InnerScope Hearing Technologies Announces Updated Business Plan to Create a Continuous Revenue Eco-System
ROSEVILLE, CA–(Marketwired – September 27, 2017) – InnerScope Hearing Technologies Inc. (OTCQB: INND) today announced its’ updated business plan to scale its infrastructure to develop and deploy a revenue eco-system strategy including expanding the revenue model to other major sectors of the global hearing industry. The Company, recently announced plans to acquire AUDserv Inc., and will create 7 separate revenue generating divisions. Each division will generate revenue and be poised for growth, increasing the Company’s market penetration. These 7 separate divisions will be:
Patient Management System (PMS) Division: a SaaS based software program which was created, designed and customized by and for audiologists, specifically to fill a much-needed clinical gap solved in other multidiscipline software programs. It allows audiological retail clinics to better manage their day-to-day operations, through efficient clinical workflow, patient follow up and logical organization of data. INND’s PMS system, called Prism Connect is the only PMS software platform that delivers a comprehensive business solution that is easy for any front desk staff to use. Once the data is uploaded, Prism Connect seamlessly integrates the needs of the audiologist, management, patient and marketing. Prism Connect also provides a link (“Prism ENT”) between an electronic medical record (EMR) system, containing patient’s medical history, giving the audiology clinic a “Best-In-Class” PMS, while seamlessly integrating the schedule and patient files of the clinics patient management platform. EMR systems are not designed for Audiology and the records are often not integrated. Prism ENT solves that problem by linking the two platforms. The Company believes the PMS system can be in thousands of private practices by 2022, which will be on a monthly subscription fee per practice facility.
Buying Group Division: INND will create an exclusive Buying Group experience for the practice to reduce their wholesale costs, so they could worry less about the expenses and worry more about patient care and growing their top line revenue in their practice. The Buying Group Division of INND, expects to grow to over a thousand clinics by 2022 in the United States alone.
Direct-to-Consumer (DTC) Division: INND is positioning to compete within the new emerging “Hearables” and “Wearables” in the “Personal Sound Amplification Products” (PSAP’s) and the Over-the-Counter (OTC) hearing aid market created by the result of a recently passed Congressional legislation H.R.1652 – Over-the-Counter Hearing Aid Act of 2017 (OTC). The Hearing Aid Act of 2017 allows the purchase of hearing aids and related products without seeking a medical professional. The US “Hearable” market alone is expected to be over $23 Billion by 2023 according to “Research and Markets.” IINND will invest in “Hearable” technology as well as create its own brands and technology in the PSAP and OTC hearing aids in the Direct-to-Consumer Markets.
APP Development Division: INND APPs on the iOS and Android markets will be dedicated to the hearing impaired population around the world which is currently estimated at 360 million people by the World Health Organization. Also considering the current untapped market of more than 30 million hearing impaired in the US alone, INND APPs will be developed not only for the audiology and hearing aid retail practices to better communicate with their patients through cloud-based teleaudioloygy within INND’s customer base but also used by consumers with INND’s Direct-To-Consumer APPs for the millions of world-wide hearing-impaired consumers to have a better hearing and listening experience.
Advertising and Marketing Division: This division will be built on the successful business of InnerScope Advertising Agency. This includes graphic artists, digital and print marketing experts, and telemarketers. This division would assist all divisions to help market and deploy INND products and services to practices and consumers as well as assisting Buying Group members for advertising and marketing for their own practices needs.
Retail Division: INND plans to open a chain of Audiological and Hearing Aid Clinics throughout the United States and eventually abroad. INND plans to open hundreds of locations in the next 5 to 7 years. Within the retail industry, news of the acquisition of AudioNova for over $953 Million USD in 2016, by Sonova Holdings AG, shows a roadmap and a valuation model for the Retail Division.
Research and Development Division: The team of INND has been researching and developing products and solutions for the B2B and B2C hearing impaired for more than 3 decades. The R&D team which will be comprised of world renowned scientists, business professionals and industry leaders will develop and deploy products as well as offer the 360 million people in the world products and devices, in addition to hearing aids.
Matthew Moore, INND CEO stated “the evolution of our business model was necessary to put the company in a prime position to be able to capture market share within these new fast emerging markets in the hearing industry. The company’s combined divisions will create a 360-degree independent revenue model that will allow us to participate in every aspect and business model within the global hearing industry; we call this the ‘Revenue Eco-System 360.’ We believe this Revenue Eco-System 360 will continuously generate revenue at an exponential and compounding rate for INND.”
About InnerScope Hearing Technologies (INND):
InnerScope Hearing Technologies (INND) is a technology driven company with highly scalable B2B and B2C solutions. The Company offers a B2B SaaS based Patient Management System (PMS) software program, designed to improve operations and communication with patients. INND also offers a Buying Group experience for audiology practice, enabling owners to lower product costs and increase their margins. INND will also compete in the DTC (Direct-to-Consumer) markets with its own line of “Hearables”, and “Wearables” and revolutionary APPs on the iOS and Android markets.
INND has plans on opening, operating and expanding a chain of audiological and retail hearing device clinics. INND’s seasoned team of professionals, with collectively over 200+ years of experience in the hearing aid industry, including successful operations in hearing aid manufacturing and retail store management. Our team has the knowledge, relationships, and the experience to quickly deploy new products and software to serve the over 360 million people around the globe that are hearing impaired. For more information, please visit www.innd.com