CareCredit, a Synchrony (NYSE:SYF) solution and provider of promotional financing for patients, announced that it is now integrated into Sycle, a practice management platform for the hearing industry. The new integration is designed to help hearing healthcare practices save time, increase productivity, and provide patients with a financing option that makes it easier to move forward with the care they need for improved hearing health.
The latest statistics from the Hearing Industries Association (HIA) indicate a big comeback in 2021 for US hearing aid dispensing. For the first half of 2021, net unit sales rose by 61.6% when compared to H1 2020, and by 13.5% when compared to the pre-pandemic period of H1 2019.
Talking about the cost of a hearing aid is probably the most difficult aspect of the job for many hearing care professionals. However, once the elephant is out of the room, there is space for education, diagnostics, and relaying the real value of hearing care.
How are audiologists preparing for a dispensing landscape that includes OTC hearing aids? Practice owner Stacy O'Brien, AuD, says she consistently emphasizes a full scope of audiology services, best practices, and patient options for affordability and better access to care.
MedPB is offering the free web event, “How to Reduce Uncertainty and Sell More Hearing Aids”, starting on Wednesday, January 27, designed to highlight how hearing care practices are growing despite the pandemic, as well as strategies for getting patients "stick like glue" and increase sales.
According to Hearing Industries Association (HIA) statistics, total net hearing aid sales in 2020 reached 3.47 million units, a decrease of 18.0%, with the private/commercial sector experiencing a decrease of 14.2% and the US Department of Veterans Affairs (VA) a decrease of 34.0%. Here is an analysis of hearing aid sales in 2020, including state-by-state unit losses, and what the future might hold in 2021.