while I love a good live stream, video or webinar, I want to do ALL of this with you in the room with me!
I am excited for my upcoming insurance only boot camp in July! I have never offered an event like this and I am excited for the opportunity to share tips to make this process easier and more profitable! We are going to get "back on this horse" slowly with a small, attendee focused event of no more than 30 attendees TOTAL!
I hope to see some of you join us!
Cheers!
Kim
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Monthly Coding and Reimbursement Tips
Fee Schedule Access
Many managed care, allowable rate schedules are available online. You just have to know where to look. I am going to provide you with a few tips and a few links.
Links:
Tips:
Medicaid: Google " Medicaid (your state) fee schedule (year)" or "Medicaid audiology physician hearing aid fee schedule".
United HealthCare: Get access to portal.
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Advocacy/Journal Spotlight
The Medicare Audiologist Access and Services Act (HR 1587/SB 1731) has been introduced in the US Congress. This bill changes the role of audiology in the Medicare system. Passage of this bill would re-classify audiologists as practitioners (we are classified as "suppliers" now), remove the physician order requirement for coverage, and allow for coverage of medically necessary treatment services such as cerumen removal, canalith repositioning and auditory rehabilitation.
We need every audiologist to support this bill in time and treasure! I am asking every audiologist to donate at least $100 towards this effort in 2021! You can support this initiative through national audiology associations and Choose Audiology.
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Letting Data Guide the Conversation:
A Look at the Potential Opportunities Accessibility Affords Audiology
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I have been lecturing on pricing and business planning in my class this week. We have been talking a great deal about the value assumption of audiology, the unique expertise of an audiologist, the costs of doing business and how to best reflect both the needs of the practice and those of the patient in our pricing and care delivery models.
I am a data driven person. Data helps me make business decisions rather than emotional decisions. I thought I would present some data for my readers to ponder and consider.
According to the Cochlear Center for Hearing and Public Health at Johns Hopkins University, 38 million Americans have a hearing loss significant enough to interfere with daily communication and, of these, 14% currently wear hearing aids. Data from the Hearing Industries Association (HIA) shows a higher hearing aid adoption of 34.1%. If we follow the HIA data, and we factor in huge improvements in technology and an increase in third-party coverage of hearing aids through the Veteran's Administration (VA) and insurance, adoption has grown a modest 11.2% in 30 years. I suspect the true adoption rate for adults, outside the VA system, lies somewhere in between these two data points on adoption.
There are currently 13300 audiologists in the US . 1370 audiologists work at the VA (https://blogs.va.gov/VAntage/74813/va-is-americas-largest-employer-of-audiologists/). The leaves 11930 in the private audiology sector. Per the Bureau of Labor Statistics, 69% of audiologists work in clinical settings, that leaves 8231.7 audiologists in the US available to evaluate and treat hearing loss.
Because current hearing aid users are 70 plus years of age and moderately impaired or greater, audiology has little risk of losing these successful, current hearing aid users to the OTC.DTC market (this did not present itself in the vision market). Most of those individuals currently in the traditional delivery channel are likely to remain in this provider driven channel, although they may seek more affordable and/or accessible delivery options (as available through telehealth, unbundled practices, Big Box retailers or insurance directed programs).
So, let us extrapolate all of this data and make some predictions based upon some assumptions one could from the data above. I think these assumptions are just as likely, if not more likely, than those which show the demise of the traditional channel of OTC/DTC is fostered.
- Assume a modest 10% increase in hearing aid adoption through OTC/DTC channels.
- This would increase adoption of amplification by 3.8 million Americans.
- This would mean 461.6 hearing aid users for every clinically practicing audiologist.
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If only half of these new hearing aid adoptees (230.8) access an audiologist for services, this could translate to (per audiologist):
- $11,540 in audiometric test revenue (assuming a $50 allowable/usual and customary rate).
- $46,160 in communication and functional needs assessment revenue (assuming a $200 usual and customary rate).
- $23,080 in service revenue for each 30 minute hearing aid clean and check (assuming a $100 usual and customary rate).
- $230,800 in service revenue for every new set of traditional hearing aids fit (assuming a $1000 fitting and management fee through acceptance and a small margin on the product).
I keep saying that I see opportunities on the horizon. I am met with fear, anger and skepticism. There are folks who want you all to believe that the sky is falling. I, on the other hand, see OTC/DTC as an opportunity, not a threat! I think I have outlined above, with data, the opportunities for growth! I want to see more consumers on their journey to better hearing and communication when they are younger and more mildly impaired. I want us to be their navigator. These individuals will, if we follow the data from optometry, ultimately end up in a provider's office and in provider delivered product offerings. Whose practice they gravitate toward will be influenced by the decisions each of you make NOW.
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