Audicus
Audicus is an online hearing aid company based in Manhattan, NY. They are an e-commerce startup offering lower-priced, high-quality hearing aids by eliminating intermediaries.
History[edit]
Audicus was launched by Founder/ CEO Patrick Freuler when he spotted a need in the hearing aid market for a cheap, but still reliable and high-tech, alternative. Typical hearing aids on the market go for $1,600, $2,000 per ear.[1] Hearing aids are not usually covered by insurance.[2]
Business model[edit]
Audicus bases its business model off of the idea of unbundling. It segments and eliminates costs typically factored into the price of a hearing aid sold through an audiology clinic.[3] Instead of retailing the product in a store, Audicus sells its products over the internet. It aims to cut out three major costs: 1) manufacturing, 2) custom molding, and 3) returns.[3] According to Freuler, manufacturing is fairly inexpensive, and hearing aids direct from the manufacturer only cost a couple of hundred dollars.[4] Custom molds can be accounted for with adjustable, replaceable silicone parts. Finally, Audicus returns rates are three-fold lower than the industry average as people are more willing to part with (and return) $5,000 hearing aids (versus $1,200).[3]
Customers send in hearing tests to Audicus; Audicus uses these results to program the hearing aids, like one would use a prescription for eyeglasses. The hearing aids are shipped to the customer and can subsequently be serviced in the Audicus office for the lifetime of the device[4]
Companies with comparable business models include Warby Parker, 1-800 Contacts, and Harry's.[2]
References[edit]
- ↑ Romano, Tricia. "The Hunt for an Affordable Hearing Aid". Retrieved 4 October 2016.
- ↑ 2.0 2.1 "Audicus Thinks It Can Be the Warby Parker of Hearing Aids E-tailing - Xconomy". 12 December 2014. Retrieved 4 October 2016.
- ↑ 3.0 3.1 3.2 "Is This 'Warby Parker for Hearing Aids' Disruptive, or Too Good to Be True?". 3 July 2012. Retrieved 4 October 2016.
- ↑ 4.0 4.1 valleyhack, Ashlee Vance (6 June 2013). "Why Do Hearing Aids Cost More Than Laptops?". Retrieved 4 October 2016 – via www.bloomberg.com.
Further reading[edit]
- Henry, Zoë (August 5, 2015). "New York Gains Ground as Startup Hotspot". Inc. Retrieved October 4, 2016.
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