Cost Cutting Ideas for Small Practices, part 2

The first post in this series reminded readers why small firms have to come up with small but inventive cost-containment ideas to compete in competitive markets.  Idea #1 was to eliminate old expensive monitoring technology (security systems) and switch to inexpensive portable systems (smartphones with remote web cams).  Total estimated savings over 3 years (my…

Read More

Cost Cutting Ideas for Small Practices

Editor’s Caveat:  Hearing Economics strives for a broad economic view, rarely getting down to nuts and bolts of running a practice–you’ll find those in our Hearing Health section.  However.  today’s post is the first in a series that reveals my dirty, or nutty, little secrets for cost cutting.  They’re not clever and they’re not real secrets, but they are little —…

Read More

Let’s Get Kinky: Government Regulation and the Supply Curve, Part 1

Last post looked at why different firms are Willing to Sell at different Price points — another way of saying that some firms can compete more and longer in a free market because their costs are lower and their margins are higher.  This was bad news for RR, who’d written a letter to the editor…

Read More

Econ 101: Supply Curves and Willingness to Sell

Q:  “Does it really cost $600 or more for the manufacturer to ship a hearing aid to me versus to Costco or the VA?” Sincerely, RR Last post considered RR’s plaint that big competitors’ product Costs are lower than his, so his profit margins are necessarily smaller than theirs, no matter how careful he is with…

Read More

Econ 101: How We Are Like Wheat Farmers

Q from an independent hearing aid specialist:{{1}}[[1]]I found this question in a Letter to the Editor, entitled “Profiting From Hearing Aid Sales.”  It was published, but unanswered, in an industry journal[[1]] “I have minimum overhead… so perhaps my prices are lower than average.  However, if Costco is purchasing their aids for the same price that the…

Read More