In 2016, we began working with a large non-profit hearing and speech organization, ultimately helping them grow, increasing their profitability and improving their sustainability.
The clinical staff with revenue capacity were under-utilized. Their accounting complexity and process issues contributed to a lack of timely business and financial reporting to support decision-making and management of clinical operations. The organization’s hearing aid pricing approach negatively impacted its revenue while clinical operations marketing support was limited. Compensation structures were also not well suited for growth and retaining top providers.
Systems training to better utilize the practice management platform.
Review and change hearing aid pricing from unbundled to a mostly bundled approach.
Process changes so charges input and billed on a timely basis and daily cash posting.
Improved treasury management — daily cash reconciliation process and reporting.
Phone system and staffing review to ensure the ability to live answer incoming calls, especially marketing calls.
Implemented weekly business and financial report to monitor performance — progress vs. goals (published to all clinic employees).
Created a bonus plan for all clinical staff to provide “private practice” type compensation opportunities.
the Growth Plan
Implement marketing plan
Ad response tracking
Monitor revenue performance
& Finance Changes
Streamlined the account structure – reduced complex allocations, which obscured financial performance.
Developed cost center focused budget and monthly financials for improved reporting and better visibility to financial performance with an emphasis on direct cost visibility.
Considered external donor reporting vs. internal management reporting.
•Assessment and preparatory steps in just 4 months.
•Hearing aid revenue increased 75% in the first month the new weekly reporting, bonus plans and marketing were implemented.
•Monthly hearing aid revenue has maintained/grown at a new and higher level.
•Dramatically improved profit/financial contribution from clinical operations.
•Improved cash position and significantly reduced debt in first full year working with HRG.
•Organization well-positioned for strong staff retention and stability following our non-profit hearing care management.
•Organization has grown audiology revenue 225% in 3 years.