Overpaying for Hearing Aids

Overpaying for Hearing Aids

Tucker Worster Hearing Aids, News

Tucker Worster

In 2016, Tucker co-founded AuDStandard and in early 2018 became the principal owner and CEO. Under his leadership, AuDStandard has become one of the fastest growing groups in the industry.
Tucker Worster

There’s no doubt that getting fitted for hearing aids is one of the best things you can do for hearing loss. But many patients are beginning to question how much they are paying for them.

Hearing loss is a prevalent issue in the United States: 1 in 6 baby boomers (ages 41-59), or 14.6 percent, have a hearing problem, and most people with hearing loss are still in the workforce. This generation is known for demanding more for their money, and many are beginning to question the price of the hearing aids they are beginning to buy. Why do they seem cheaper on the internet than what their hearing provider is quoting them? Something doesn’t add up!

This has made the practice of unbundling hearing aids a hot topic in the hearing aid industry. Unbundled hearing aid prices tend to be lower because the cost of the hearing aids is separated from the services that traditionally surround them. With consumers and hearing-loss support associations demanding more transparency from the process of selling hearing aids, hearing practices are looking for new ways to fit hearing aids and administer after-product care to meet this demand.

If you’re looking to switch to an unbundled approach, this is a great time! Consumers are growing savvier and want to avoid paying for services that they aren’t using.

Bundled services – paying for nothing?

Consumers are getting wise to the fact that when buying a hearing aid from a hearing provider, they’re not just paying for the hearing aid. Many practices offer a range of services alongside the purchase of the hearing aid. Even if the customer decides not to use these services, they have already paid for them.

We understand that it can be tough to switch to an unbundled model after existing on a bundled model for so long. Charging one price for an expensive pair of hearing aids and providing comprehensive service before, during and after the fitting is a convenient model for both patient and practitioner. One price means that the patient doesn’t have to think too much about what services they prefer and which ones they would rather leave out. This can work well when they get their money’s worth – by using all the services they have paid for.

When these services aren’t laid out in detail, consumers are beginning to ask questions about what they are actually paying for, which leads to a transparency issue. They have no idea how much they are paying for their hearing exam, the custom-fitted earmolds, or the hearing aids individually.

In 2016, the Food and Drug Administration (FDA) launched a drive to allow companies to make and sell cheaper over-the-counter hearing aids. This alone will make your customers more price-conscious. They will want to know how much the hearing aids cost.

Unbundled Services with AuDStandard

At AuDStandard, we sell our hearing aids unbundled, separating the cost of hearing aids from the other services. We allow freedom of choice for practitioners, giving practice owners the option of selecting services at the same time as providing discounted pricing that can be taken solely or in tandem with the services we provide. Our additional services have been shown to increase the number of patients and increase profits in the practices where they have been implemented.

In choosing unbundled hearing aids, you’ll be able to free your patients from having to pay for services that they may not need. Only 20% of those who need hearing aids actually use them, with others admitting they cannot afford them. A more transparent approach to hearing aid prices and services in your practice can set it apart as providing an innovative solution to this disparity in supply and demand, potentially making hearing aids more affordable for a wider variety of people, which could make your practice more appealing to new patients!

To learn more about unbundled services and more, contact us today at AuDStandard.