Navigating the Hearing Healthcare Arena in 2023 (sponsored by Oticon, Inc.) (TX-143-24-042)-Navigating the Hearing Healthcare Arena in 2023

Video Transcription

Video Summary

Gary Rosenblum, the President of Oticon and former Chairman of the Hearing Industries Association, presented a webinar on the state of the hearing healthcare industry in 2023. He discussed various topics including the growth and demand for hearing aids, the impact of over-the-counter (OTC) hearing aids, managed care and Medicare Advantage policies, and the latest hearing aid innovations. <br /><br />Rosenblum emphasized the resilience of the hearing healthcare industry, noting that the growth in the commercial hearing aid market is currently at 8%. He also mentioned that while OTC hearing aids have been approved and are available, they make up less than 1% of the market. He pointed out that the demand for hearing aids is expected to increase in the coming years, especially with the aging population and the increasing awareness of the health consequences of untreated hearing loss.<br /><br />Rosenblum discussed the impact of managed care and Medicare Advantage policies on the industry, noting that there is a significant growth in the number of Medicare Advantage beneficiaries with a hearing benefit. He highlighted the need for hearing care professionals to strike a balance between managed care and private pay patients in their practices.<br /><br />In terms of innovations, Rosenblum mentioned the use of deep neural networks in hearing aids, which enhance the quality of sound and speech understanding for patients. He also spoke about the importance of connectivity and ease of use for patients.<br /><br />Overall, Rosenblum's presentation highlighted the positive trends in the hearing healthcare industry and the opportunities and challenges facing hearing care professionals.

Keywords

Gary Rosenblum

hearing healthcare industry

growth

hearing aids

OTC hearing aids

Medicare Advantage policies

innovations

resilience

aging population

untreated hearing loss