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Practice Management Specialty Meeting--Program

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Friday, September 11

8:00 am – 9:00 am

Registration Check-In

   

9:00 am –10:30 am

MarkeTrak 9 (MT9): A New Baseline

 

Harvey B. Abrams, PhD
Principal Research Audiologist, Starkey Hearing Technologies

Disclosure

Employee of Starkey Hearing Technologies and consultant with Hearing Industries Association

Abstract

For over 25 years the Hearing Industries Association (HIA) has commissioned MarkeTrak surveys to measure the pulse of the hearing industry from the consumer's perspective (Kochkin, 2009). MarkeTrak has been our window into the consumer's behaviors and perceptions related to the industry to include measures of hearing aid uptake, satisfaction with technology and providers, their perception of benefit and improved quality of life, and the barriers and facilitators associated with hearing aid adoption. The data has not only provided valuable information as to where we are as an industry but has helped to identify trends and opportunities for improving the industry's responses to consumer needs.

Just as the hearing aid industry has seen dramatic advances in technology, so have the techniques associated with soliciting and collecting information through consumer surveys. HIA's latest MarkeTrak survey completed at the end of 2014, MT9, is a significant departure from the eight preceding surveys in terms of the strategies and techniques used to collect consumer information.  This presentation will describe the MT9 survey, its methodology and rationale, and the major findings of that survey.

Learning Objectives

At the completion of the presentation, participants will be able to:

1. Describe the major difference between the current and previous MarkeTrak surveys.
2. Discuss the influence of the audiologist on hearing aid uptake.
3. Identify the major barriers to hearing aid adoption.

Speaker Bio

Dr. Harvey has served in a number of academic, clinical, research, consultative, and administrative capacities within the Department of Veterans Affairs, the Department of Defense, academia, and private industry. He received his undergraduate degree from the George Washington University and his master's and doctoral degrees from the University of Florida. Harvey instructs AuD students at the University of South Florida and the University of Florida. His research has focused on treatment efficacy and improved quality of life associated with audiologic intervention. He has authored and co-authored several recent papers and book chapters and is a frequent lecturer on the topics of outcome measures, health-related quality of life, and evidence-based audiologic practice.

 

10:30 am – 10:45 am

Break

   

10:45 am – 12:00 pm

The Changing Role of Private Practice in the Health Care Arena: Hearing Loss and Healthy Aging

 

Therese Walden, AuD
Audiologist, Potomac Audiology

Disclosure

Salaried by Potomac Audiology, past president of the American Academy of Audiology, and member of American Academy of Audiology Foundation Board of Trustees

Abstract

The Institute of Medicine convened a Workshop in January 2014 to spotlight the impact of hearing loss on healthy aging in older adults.  This issue, to date, has not been considered a real health problem despite the emerging evidence that hearing loss is related to reductions in cognitive and physical function, an increased risk of developing dementia, mortality, and increased rates of hospitalization and health care utilization.  Through various mechanisms, hearing loss may contribute to social isolation, increased cognitive load, and overall poor health; including limited uptake of the available treatment options for hearing loss.  Reasons for the low rate of comprehensive hearing loss identification, evaluation, and treatment include lack of awareness among health professionals and others that hearing loss is a factor in healthy aging; lack of awareness of treatment options; lack of third-party reimbursement and coverage for hearing healthcare services; and lack of ready access and affordability of care.  The perspectives of public-health specialists, consumers, funding officials, regulators, gerontology authorities, primary care practitioners, and others were presented at the Workshop and the highlights/outcomes from the meeting will be discussed from the Audiologist's perspective to help us understand our changing and adapting role in the hearing and balance healthcare arena now and into the future.

Learner Objectives

At the completion of the presentation, participants will be able to:

1. Describe the significance of hearing loss as a public health issue.
2. Define the relationship between hearing loss and healthy aging and describe how to reduce the deleterious effects of untreated or undertreated hearing loss.
3.  Describe current and future strategies, treatment options and unique collaborations that will help patients receive the hearing care they need.

Speaker Bio

Therese C. Walden, AuD, is a staff audiologist at Potomac Audiology, a private practice in Rockville, MD. Walden recently retired from the Walter Reed National Military Medical Center where her clinical and research interests focused on adult and geriatric diagnostics, amplification, evidence-based practice, and treatment efficacy.  Her professional interests lie in public policy/health, autonomy, ethics and legislative and regulatory issues affecting the profession of audiology.  She is a Past President of the Academy and has served on numerous Academy Boards and Committees, including serving as Program Chair for the 20th Anniversary AudiologyNOW! in 2008.  Walden also served as a member of the Board of Governors for the American Board of Audiology and is serving currently as a member of the Academy's Foundation Board of Trustees.  Walden is also active in the Maryland Academy of Audiology, serving on the convention program planning committee.

