Latest / Starkey Sound Bites: Hearing Aids, Tinnitus, and Hearing Healthcare / 2024 and Beyond: The Future of Hearing Care

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2024 and Beyond: The Future of Hearing Care · Starkey Sound Bites: Hearing Aids, Tinnitus, and Hearing Healthcare

• 0:01
  SPEAKER_00: Welcome to Starkey Soundbike.
• 0:03
  SPEAKER_00: I'm your host, Dave Fabry, Starkey's Chief Hearing Health Officer.
• 0:07
  SPEAKER_00: As we close out 2023 and begin to look into the future of 2024, I can think of no one better than Brandon Swalic, our president and CEO, to reflect on where Starkey's been in this year and really looking at your role also with Hearing Industries Association in the leadership position, reflecting a little bit on some of the things that you've done on our behalf in Washington, D.C.
• 0:29
  SPEAKER_00: Where are we going, where we've been.
• 0:30
  SPEAKER_00: So, Brandon, thanks for being back on the podcast.
• 0:33
  SPEAKER_02: Well, I think it's thank you, Dave.
• 0:35
  SPEAKER_02: And it's always fun because I know that you and I could talk hours uh on this topic.
• 0:39
  SPEAKER_02: And it's not just myself, it's, I mean, you and and others here at Starkey and the great people in the industry that have been around long enough that understand the industry.
• 0:49
  SPEAKER_02: And and if you remember it wasn't long ago that the industry was changing so fast, right?
• 0:54
  SPEAKER_02: Right.
• 0:54
  SPEAKER_02: Well, I think those were really um, if you think about it, uh good headlines for, you know, good articles, good thought-provoking articles, but not reality.
• 1:04
  SPEAKER_02: Um, the industry hasn't hasn't changed because it still all goes through the hearing professional.
• 1:09
  SPEAKER_02: And you talk about the OTC and different channels.
• 1:12
  SPEAKER_02: And so I think if we really look back on this year, it's about the technology, right?
• 1:17
  SPEAKER_02: What's been available and the advancements there.
• 1:20
  SPEAKER_02: And then as you look at into 2024, it's still about the patient.
• 1:24
  SPEAKER_02: Yeah, I mean, there's yes, there's gonna be advancements to technology and probably what others are doing.
• 1:28
  SPEAKER_02: I know what we're doing, uh, but it's really gonna be about uh, you know, patient-driven care.
• 1:35
  SPEAKER_02: And the industry um will continue to evolve, but that's gonna make us better, whatever that means.
• 1:41
  SPEAKER_00: Yeah, I mean, I I think that important distinction between patient-focused and patient-driven.
• 1:46
  SPEAKER_00: Expand on that a little bit because the language has changed.
• 1:49
  SPEAKER_00: We used to talk about patient focus.
• 1:50
  SPEAKER_00: What's the difference between patient focus and patient?
• 1:53
  SPEAKER_02: And you taught me a lot about this in over the last, you know, 10 years or so, the Mayo Clinic's mission, right?
• 1:58
  SPEAKER_00: Needs of the patient come first or the only interests that matter.
• 2:01
  SPEAKER_02: Patient-centric, right?
• 2:02
  SPEAKER_02: Everything matters with the patient.
• 2:04
  SPEAKER_02: And for us, our mission statement, you know, serve our customers better than anyone else.
• 2:08
  SPEAKER_02: Uh Bill started that in uh, you know, when he started really the company in 67, it was about the patient, then it became about the customer or the professional as the industry evolved.
• 2:17
  SPEAKER_02: So that serves both purposes.
• 2:19
  SPEAKER_02: And I think as you see the needs of the digital patient, um, more and more, you know, people with their um uh iPads and iPhones and everything, it's about convenience and control.
• 2:31
  SPEAKER_02: And then we still have the, you know, I say traditional patient, um, I think because that's what you know is is used and people to relate with, that are gonna be in the office.
• 2:41
  SPEAKER_02: You know, my my grandmother, who, God bless her, 93 years old, isn't gonna be on her iPad all the time for telehair.
• 2:48
  SPEAKER_02: So she's gonna want to go into the office.
• 2:50
  SPEAKER_02: She's used to going to the office.
• 2:51
  SPEAKER_02: So we're in a hybrid, we're we're we're coming into an era of I think of uh three, four, four-year hybrid era, where you're gonna see um a little bit of that digital patient becoming more and more relevant from terms of how they want to be taken care of.
• 3:10
  SPEAKER_02: And then the traditional patient.
• 3:12
  SPEAKER_00: Yeah, I think you you raise a good point.
• 3:13
  SPEAKER_00: I mean, you know, when we were when we were going into 2020, and at that time we thought the worst thing that we could anticipate was OTC hearing aids.
• 3:22
  SPEAKER_00: Right.
• 3:22
  SPEAKER_00: COVID changed all of that, and I think it did a couple of things that I saw as somebody that still sees patients was patients that I didn't think were going to be capable of using telehealth, right suddenly were able to do so.
