How to Have Effective Financial Conversations with Hearing Patients

Cost can be a daunting topic for audiology patients, and it can feel like an uncomfortable conversation for hearing care professionals. However, with the right patient communication strategies, it doesn’t have to be. Dr. Douglas L. Beck, Au.D., F-AAA, CCC-A, offers his reflections on how to have more effective cost conversations and he shares tips to help patients move forward with care recommendations.

When is the best time to have a financial conversation with the patient?

Every patient is an individual with unique hearing health and financial needs. My thought is you have to meet the patient where they are. Some patients will ask about costs early in the conversation; others will ask later. Some ask after their evaluation and technology solution recommendation, and some ask before making an appointment.

Regardless, cost is a conversation that happens, and the team needs to be prepared. Ultimately, the key to a successful financial discussion is to let the patient lead if and how they choose, or the healthcare provider can make it part of their professional presentation or recommendation. There probably is no universally agreed upon “right way,” yet there are certainly some wrong ways.

Because cost can often be a barrier to treatment, what financial solutions does your team offer or have available to help move forward with care?

Hearing care can be expensive. I like to think of it as a four- to six-year investment. Better hearing aid technology, fitted professionally, can cost $4,000 to $8,000. The patient is generally buying two incredibly advanced computers that are designed and professionally fitted to their specific hearing and listening needs, which may help improve their quality of life and positively impact  their overall health. Premium hearing aid technologies improve speech-in-noise ability and may decrease the risk of depression and anxiety by increasing social interaction. Many studies have shown a high correlation between untreated hearing loss and cognitive decline in “at-risk” patients

Because cost can be a concern for many people, many practices offer options like the CareCredit credit card, which is a revolving credit card patients can use not just in our hearing healthcare office but at other providers in the CareCredit Network.* When patients consider a significant purchase such as high technology hearing aids, it makes sense to think of it as a long-term investment in their quality of life.

How do you navigate the financial conversation with the patients?

The financial conversation is well-known to make everyone a little bit uncomfortable, or sometimes apprehensive, so it’s best for all concerned to be authentic, respectful and transparent. As many of your readers are aware, I often say, “Everything depends on everything." There are many ways of doing things, and in healthcare, it makes sense to meet the patient where they are.

If they ever say, "This sounds really good, but I don't think I can afford it," that is a great time to have the conversation. If they say, "I'm not looking at hearing aids because they're too expensive," then that, too, is the right time to address their concerns and objections. Educate them about price ranges, financing options, and absolutely inform them as to the included loss, theft and damage warranty, the scheduled maintenance (which is included) and the re-programmability of the hearing aid technology if their hearing loss changes.

I always mention that if the hearing aids are very well maintained, they may last 4 to 7 years or more. I think that for many first-time hearing aid buyers, they have no idea how long well-maintained hearing aids last, and ultimately, it’s about value. Value can be defined as what you acquire vs. what it costs you.

What are some ways providers can let patients know that financing is offered at their practice?

There are many things that can help inform patients that their financial concerns are, indeed, a shared concern. CareCredit has stickers you can put on your windows, doors and brochures. If finances come up naturally in the conversation and the patient wants or needs financing, enter that conversation without hesitation because the patient invited you to discuss finances and CareCredit as a solution. There are also counter displays that let patients know financing is available. These are especially helpful because many patients already have the CareCredit credit card, and when they see the familiar logo, it helps ease their mind as maybe they already use it for veterinary bills, dentistry, orthodontics or glasses.

How can providers help patients overcome their hesitancy to move forward with hearing care recommendations?

One of the most important things you can do to help patients overcome hesitancy is to have their significant other, such as a spouse, an adult child or even a trusted friend present. A responsible adult companion is what you're looking for because that person is used to the patient and has observed potential hearing limitations. But if suddenly that trusted companion witnesses a big difference, that becomes very important because the patient realizes it's not just their experience but, indeed, the people they're communicating with as well. Having a trusted person there helps everyone remember what was said, what was uncovered by the hearing evaluation and what was recommended and the immediate benefit experienced.

Takeaways for Your Audiology Practice

Here are three strategies you can start using in your practice today:

1. Meet the patient where they are in their hearing health journey and let them lead the discussion.
2. Gently prompt the financing conversation organically by using displays and other patient education materials.
3. Encourage patients to bring a loved one to the evaluation who has observed their problems and limitations regarding their hearing loss.

A Patient Financing Solution for Your Hearing Care Practice

If you want to help your patients manage the cost of your practice's exams, procedures and products, consider offering CareCredit as a financing solution. CareCredit allows cardholders to pay for things like hearing care services and devices over time while helping to enhance the payments process for your practice.

When you accept CareCredit, patients can see if they prequalify with no impact to their credit score, and those who apply, if approved, can take advantage of special financing on qualifying purchases.* Additionally, you will be paid directly within two business days.

Learn more about the CareCredit credit card as a patient financing solution or start the provider enrollment process by filling out this form.

Expert Bio

Dr. Douglas L. Beck is among the most prolific authors in audiology with some 260 publications, interviews, and op-eds written for the AAA, Hearing Review, Audiology Online, The Hearing Journal, the Journal of Otolaryngology ENT Research and other professional publications. Dr. Beck’s new book, “The Consumer’s Guide to Hearing Care and Hearing Loss and Hearing Aids (and More) for Adults,” is available on Amazon. Dr. Beck is a sought-after lecturer globally and has presented more than 1,000 lectures, keynote addresses, webinars and other professional presentations.