Baby Boomers U. S. (The Blog) |
| Shaking Up the Hearing Aids Industry Through New Internet Models Posted: 21 Aug 2011 03:44 AM PDT This is a Guest Post by Patrick Freuler of Audicus Hearing Aids. If you would like to Guest Post for Baby Boomers US, check out our Guest Post for Us page.
Hearing loss cannot be cured, but only be assisted with a hearing aid. However if you've ever been through the process of getting a hearing aid, you probably must have scratched your head when peeking at the bill. A pair of hearing aids cost anywhere from $3,000 to $8,000, with virtually no coverage from insurance schemes. In the US, there are 35Mn people suffering from hearing loss, however only 25% use hearing aids and price is often quoted as one of the main barriers to adoption. The high price, however, is not due to the technological complexity of modern hearing aids, but almost entirely to the mark-ups imposed by manufacturers and retailers. The cost to produce a state of the art hearing aid is less than $150 – most of the components are commoditized and the manufacturing is done in the Far East – however it is sold for up to 25 times more. So isn't it surprising that an iPhone, which is substantially more complex, costs five times less than a hearing aid? As of last week though, a New York based startup, Audicus Hearing Aids (www.audicus.com), aims to address this entrenched market by launching a disruptive retail model for hearing aids. Audicus saves users up to 80% on high quality hearing aids, by making the retail process far more efficient, simple and transparent. Similar to eyeglasses or contact lenses that can now be bought over the internet, Audicus sells its devices directly to the consumer through its online platform. Users can browse through a range of hearing products, submit a prescription (so the devices can be custom-programmed) and receive the devices directly by mail. Audicus has a 45 day “100% happiness or full money back” guarantee, thus providing a risk-free environment for users to try a new device. Audicus' founder Patrick Freuler, thinks that consumers deserve more choice than the limited alternatives of traditional hearing aid clinics and dispenser chains. And choice will come: pharmacies and mass retailers like Costco have recently made some inroads into the space. The internet, however, has been slower in developing its channel in a credible fashion: consumers should be particularly careful with poorly designed websites that offer no “money-back trial period” or no manufacturer warranty on their products. Users are also recommended to carefully study the product offer details and leverage previous user reviews in their decision making process. Credibility and user feedback is at the core of Audicus' mission. This is particularly key because users are becoming more internet savvy, better informed and far more vocal about their demands: the internet has brought empowerment, most notably to those in the baby boomer generation. “Credibility and choice go a long way”, says Freuler, “and the hearing industry has been owing it to consumers for a long time.” Patrick Freuler is the founder of Audicus Hearing Aids (www.audicus.com) and can be reached at patrick@audicus.com. About the Author: You may also want to join the Baby Boomers US Forum for conversations by Baby Boomers about topics important to Baby Boomers!          
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