• 3:34
  SPEAKER_00: You know, grandparents, uh great-grandparents all had to.
• 3:38
  SPEAKER_00: Exactly.
• 3:38
  SPEAKER_00: And and and you know, they still like the face-to-face.
• 3:41
  SPEAKER_00: And I I do want to talk a little bit about that in in a little bit, but necessity was the mother of invention in that case, and we had to very quickly mobilize to come up with telehere options.
• 3:52
  SPEAKER_00: Um we had an asynchronous, not real-time approach.
• 3:56
  SPEAKER_00: We had uh in the matter of weeks when the full brunt of the COVID pandemic was hitting us, we were able to mobilize uh a synchronous, real-time which was mind-blowing in terms of the capacity we had to be agile.
• 4:10
  SPEAKER_02: If you remember, I think our expo was the end of January 2020.
• 4:14
  SPEAKER_02: And I remember walking off the stage thinking, okay, this is it.
• 4:17
  SPEAKER_02: You know, we we our education and everything was around the patient and the office and excellence, and and it was what, three weeks later?
• 4:26
  SPEAKER_02: Everything shut down.
• 4:28
  SPEAKER_02: And your priorities change.
• 4:29
  SPEAKER_02: And your priority priorities come into focus real quick.
• 4:33
  SPEAKER_02: And you can it's amazing what you can do when you you uh you know, in uh meetings before are told that can't be done because it's survival and you've got to adapt, and we everybody had to adapt quickly.
• 4:46
  SPEAKER_02: And people that might not have, you know, been in the I'll say the the tele here and the telehealth world uh learned how to do it.
• 4:54
  SPEAKER_02: They need to do because of the information on TVs, the isolation and such.
• 4:57
  SPEAKER_02: And now that really gave us a glimpse of of what was needed.
• 5:01
  SPEAKER_02: We learn from it from the patient.
• 5:04
  SPEAKER_02: But if I look over the next you know, several years, um the app is a product.
• 5:10
  SPEAKER_02: Yeah, you've said that for some time and you're right.
• 5:12
  SPEAKER_02: And I made that statement, I think, in 2018, um, where we have to for in intuitive, um, because I have a Tesla and and and my other you know, other cars that have the apps, they're very intuitive.
• 5:26
  SPEAKER_02: You have to be just simple.
• 5:28
  SPEAKER_02: And our apps need to be simple because of the population.
• 5:31
  SPEAKER_02: And also, so what's next for how do they use that for um remote fittings, telehealth, you know, go down the list.
• 5:37
  SPEAKER_02: And so we're investing, you know, in what's next within software within the apps, and then hearing aids that for that digital patient, they want the, as I say, the control and the convenience.
• 5:48
  SPEAKER_02: Control the app, convenience of the product, make it as simple as possible, but still high quality performance.
• 5:55
  SPEAKER_00: Indeed.
• 5:55
  SPEAKER_00: And and I think you're absolutely right.
• 5:57
  SPEAKER_00: The app increasingly is the interface for the patient for controlling their devices, interfacing with their professional when necessary to provide uh benefits.
• 6:07
  SPEAKER_00: And then when you start looking at features like translation and uh uh the the self-check and some of the other Starkey only features in this fall detection, uh we've really led in that area.
• 6:18
  SPEAKER_02: Yeah, we've expanded, I we've expanded the the definition of what a hearing aid can do.
• 6:23
  SPEAKER_02: I mean, I look at it as that, you know, in our industry, we've kind of boxed ourselves in and you know, basic entry, you know, how we label things and then channels and bands, right?
• 6:33
  SPEAKER_02: That was the thing, you know, um 20 years ago and you know, maybe 10 years ago, where how many channels of bands is that?
• 6:39
  SPEAKER_02: Well, we don't talk about that anymore.
• 6:41
  SPEAKER_02: Um you know, what we're doing with AI, AI, we started with Livio, and then now where we're going, it's really about um I see it as two areas.
• 6:51
  SPEAKER_02: It's it's uh premium, you know, premiere technology, and then um premiere plus, you know, premium plus.
• 6:58
  SPEAKER_02: And that's really where you know Genesis AI, there is anything like it.
• 7:02
  SPEAKER_02: I talk to people and they say, well, so-and-so has, you know, this um uh you know, this premier level product, this is you know where Genesis is, it's like it's not even the same level because we're focused on a race to the top.
• 7:15
  SPEAKER_02: When many are focused on a race to the bottom for various reasons, and what I mean by that is, you know, we don't sacrifice quality for cost or performance.
• 7:25
  SPEAKER_02: We want to focus on what's best for the patient and providing them, you know, really the best patient care, the best sound experience.
• 7:33
  SPEAKER_02: And, you know, I get asked a lot of questions about what we're doing compared to our competition.
• 7:39
  SPEAKER_02: And our competition's great.
• 7:41
  SPEAKER_02: I mean, I, you know, they and you want them to be good because that makes you better.
