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PHSI Hearing Programs in Ophthalmology

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Learn how Physician Hearing Services, Inc. (PHSI) can help your practice offer hearing services to your patients.

Learn how Physician Hearing Services, Inc. (PHSI) can help your practice offer hearing services to your patients.


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Transcript

  • 1.  
  • 2. Goals For Today
    • The Basic Message
    • The Essential Facts
    • The PHSI Program and Why It Works
    • The Natural Fit in Ophthalmology
    • How It Works
    • The Value Proposition – What’s In It For You?
    • Next Steps
  • 3. The Message
    • Eyes and Ears – Vision and Hearing
      • These are your two most important senses.
      • Together, they create your “internal GPS”.
      • Both are fundamental to your awareness and functionality.
      • Both fail at the same time.
      • We treat both.
    • “ Vision and Hearing are so important together that we now include a complete hearing evaluation as part of the package of care we provide.”
    • This philosophical embrace is critical .
  • 4. Essential Facts
    • 50%+ of the over-60 population has “significant measurable hearing loss”.
      • Defined as hearing loss of >35dB in both ears
    • 80%+ have never been tested or treated.
    • 90% of all cases of hearing loss are irreversible and irreparable.
      • The cochlea is simply dying from age and noise exposure.
      • No applicable medical/surgical intervention.
      • Hearing aids are the only effective treatment.
    • Arthritis, hypertension and hearing loss are the three most common chronic medical conditions in the world.
  • 5. Essential Facts
    • Untreated hearing loss is definitively linked to:
      • Clinical depression
      • Acceleration of the onset of dementia and Alzheimer’s symptoms
      • Social isolation, fear and various phobias
      • Anger management and numerous psychosocial and relationship difficulties
      • Employability and earning power
      • “ A profoundly negative effect on virtually every aspect of physical, cognitive, behavioral and social functioning”
    • From “The Consequences of Untreated Hearing Loss in Older Persons”
    • National Council on Aging (NCOA) – December 1999
  • 6. Essential Facts
    • From Johns Hopkins – 2008
      • >55 million Americans with hearing loss
      • (This is nearly double the estimate of 30MM less than a decade ago.)
      • An epidemic of hearing loss
      • High occurrences in the 20-year old, 30-year old and baby boomer age brackets
    • Translation:
      • The problem is pervasive.
      • It is debilitating.
      • The population is inexhaustible.
  • 7.
    • 80% of Patients with Hearing Loss are
    • Undiagnosed and Untreated!
    • What If 80% of Cataract Patients
    • Were Undiagnosed and Untreated?
    Hearing Loss
  • 8. Hearing Loss
    • CATARACT PATIENTS CAN’T SEE THE FIRE ENGINE!
    • HEARING LOSS PATIENTS CAN’T HEAR THE FIRE ENGINE!
  • 9. Dual Sensory Loss
  • 10. Why Ophthalmology?
    • The patient populations are identical.
    • 25 years of research determined that : PATIENTS WANT TO BE EVALUATED AND TREATED FOR HEARING LOSS IN THEIR PHYSICIAN’S OFFICE .
    • There is a graphic disconnect between what patients WANT and what they GET.
      • 95% of hearing aids are dispensed in a retail storefront setting with no physician participating in the process.
  • 11. Why Ophthalmology?
    • Primary Care?
      • Too many, too fragmented, too broadly focused.
    • ENT?
      • Too few, surgically oriented, perpetually at war with audiology.
      • Most importantly, there is NO natural flow of senior patients to ENT.
    • Ophthalmology?
      • High-concentration site for older patients.
      • The Vision-Hearing link ---Parallel deficits, parallel treatment.
      • Unique orientation to retail.
  • 12. The PHSI Program
    • Equipment
    • Personnel
    • Full hearing aid product line
    • Complete pre-launch guidance
    • Initial training for physicians and all staff
    • Unlimited ongoing consultation
    • “ Best Practices” and “Benchmarking”
    • Expertise – We know how to do this
    • 100% practice ownership and control
  • 13. How It Works
    • 4 Simple Words…
      • Market
      • Screen
      • Refer
      • Fit
  • 14. How It Works
    • Market – Management Role
      • Patients must know you have a hearing program via wall media, electronic media, print media --- the message must be there --- it must permeate.
    • Screen – Staff Role
      • Simple methods for identifying patients with classic symptoms of hearing loss.
      • 4 tone hand-held screener to provide objective PASS/FAIL report.
  • 15. How It Works
    • Refer – Physician Role
      • A 30-second interaction between physician and patient is the magic of the program.
      • You will NOT need to sell hearing aids!
      • You do not have to be the hearing expert.
      • You do need to be a referral expert.
      • The MD/OD handoff is critical.
  • 16. How It Works
    • Fit – Hearing Professional Role
      • Testing
      • Counseling
      • Selling
      • Fitting
      • Providing continuing care
      • Referring as necessary
      • Repairing
      • Complete program management
  • 17. The Value Proposition
    • Proven expertise.
    • An “out-of-the-box” program.
    • Zero management or consulting fees.
      • PHSI’s success is tied directly to your success.
      • Long term supplier contract for hearing aids.
    • Substantial revenue and profit potential.
    • A broader clinical base for your patients.
    • Improved patient care and loyalty.
  • 18. What’s in it for you? Number of Tests per Day 4 Total Test/Year 1000 Conversion Rate 0.35 Patients Sold 350 Hearing Aids 665 Average Sale Price per Hearing Aid 1850 Gross Revenue $1,230,250 Refunds $123,250 Net Revenue $1,107,000 Direct Costs - COGS ($387,450) Net Revenue $719,550 Operating Expenses   Consumable Expenses $5,000 Marketing Expense $10,000 Personnel & Benefits Expense $57,500 Sales Incentives - HIS $50,368 Total Operating Expenses $122,868 Net Income $596,682
  • 19. Start-Up Costs
    • Testing Equipment $19,000
    • Recruiting Fee 7,500
    • Supplies 2,500
    • Initial Internal Marketing Materials 2,500
    • Dispenser Travel 1,000
    • TOTAL $32,500
  • 20. Space Requirement
    • One room = average exam lane
    • Where applicable, one small testing space
    • One countertop workspace for cleaning and minor servicing of hearing aids
  • 21. Next Steps
    • Sign a contract
    • Engage the recruitment process
    • Develop basic forms and workflow
    • Purchase testing equipment and supplies
    • Set up the program space
    • Orient the hearing professional
    • Train the physicians and staff
    • Go!
  • 22. Summary
    • PHSI works with the most progressive ophthalmology practices in the nation, both large and small.
    • The patients are there. They have the problem. The linkage between Vision and Hearing is real.
    • We know how to do it.
      • Our expertise in the concept of hearing care in Ophthalmology is unparalleled .