Do you know how much your practice is worth?

And if you were planning to sell it, would you know where to focus to maximize the valuation and make it ultra desirable to a potential buyer?

Well, in this episode, I'm sharing the 5 big areas that you should focus on to maximize your valuation.

This includes the obvious ones ... like your EBIDA, but also 4 ways to increase the multiple applied to your practice by a buyer.

Enjoy!

How are you using ChatGPT in your practice?

If your answer is:

1. I'm not
2. Writing copy
3. For fun

Then you're missing out.

In this episode, I share 5 ways that you could be utilizing this FREE tool in your practice to buy you back more time, build effeciences and be your personal assistant.

With your time being so valuable in growing your practice, these little hacks may just help you to find hours of extra time each week to work ON your practice.

Enjoy!

What wine options do you have for your patients? 🍷 I’m joking (kind of). Because, there’s a lesson that you can borrow from restaurants to enhance the profitability of your practice. Let me explain ... As many of us know, restaurants make VERY good margin on wine. Although we all have a ceiling for what we’d pay for a beer, or a spirit, wine can often be bought for a low cost and sold at a premium (based on illusion, age and the exotic backstory). As a result, restaurants intelligently “create conditions” to encourage their customers to drink wine. Think about it: 🍷 They have win glasses already sat on the table when you sit down, suggesting it’s the type of establishment where drinking wine is normal 📜 They hand you a ‘wine list’ ... not a drinks menu 🧠 They often hand the ‘wine list’ to just one person at the table, aiming for them to go for the simplest choice of choosing red or white. They have developed an experience where you’re subtly encouraged to choose wine in 3 different ways, aiming to make it the normal and logical choice. What lessons could you take from this for your practice? Here’s a couple of thoughts: 👉 How are your pricing/treatment plans positioned? Do you offer them their choice of options, do you make a recommendation, how is it introduced, and what is considered as the normal route to take? 👉 How is the patient educated on how long hearing aids last and when the time should be to upgrade? Is it 4 years, 5 years or as long as they still work? I don’t know the answer, but you can create what “normal” looks like. You get to establish what normal looks like for your patients, and create the right conditions. Restaurants and many other industries do a great job of this, what could you do?

In this episode, we explore "Weird and Unique Physician Marketing Strategies".

Join our host, Oli Luke as we uncover some of the most unconventional and surprising marketing techniques used by hearing care professionals to attract and retain patients. From eye-catching social media campaigns to offbeat community engagement tactics, we bring you the creative strategies that have helped audiologists stand out in a competitive market.

Whether you're a seasoned audiologist or just starting your journey in private practice, this episode is packed with valuable information that will inspire you to rethink your marketing strategies. Get ready to be amazed, amused, and motivated by the weird and wonderful world of physician marketing!

Tune in now to discover how embracing the unconventional can lead to extraordinary success in the hearing care industry. 

In 2016, a study was conducted by the PH Media Group that asked 2,234 Americans their opinions on customer service handling, and their experiences of an initial phone call with a busines

95% of the people participating said that if the first phone call to a company is not handled properly, then they would be unlikely to buy from that business.

But worst of all, the survey found that the least tolerant people were those over the age of 55 who shared that an unsatisfactory phone call would lead to 63% of them never buying from the business again.

Given that this age-group makes up the majority of our patients, these are some big and scary numbers.

It means that poor call handling could lead to only 3 out of every 10 phone calls progressing to an appointment, and great call handling could lead to all 10 being put onto the schedule. 

It’s a significant difference. It means that the difference between handling a phone call well and handling a phone call poorly could be the difference between 3 times as many people being scheduled. 

The person that holds all the power in those numbers is YOUR FRONT DESK.

In this episode, we discuss the 3 steps of their role and a 5-step framework for leading patient phone calls.

Whether this is for you, or for your front desk to listen to - I hope you find it helpful

As business owners, we're constantly wearing many hats. We're often the rainmaker in the practice, managing staff, buying the coffee, dealing with roof leaks, and ensuring the financial health of the practice.

With limited time, it's crucial to decide what tasks you should focus on and what you should delegate.

In this episode, we discuss the five major tasks you're probably doing right now that you should delegate. Best of all, we highlight how to use the extra time effectively by identifying activities that generate $1,000 per hour and $10,000 per hour.

Imagine growing one of the most respected audiological practices in the country, while balancing life with two young children?

Well, that’s the conversation on today’s episode of the Business of Hearing Podcast as Dr. Emily McMahan from Alaska Hearing & Tinnitus Center is interviewed as part of the ‘Under the Hood’ series.

From how she defines a high-performing practice to how she pushes her business so hard while teaching strong success principles to her children.

 There’s a huge amount in this.

This is a little different.

We’re not discussing audiology or hearing care.

Instead, I’m walking you through 9 questions to ask yourself to transform your life.

The idea from this came from scrolling LinkedIn when I seen a viral list of though-provoking questions that you should ask yourself.

9 of them really stood out.

Therefore, I thought I’d hit record, ask you the same questions as well as answer them brutally honestly.

(Yep, this turns into the occasional therapy session)

==

To learn more about the Business of Hearing, visit www.businessofhearing.com

Want to know how Oli and his team can support your practice? Visit www.orange-gray.com

Every Industry in the world can be broken into three segments. 

• The Mass Market – The option for most people. 
• The Niche Market – The option for people with special interests. 
• The Luxury Market – The option for status focused individuals. 

As clinic owners, your main focus is nearly always to cater to the mass market,     Given that the vast majority of practice owners are in the same boat, and that the market is set to grow by 3.5x in the near future, it opens up the potential for “Boutique Practices” to make a name for themselves, serving the niche and luxury segments that are largely untapped.    In this week’s episode, Oli explains how to carve out a unique space in either the niche or luxury market, tailor your services to meet the specific needs of your dream patients, and strategically market your practice to stand out.  

Whether you're aiming to cater to enthusiasts with special interests or those seeking premium services, this episode provides you with essential steps to define and attract your dream patients.  

If you would like to have a topic discussed on the Business of Hearing podcast, drop me an email at [email protected]

Enjoy! :-)

As Spandau Ballet rightly put it, GOLD.  What a treat we are in for today, it’s the next instalment of Dr. Nancy Duncan’s ‘Under the Hood’ podcast. Today Nancy is joined by co-owner of Audiology Associates, hosting an impressive 12 locations across Maryland and Washington D.C.  From building a high performance team of 25+ people across the business to building a practice that truly has a world class legacy... there really is so much GOLD in this episode.  (Ive listened to it twice now and I take something different away from it each time i listen!)

Starting small? Well this is a must listen if you aspire to build a bigger and better business.

I hope you enjoy it.

Have a question that you would like to discuss on the podcast? Shoot me an email to [email protected]! I look forward to hearing from you :-)