Right now, the audiology and hearing aid industry is going through several changes. In addition, audiology practice owners are facing continued competition from big-box stores, the threat of over-the-counter hearing solutions, and third party versus private pay—all of which are changing the way patients access hearing care.
With this in mind, audiologists and hearing aid practices need to be financially sound. Practice owners should be reviewing their cost structures to make sure they’re charging enough for their services. They should be pulling the right information out of their financials and patient management systems, ensuring it integrates into their accounting programs, tracking the right KPIs, and making adjustments as quickly as possible.
Why You Should Work with An Audiology CPA and Business Advisor
Audiologists and hearing aid specialists are facing several challenges in today’s market.
The number one challenge is not being able to access timely and accurate financial information. Without it, it’s nearly impossible to pivot in the face of change and make strategic business decisions.
Not having enough hours in the day to do it all—to have a life while running and growing a practice—is another challenge that plagues audiologists. This is especially true for those that find themselves being pulled into back-office tasks.
The third most pressing challenge is keeping up with tax and regulatory changes. Many practice owners say it’s overwhelming to even think about them.
By working alongside an advisor who is focused on the audiology industry, your organization can ensure they have the necessary solutions to fit today’s challenges and tomorrow’s opportunities.
Why Choose Eide Bailly as Your Audiology-Focused CPA
For nearly two decades, Eide Bailly has helped audiologists and hearing aid specialists throughout the U.S. manage the financial details of their practices. You won’t have to teach us about the industry. We’re already well-versed in the financial and tax challenges you face.
From analyzing your KPIs to supporting you with outsourced accounting, we keep you out of the back office—and in front of your patients. We are well versed in your patient management system and how it must interact with your accounting system. Plus, we’re backed by firmwide resources to help with other needs, including technology, risk advisory and more.