Question
What is the bottom-line cost of starting a private practice in audiology these days, and what is the breakdown of these costs?
Answer
First, let's take a look at the equipment for a basic audiology office:
HOW MUCH SPACE?
The amount of space you will use depends on who does the contract.
Minimum space:
Total Square feet = 851 sq ft. x $16.00 = $13,616/yr
Now, if you want to do without an office or any other rooms you can reduce costs by the amount you reduce the space.
I know that this sounds like a heavy financial investment, but you can look at where the costs come from and see what you can cut down.
There are many other issues that must be addressed if one is to try to set up a private practice. This will suffice for now as it does cover the costs involved. I did not cover the items like Cost of Goods Sold (which includes the costs of hearing aids you must purchase) or other costs of that nature. One must be prepared with financing until their cash flow levels out.
BIOGRAPHICAL SKETCH
Dr. Don W. Worthington received his Ph.D. from Northwestern University. His initial work in audiology was in private practice. During his career, he has been involved in building and developing programs. As the first non-medical Director of the Army Audiology and Speech Center, and as Audiology Consultant to the Army Surgeon General, he helped increase the number of Audiology positions from 6 to 63. He then went to Boys Town National Research Hospital in 1975 as Director of Audiology and Speech Pathology. The staff grew from 4 to over 300. In 1993 He moved to Salt Lake City where he has built a nationally recognized Center for Hearing and Balance Disorders. He has been author and co-author of a number of publications. He is currently Director or the IHC Hearing and Balance Center, in Salt Lake City, Utah. He has been the recipient of a number of honors and awards.