a perfect storm for audiology in 2024
As we move to the end of the first quarter in 2024, I have noticed a few trends that have created a perfect storm for the audiology industry. First, the economical situation for most Americans is one of uncertainty. Second, the boomers are now becoming the older generation and with that means almost 430 million people world-wide with disabling hearing loss according to the World Health Organization's statistics. Third, the ever changing, progressing, and fast moving advancements of technology. These three aspects combined have created a significant need for audiologists and yet the industry lacks the number of audiologists needed to meet the demand. To better navigate this storm and help those facing hearing loss, the audiology industry must confront these three issues head on.
The economical situation for Americans, and world-wide, has created a situation where patients must decide between a house payment, food on the table, basic bills paid or hearing aids. Hearing aids, while a necessity for a qualitative life, are often not covered by insurance companies and if they are they are limited to the quality of aid they can choose from. This creates a problem for audiologists who are trying to make sure their patients have the best to live their best life.
The big generation of boomers, has now reached an age where they are facing significant hearing loss. It is this group that is most affected by disabling hearing loss, according to WHO, and yet this group is the median on the economic scale. Making sure your practice targets this group and yet has different economical packages available is a challenge for many audiologists today.
The rapid development of technology has taken every industry by storm and especially the industries that deal with devices such as hearing aids, mobile phones, computers, and more. This is both a blessing and curse for the audiological industry. Advancements in cochlear implants have helped so many hear and have better outcomes in their health plans. Advancements in hearing aids have helped varying generations have better outcomes with conversations, hearing, understanding, and even using their bluetooth devices such as phones. Today's hearing aids can often connect to the phone so that the user does not even need to have their phone next to them or holding it in their hand. They can just talk like normal while doing other things. Hearing aids can block out the background noise so often heard on mobile phones thus creating a better outcome and more enjoyable experience for the patient. Again, leading to a higher quality of care being given to the patient.
These three challenges combined with the challenges of CPT coding and the ever changing guidelines from CMS on how and what audiologists can bill, a perfect storm has been created that leaves audiologists and patients in the middle of the storm. There is a need for new codes to be created as old codes are outdated and not encompassing of all the new technology. There is a great need for providing more expansive codes that are more comprehensive and draws the complete picture of the patient's hearing health, not just a snapshot.
With this perfect storm brewing, Audiologists need to make sure that there practice is prepared to weather this storm and come together to help create new codes and code definitions. Those of us in the consulting business, coders, and medical insurance billers know that if we can all come together and find new ways of helping our patients navigate the storm, your office can also be successful and increase your patient base and your revenue.
Article source: https://www.who.int/news-room/fact-sheets/detail/deafness-and-hearing-loss#:~:text=Overview,will%20have%20disabling%20hearing%20loss.
Published by
Julie Barth, DM, MBA Julie Barth, DM, MBA
Leadership and Management Consultant--specializing in processes and procedures for best practices of leadership and management Leadership and Management Consultant--specializing in processes and procedures for best practices of leadership and management
Published • 1d
The Perfect Storm Facing the Audiology Industry
