We all have different sizes of audiology practices. Multi-location, multi-provider, all the way down to the part time, lifestyle practice that is only open a couple of days a week.
If we focus on the per-provider productivity; 1 Full time audiologist, in a single location can be used to multiply for all the larger and smaller sizes that fit in between.
For example- 1 Full time audiologist, when optimized, works 4.5 days a week, and 21 days per month, and should have a monthly profitability of around 30% of total revenue or about $300,000 a year.
Industry ‘experts’ will tell you that this is not possible. The same ‘experts’ don’t actually run a well respected audiology practice like we do.
We don’t take any Third Party Administrators, and we won’t compromise on quality of care. Both of these statements support each other- meaning that the TPA’s will not allow us, by contract to deliver optimal care to our patients.
The ’experts’ give you a bunch of reasons why it can’t be done, and why you should expect a 10% earnings statement or a 10% ROI.
But none of that 10% discussion passes the smell test. You know- that if something doesn’t smell right, there’s something just not right with it?
You’re going to put up one MILLION dollars in a year to get 10% back? That’s pretty risky, and a less than ideal return.
You’d be better off putting in $10,000 and getting 11% annualized index funds from the stock market.
We put up a MILLION dollars and get back $300,000 and we have the tax returns to show it! Let’s talk about how we can help you to do something similar by withdrawing from your TPA arrangements and replacing with high quality private pay patients, to whom you can give optimal care!