LM217 - The Death of Audiology 2.0 (Originally Predicted in 2008 by Kevin St. Clergy)

Abstract:
Many people believe the field of audiology is dying. With advances in technology, OTC legislation, and the rise of 3rd party payers, it may feel true, but it’s not. Audiology is not dying, it’s changing. This presentation will examine 1) where the field of audiology has been and where it is going, 2) the problems and current threats to audiology as a whole, and 3) how to move from dependence on hearing aids sales to choosing alternative revenue sources.

Summary:
When the OTC legislation was released in 2022, it shook the audiology world. Some audiologists took a wait-and-see approach, and others simply ignored it and said, “This won’t affect me, I’m fine.” Others panicked and immediately sold their practices for less than what they were worth, or left the profession completely saying, “It’s all over.”

Third-party payers seem to be getting more contracts than ever before. Private pay hearing aid sales are down. There have even been stories of other conferences where angry audiologists yelled at low-cost hearing aid manufacturers in their booths and claimed that these people were running the field of audiology. By the second day of the conference, everyone was angry with them. The low-cost hearing aid booth workers were just talking about their products - it wasn’t their decision to try and ruin lives or kill an entire profession.

But it shows that everyone is freaking out, saying, “No more opportunities in Audiology. The Death of Audiology is here.”

The year before that, the word was that consolidation was killing audiology, the year before that it was online hearing aid sales, the year before that it was.... something else...

So what do we do now?
Is Audiology really dying?
No. Audiology is not dying.

It is changing, though. Audiologists must discover a way to adapt to change, or we really will have something to worry about.

What do we do?

We have to stop blaming everyone and everything and take action.

You can let the manufacturers know how unhappy you are with their consolidation, online hearing aid sales, selling to 3rd party companies and other things you don’t want them to do, but they will continue. You can sell your practice. You can continue complaining to people with no power to change anything.

OR…

You can spend your time focusing on what is working and how you can change and adapt to a changing market. Those who do this will survive, those who don’t are doomed.

In this session, we will be discussing how to position your practice as the go-to full-service Audiology provider in your area. This includes how to set a healthy mindset that can embrace change and prevent the freak-out that can come with the unknown in any situation, particularly in the audiology industry. We will also discuss the startling statistics of why audiologists need to change from a hearing aid revenue model to alternative revenue sources, and what those sources are. Then we will discuss three key strategies to position your full-service audiology practice as the go-to experts in your community and expand your offerings far beyond just selling hearing aids.

You will walk away with a new ability to embrace the never ending changes in the audiology field and a plan of action to expand your practice confidently into the next 5 years.