 

12:00 pm – 1:00 pm

Networking Lunch

   

1:00 pm – 2:45 pm

AR and Best Practices as Distinguishing Components for Private Practice

 

Harvey B. Abrams, PhD
Director of Audiology Research, Starkey Hearing Technologies

Abstract

The provision of audiologic rehabilitation (AR) is a key component of a best-practices clinical protocol. Sadly, such post-hearing aid fitting services are not widely provided on a routine basis. The reported reasons for the non-adoption of this practice include lack of resources, lack of reimbursement, and lack of convincing evidence that such programs work. Rather than offered as a treatment option or 'after-thought', post-fitting AR should be seen as desirable and seamlessly integrated into a best-practices treatment process that can distinguish your practice from the competition.
This presentation will describe the evidence that supports the effectiveness and cost-benefit of AR and how such concepts and tools as brain fitness, gamification, social media, accessibility, smart phone and tablet applications can increase the 'cool-factor' of AR leading to changes in the way we think about, deliver, and label 'aural rehabilitation' to our patients.

Leaning Objectives

At the completion of the presentation, participants will be able to:

1. Identify one study supporting the effectiveness of post-fitting AR.
2. Discuss the concept of gamification and its influence on computer-based auditory training programs.
3. Describe progressive audiologic rehabilitation management.

2:45 pm – 3:00 pm

Break

   

3:00 pm – 5:00 pm

Exit Strategy: How to Treat Your Practice Like an Investment

 

Craig A. Castelli
CEO and Managing Director, Caber Hill Advisors

Disclosure

None

Abstract

Is your practice a career - your occupation or profession, followed as your life's work and hopefully something you are passionate about, but ultimately just a job? Or is it an investment - asset that will provide income in the future while appreciating and creating the opportunity be sold at a higher price? Many private practices are simply careers; they are more lucrative, more flexible jobs for their owners. Learn how to turn your practice into an investment, and in the process make it more profitable and more valuable.

Summary

What is the difference between an investment and a career? The two words are rarely compared, but in the context of practice ownership perhaps we should pay closer attention to their meaning. A career is your occupation or profession, followed as your life's work and hopefully something you are passionate about. An investment is an asset purchased with the idea that it will provide income in the future or appreciate and be sold at a higher price. Whereas a career only provides you with an annual income, an investment can provide you with both an annual income and a return (hopefully for a gain) of your invested capital.

Perhaps the best way to compare the two is this: you retire from a career, but you exit an investment. This distinction sums up the difference in approaches - retirement is a highly personal and emotional decision whereas exiting an investment is a highly rational, non-emotional, business decision.

I draw the distinction between investments and careers because I know far too many practice owners who treat their companies like careers. They purchased their practice as a way to further their career and enhance their lifestyle, and, whether the goal was to make more money or create more free time, their company supports their goals. The focus is short-term, with the primary concern being to make as much money this year as they did last year, in order to fund their lifestyle. Rarely, if ever, do these owners contemplate the bigger picture, including their exit strategy.

Creating a strong exit strategy requires a shift in mindset; it requires thinking of your company as an investment rather than as a career. To this end, your company is no different than a stock or a piece of real estate, at least insofar as the determination of when to exit. Unlike stocks or real estate, however, you have a lot of control over many aspects that determine whether or not you will be able to sell it when the time comes.

Owners who treat their companies like investments rather than careers embrace this mindset.  They take action to ensure that their company is in a position to be sold at any point in time.  This presentation will examine the differences between the mindsets, and provide guidance on how to treat your practice like an investment. It will explore:

  • When to begin thinking about your exit
  • How to view your practice objectively, so that you can understand it's fair market value
  • How to take a buyer's perspective and view your practice through their eyes
  • How to understand risk and make your practice turnkey
  • The right time to sell (hint: it's not when you want to retire)

Learning Objectives

At the completion of the presentation, participants will be able to:

1. Understand the various methods for valuing practices, and which are most common today.
2. Realize the vast differences in point of view between a buyer and a seller, and determine how a potential buyer would evaluate your practice.
3. Understand the three most common risk factors inherent in any practice, and how to assess their presence in your practice.

