Lexington, Ky.— The Academy of Doctors of Audiology (ADA) is pleased to announce that Liz Tusler and Rachel Magann Faivre secured first place honors and a $5,000 cash grant during the final round of the inaugural ADA Student Business Plan Competition, held November 9th in Bonita Springs, Florida.
Pictured left to right, ADA President, Brian Urban, Au.D., Rachel Magann Faivre, Liz Tusler, Ed Keller, President, Ear Q
The competition, designed to provide students with an opportunity to gain meaningful hands-on business experience, while showcasing their knowledge and creativity, culminated with a live event attended by 300 audiologists and hearing industry thought leaders, and featured Audiology Practices Editor, Brian Taylor, Au.D., who served as the Master of Ceremonies.
“Our resolve as future practice owners was tested at each stage of the competition, and every time we came back more committed to succeed,” said Liz Tusler, originally of Appleton, Wisconsin, who is completing her fourth-year externship at Edward Hines VA Hospital in Hines, Illinois.
Rachel Magann Faivre added, “Our focus has always been to create the most remarkable business plan possible—and one that we could actually implement as soon as we are licensed to practice. We recognize that we still have a lot to learn, but because of this experience, we know that our dream of practice ownership is attainable. And that, by itself, was worth competing for!” Magann Faivre, originally from Oklahoma City, Oklahoma is currently an audiology doctoral intern at Mayo Clinic in Rochester, Minnesota.
Competition judges noted that Magann Faivre and Tusler, who represented Northern Illinois University, assembled a realistic and carefully crafted financial plan for their practice, Joliet Hearing Care, LLC. That, coupled with their flare for creative marketing strategies and diversified services resulted in their victorious showing.
“The level of preparation and creativity that was demonstrated by the students, throughout this competition, is a testament to the bright future of audiology and practice management,” said ADA President, Brian Urban, Au.D. “I am proud to be able to say that I was here for the inaugural competition. These soon-to-be audiologists made history this year, and will undoubtedly continue to change the profession of audiology for the better in the decades to come!”
All ADA 2013 Student Business Plan Competition contestants were required to develop a business plan for building an audiology practice from scratch. Plans were judged based on creativity, feasibility, completeness, cohesiveness and professionalism.
Competition finalists included the following individual/team contestants in order of placement:
- Liz Tusler and Rachel Magann Faivre representing Northern Illinois University (1st Place)
- Lana Joseph representing Washington University St. Louis Medical School (2nd Place)
- Stacy O’Brien representing the University of South Florida (3rd Place)
- Rachel Crout and Lindsay Bush representing Auburn University (Honorable Mention)*
- Dana Matthyssen representing Missouri State University (Honorable Mention)*
“With the support of EarQ’s leadership, these students have been able to gain valuable business skills and the confidence that will allow them to practice autonomously in whatever practice setting that they choose,” said Dr. Urban. “We also owe a tremendous debt and our gratitude to the illustrious competition judges. Their thoughtful insight, their passion and their incredible sacrifice of time and energy have made this competition a monumental success.”
The 2013 ADA Business Plan Competition featured the following distinguished judges who have spent the past six months presiding over the competition from start to finish:
- Sally Baerman, Au.D., (a.k.a Judge A), owner of Bridgewater Balance & Hearing in Tennessee
- Keith Lewis (a.k.a. Judge B), Vice President Business Development, ReSound
- Andrew Hebert (a.k.a. Judge C), Vice President, Ear Q
Pictured left to right, Andrew Hebert, Keith Lewis, Sally Baerman, Au.D., the distinguished ADA business plan competition judges
In addition to the $5,000 cash grant that was awarded by ADA to be shared by the first place contestants, an anonymous donor stepped forward to provide a $3,000 cash grant for the second place contestant and a $1,000 cash grant for the third place contestant. Given the enormous success of the 2013 ADA Student Business Plan Competition, ADA intends to continue the program in 2014 and beyond.
Please contact Stephanie Czuhajewski at sczuhajewski@audiologist.org for more information.
About ADA:
The Academy of Doctors of Audiology is dedicated to the advancement of practitioner excellence, high ethical standards, professional autonomy and sound business practices in the provision of quality audiologic care. ADA provides programming, services and resources to audiologists and students who are, or who desire to be autonomous practitioners. Visit www.audiologist.org for more information.
*Honorable mentions received a tie score.
