Practicing audiology is an art that can take several forms – one can own, operate or be a team member of a multi-provider practice, can serve from two or more locations, or even make a part or full-time private practice.
If you are imagining opening or changing your audiology practice, you might wonder if taking the step would actually be profitable for you.
To fully understand this, we should first look into the figures. For instance, an audiologist working via a full-time private practice from one location would earn a thirty percent profit (roughly $300,000 per annum), if they worked for at least 4.5 days per week (or 21 days every month). Given this calculation, one can safely assume that smaller practices earn similarly less dividends.
Now, there are skeptics who might claim this as impossible, but we digress. We understand that it is near-impossible to claim expertise, unless you really run a business – like us.
The skeptics will claim and put forward several logical-sounding reasons as to why it’s impossible – and why people should not expect anything more than ten percent profit. However, we believe that there are pivotal factors that can help change this.
For starters, we make sure to keep the quality of our care services top-notch, and reject the use of any and all Third-Party Administrators. These two complement one another – for instance, the use of a Third-Party Administrator will legally render us unable to care for the patients in our charge.
We don’t believe that the ten percent argument holds any water – if it did, there would be no point in going into any business like that! It would be far more rewarding to invest ten thousand dollars and receive 11 % in index funds annually.
However, we can say from experience that we invest over $1,000,000 and earn thirty percent of it in profits, with tax receipts to boot.
Are you struggling to make bank on your audiology practice billing? We can help you maximize your income by removing your Third-Party Administrator system and adding a quality client base to your repertoire, so that you can provide the best care at great prices (not to mention, profits).
