2024 Benchmark Survey: How does your practice compare?

Since 2008, Phonak has partnered with Customer Care Measurement & Consulting (CCMC) to conduct the annual industry benchmark survey. This confidential, web-based survey highlights key performance indicators (KPIs) and uncovers important trends, providing valuable insights into the hearing care industry.*

Benchmarking provides evidenced-based best practices, allowing you to evaluate your practice’s performance against some of the industry’s top-performing practices. Whether you’re looking to improve inefficiency, boost productivity, refine your marketing strategy or build a compelling case for additional investment, the survey results can help guide your decisions.

Here is a snapshot of the 2024 benchmark survey results to help you quickly see how your practice compares with others in the industry.

Key performance indicators (KPIs):

• Practice binaural rate:  Average of 86%
• Practice treatment rate: Average of 71%
• Practice return rate: Average of 5%

Insights and best practices

Several factors influence KPIs, gross revenue & net profit. Here are a few highlights from the survey:

• Schedule availability
  When appointments are booked more than a week out, no-show, cancellation, and “tested-not-treated” rates increase by 3–5%. Keeping your schedule flexible and accessible can improve outcomes and reduce missed opportunities.
  
• Call-to-appointment conversion
  For practices that track this metric, the average call-to-appointment conversion rate is 77%. Optimizing your phone handling and appointment-setting processes can directly impact your success.
  
• In-office demonstration
  79% of surveyed practices provide demonstrations. These practices achieve an average selling price 14% higher, per device, compared to those that don’t.
  
• Patient financing options
  While fewer practices offer financing options, those that do benefit from higher average selling prices. In practices where more than 25% of hearing aids are purchased with financing, the average selling price increases by almost 10%.

Join the conversation

I will be presenting the 2024 Benchmark Survey results during a live webinar on Wednesday December 11, 2024, at 12pm EST. This session will include an in-depth analysis of the data and actionable insights to help you elevate your practice. Register to secure your spot here.

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*  The 2024 survey was sent to hearing professionals across the United States and conducted between April 11 and May 22, 2024. Over 800 responses were collected and analyzed.