6:00 pm –10:00 pm

Group Event: Baltimore Orioles vs Kansas City Royals

 

(Separate ticket $45; pre-registration required)

Saturday, September 12

8:00 am – 9:30 am

Making Good or Breaking Bad: Employee Engagement

 

Laurel Gregory
Audiologist and Chief Engagement Officer, Living in Your Light

Disclosure

Co-owner and chief engagement officer of Skafold, LLC

Abstract

Seventy percent of U.S. employees are disengaged at their jobs, 20 percent are voluntarily quitting, and the cost is significant: upward of $550 billion per year in the United States alone!  Unhappy employees and replacing staff can be staggering to the bottom line of a health-care business. Wouldn't it be awesome if your business and your employees were flourishing?  Find out one of the top reasons for employee "dysfunction" and  learn what successful private practices are doing to create engaged satisfied employees and what over 150 employees desire that will keep them building your business.

Learning Objectives

At the completion of the presentation, participants will be able to:

  1. Identify the cost of low employee engagement and employee replacement for their businesses.
  2. Integrate strategies in their offices to overcome low employee engagement.
  3. Create  an environment that promotes trust and autonomy.

Speaker Bio

Laurel Gregory holds a master's degree in audiology and has been working in the field of audiology for over 25 years. Her past work experience includes private practice audiologist, research audiologist, manager of clinical research for ReSound and Starkey, and director of product management for Starkey.  Currently, Laurel is co-owner and chief engagement officer of Skafold, LLC, a business that offers professional and technical consulting services, where she provides workshops, team development events, leadership development, keynote addresses, and presentations. Laurel is a certified DiSC facilitator, an Everything DiSC Authorized Partner, a Certified Facilitator, and Trainer for the Passion Test for Business, Enlightened Alliances, LLC, and certified in the Creatrix. Laurel has presented on the topic of career and team engagement at several state and national conferences, and also at Universities.

 

9:30 am – 10:45 am

ICD-10s: The Codes and Pre- and Post-Considerations

 

Deb Abel, AuD
Manager, Audigy Care Contracting Services

Disclosure

None

Abstract

On October 1, 2015, the first coding change in nearly 40 years will occur. This session will review the ICD-10 codes pertinent to audiologists as well as considerations for practices to be ready for the transition and resources to ease the transition. But that is just the beginning! This session will also include tips for practices to consider after the transition date.

Learning Objectives

  1. Identify the ICD-10 codes pertinent to audiologists.
  2. Identify the practice management preparations pre transition to the ICD-10 code change.
  3. Identify the practice management processes post ICD-10 transition.

Speaker Bio

Deb Abel, AuD, received her bachelor's and master's degrees from Kent State University and her AuD from the Arizona School of Health Sciences. She has spent 13 years in private practice in Alliance, OH, after moving an existing practice from the Alliance Eye and Ear Clinic, where she was employed for 14 years, taking the ENT with her. Dr. Abel recently became the manager of Audigy Care Contracting Services and is also associated with Arch Health Partners in Poway, CA, where she provides audiological services on a limited schedule. Formerly the Academy's senior specialist of practice management, she was the director of reimbursement and practice compliance, and served as an Academy Board member-at-large and as the chair of the Academy's Coding and Reimbursement Committee and a member of the Academy's Ethical Practice Board. She is also an adjunct assistant professor at A.T. Still and Salus Universities. Dr. Abel is the Alliance Area's 1994 Athena Award recipient and in 2006, was awarded the first "Active Advocate of the Year" by the State Leaders' Network of the American Academy of Audiology and in 2012, the American Academy of Audiology's President's Award.

 

10:45 am –11:00 am

Break

   

11:00 am – 12:30 pm

Goal Setting and Goal Getting: Developing Tools to Help You Drive Your Business

 

Gyl Kasewurm, AuD
Audiologist, Dr. Kasewurm's Professional Hearing Services

Disclosure

None

Abstract

If you want to succeed in business, you will need to establish some goals. Goals help give a business (and an individual) direction and allow you to take control of where your business is going. Without written, well-established goals you may survive but lack the focus to really thrive in business. "If you don't know where you are going, you probably will get there."

Learning Objectives

At the completion of this interactive presentation, participants will be able to:

1.  Establish at least three SMART goals for yourself and your business
2.  Develop a written plan and documented system to help you achieve those goals
3.  Identify specific and unique ways to make achieving the goals fun and interesting

Speaker Bio

Gyl Kasewurm, AuD, has owned and operated Professional Hearing Services (PHS) in Saint Joseph, Michigan, for 30 years. Kasewurm earned her AuD from Central Michigan University. Her practice was featured on a PBS documentary sponsored by the Better Hearing Institute. Kasewurm has been involved with the American Academy of Audiology for many years including serving on the Executive Board for five years. Kasewurm is a well-known and sought-after speaker on the topics of practice management, customer service, creating the ultimate patient experience, and improving practice profitability having delivered hundreds of presentations at state and national meetings and internationally in South Africa, Brazil, Italy, Austria, Germany, England, Columbia, New Zealand, and Canada.