Hearing Testing Systems Business Plan

Hearing Testing Systems Business Plan

The vast majority of hearing impaired people who wear hearing-aids and have cochlear implant surgery expect to hear well. Many patients, however, have difficulties hearing in the real world and are still experiencing severe hearing loss. The incorrect setting of the medical devices by clinicians is the main reason. Audiologists and speech-language therapists require a hearing test that can accurately and quickly assess the ability of an individual to hear in a noisy environment. It is vital that children have this test as early intervention may reduce the learning slowdown. It is estimated that if children with hearing loss do not receive early intervention, special education for a child with hearing loss will cost an additional $420,000 in special education costs and result in a lifetime cost of approximately $1 million per child.[1] In adults, hearing loss can begin as early as age 50 and lack of early intervention can lead to loss of jobs, emotional distress and even cognitive disorders. An individual may also be affected by hearing loss up to half their lives, given that life expectancy can easily reach 90.

Pure tone hearing testing is currently used to diagnose hearing loss. It requires sound proof booths or audiometers to deliver the tone. These tests do not assess the severity of hearing loss. However, they can predict how well a person will be able understand words and sentences in a natural environment. A current test cannot determine if a patient needs a second cochlear or hearing aid to improve their hearing. Patients and their families should know this information as hearing aids and cochlear implants can cost around $40,000 and $5,000 respectively and are often not covered by insurance.

Auris Solutions, an early-stage hearing care company is able to solve these market needs through innovative and scalable software-based hearing testing that quickly and accurately assesses hearing in a real environment. Our tests, unlike other tests, allow clinicians to optimize the settings of hearing devices and make recommendations on the purchase or replacement of hearing devices for their patients. The ability to adjust the medical device for each patient in a way that is most comfortable can make a huge difference in preventing them from experiencing the mental and emotional problems that come with hearing loss. Our tests are expected to be an essential part of the portfolio of hearing tests offered by audiology clinics, and will be conducted following the audiogramtone test.

Auris Solutions will soon be able to launch its first product, the CRISP (Children’s Realistic Intelligibility und Speech Perception). The rapid and reliable system to clinically test speech intelligibility for children computerizes the hearing test results. This allows a clinician to control the presentation, storage, analysis, and reinforcement of the results.

Auris Solutions is currently seeking $250,000 to implement our marketing strategy as well as to offset our start-up costs, which include product development, capital equipment purchases and to support the business development plan for current and future products.


[1] http://trfn.clpgh.org/shhh/Factsheet.html#r1

1.1 Objectives

  • We will develop a business plan that will enable us to achieve or exceed 75% gross margin.
  • We will recruit a management team that has relevant knowledge and experience in order to promote and enhance the company’s core competencies.
  • We will satisfy our clients by offering high quality products without defects and excellent customer service that exceeds their expectations.
  • We will use a substantial portion of our sales revenue to invest in research and development, so that we can grow and offer innovative products for the hearing care market.

1.2 Mission

Auris Solutions, LLC, provides comprehensive and innovative solutions for diagnosing hearing loss. We take pride in our ability to deliver products that are more effective, reliable, faster, and cheaper than the competition. We will manage our business to achieve long-term profitability and planned growth.

We will expand by building on our existing strengths and meeting the needs of customers. Auris Solutions, LLC will be an industry leader in hearing solutions and maximize shareholder value.

These are our values.

  • Corporate Responsibility – The Company will participate in community events.
  • Ethical Standard-The Company will continue to operate on sound ethical principles.
  • Compassion We are open to all with kindness, concern, and openness.
  • Respect #8211 We are proud to honor the human spirit.
  • Excellence It is our expectation that we will be the best version of ourselves and one another.
  • Stewardship We responsibly use our resources.
  • Community “We cultivate relationships which inspire us to serve.”

1.3 Keys to Success

Auris Solutions aims to provide the best products and related service for our customers. Our commitment to quality will begin with our employees, who are our most important assets. Our employees will be held responsible for the following areas that are critical to our success:

  • Management Team:
    • Hiring the right people for your company is key.
    • Establish evaluation standards and policies for all employees
    • Delegate and make staff accountable for their work

  • Sales & Marketing:
    • Auris’ brand and products are well-known
    • Set and implement a sales strategy
    • Eliminate barriers to entry
    • Create a marketing strategy that brings our ads and products to the targeted market.
    • All products purchased after purchase are eligible for customer support
  • Product Design and Quality:
    • Timely launch of new products
    • Establish quality processes

  • Management & Customer Support:
    • Take control of your purchases
    • All purchases should be based upon customers’#8217 needs
    • This will reduce overhead costs and the need for in-house inventory
    • Manage accounts receivables and set marketing budgets
    • Set a program to manage customer satisfaction:
      • Shipment and delivery of products on time
      • Customer complaints can be addressed quickly

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