2014 Benchmarking Survey Results (Q1 2015)-2014 Benchmarking Survey Results (Q1 2015)

2014 Benchmarking Survey Results (Q1 2015)

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Phonak conducted its annual U.S. Hearing Industry Benchmark Survey in 2014 to establish industrywide metrics among hearing practices in the country. The survey was conducted by Customer Care Measurement and Consulting, LLC, and had the highest-ever response rate of 450 participants. The survey provides practices with a tool to compare their performance against industry standards and the "Best in Class." It identifies typical and best practices, provides productivity analysis, marketing analysis, and compares top performers to average performers. <br /><br />The survey revealed that practices reported growth in gross revenue, with a median increase of 7.1% over 2013. The median number of hearing instrument units dispensed increased by 43 units. However, there was a wide range in gross revenue and hearing instrument units dispensed between top performers and bottom performers. Top performers generated 855% more median gross revenue per fitter and had better revenue-generating abilities among non-professionals. <br /><br />The survey also looked at trends in fitting processes, operational and marketing practices. It found that a quarter of respondents reported not conducting product demonstrations. Refits on existing patients represented 35% of revenue, posing risks of losing patients to competition. Office management systems adoption increased, but many practices do not measure the right key performance indicators. Median spending on marketing programs increased by 25% over 2013, with physician and patient referral programs being the most effective. <br /><br />The survey highlighted the differences between "Best in Class" practices and the rest of the respondents. Best in Class practices had higher overall revenue, profit, and margin, and implemented formal, detailed marketing and human resources strategies. The most important takeaway from the survey is that practices should focus on improving their performance and measuring and analyzing their results, regardless of their size.

Keywords

Phonak

U.S. Hearing Industry Benchmark Survey

response rate

gross revenue

hearing instrument units dispensed

top performers

bottom performers

fitting processes

marketing practices

performance improvement