• 7:46
  SPEAKER_02: You want to be pushed.
• 7:46
  SPEAKER_02: I mean, our little league, all through life, whatever it might be, you have to be pushed and to compete and and and and but and better yourself.
• 7:55
  SPEAKER_02: And the same goes with business.
• 7:56
  SPEAKER_02: And what we're doing, you know, it's it's really, I'm not looking to try and be like anybody else and the people of Starkey's.
• 8:04
  SPEAKER_02: We want to think and and uh dream and hope, and you know, you however you want to define it, uh, on what is possible, and then also talk about what's not possible and make it the possibility.
• 8:16
  SPEAKER_02: And that's what Genesis AI is.
• 8:18
  SPEAKER_02: I mean, Genesis AI was number one, the sound experience.
• 8:22
  SPEAKER_02: And then the stepping stone, then you look ahead about the industry and where the technology can go, it truly is limitless.
• 8:29
  SPEAKER_02: I mean, you know things we're talking about and other partners we're working with, and it's an exciting time.
• 8:35
  SPEAKER_02: You know, I you know, you and I talked about, you know, I one of the last things I said at the expo in 2020 was, you know, we are in the greatest, I we're coming into the greatest decade in our industry.
• 8:47
  SPEAKER_02: And I believe that.
• 8:48
  SPEAKER_02: I believe that now, but I I'm really excited about it because of what technology is allowing us to do and the relationships we've built, and you know, putting hearing health care on the radar where it was a hearing aid before in the commodity and its amplifier.
• 9:08
  SPEAKER_02: And Starkey's work and our work in Washington, D.C., and in other state um uh governments and agencies, and really uh educating on hearing health care, that hearing is essential, and technology.
• 9:23
  SPEAKER_02: It's not just a commodity, it's not just you know, uh uh some type of pill you pay you know high price for, and uh it's gonna make you better.
• 9:32
  SPEAKER_02: It's it's the human touch.
• 9:33
  SPEAKER_02: And you mentioned that earlier.
• 9:34
  SPEAKER_00: And that patient-driven technology is as well the area where really we have the opportunity to shine with this product.
• 9:41
  SPEAKER_00: And so, you know, one of the things that we wanted to do at the end of the year was sort of get uh our customers' mindset.
• 9:47
  SPEAKER_00: And so we ask them to send some questions to talk with you today.
• 9:51
  SPEAKER_02: So uh, disclosure, I haven't read these questions.
• 9:53
  SPEAKER_02: I know you have to do that.
• 9:53
  SPEAKER_02: So you're gonna hit me with them.
• 9:55
  SPEAKER_00: Liberty, I'm gonna go ahead and um and begin with a couple of the questions that we've got here.
• 9:59
  SPEAKER_00: So so we've touched on this a little bit uh already, OTC, but Spencer asked the question: why do you think that there wasn't the massive hit to traditional or prescriptive hearing aid distribution when OTCs hit the market in full force this year?
• 10:14
  SPEAKER_02: I've been in the industry close to 30 years, and I think that I'm uh I would say a voice of authority on this, and I think it was overhyped and marketed where people know when they're ready for hearing aids.
• 10:28
  SPEAKER_02: Um there's a lot of advertising out there that misrepresents, and that was our biggest concern with OTC.
• 10:35
  SPEAKER_02: There's been what, Peace apps, personal sound uh amplifiers for what?
• 10:41
  SPEAKER_02: And they've been out there.
• 10:42
  SPEAKER_02: This wasn't anything but a um, you know, a uh government um push and bill uh from uh Senator Warren, as we know, and we know all know the story.
• 10:54
  SPEAKER_02: And you know, address healthcare costs.
• 10:57
  SPEAKER_02: Well, we knew the industry, it was creating more confusion, a lot of good articles and concerns.
• 11:02
  SPEAKER_02: There was a lot of hype about it that it just wasn't going to deliver because it's a product and a journey that people have to be ready for.
• 11:12
  SPEAKER_02: And I think, you know, there's a lot of debate right now on um I see it online, and you know, we're so-and-so are reporting numbers.
• 11:20
  SPEAKER_02: We really think OTC is more than it is, and you know, people are doing it and they're not.
• 11:26
  SPEAKER_02: Um, I I think they're frustrated.
• 11:29
  SPEAKER_02: As a matter of fact, I know they are because we all know, whether it's our customers uh throughout the U.S., people might buy the$99 hearing aid or they might buy the$200.
• 11:38
  SPEAKER_02: They're coming into retail offices as hearing professionals, and they're mad.
• 11:42
  SPEAKER_02: And I can say they're mad and dissatisfied, and that's not what's being reported because they're going to hearing professional offices thinking, you know, you did this, this is a hearing aid, you're supposed to be able to fix this, and they don't understand and somewhat confused of why they can't be helped, but it's a product made somewhere outside the United States that can't be fixed by hearing health care professional, and that's why hearing health care professionals, whether it's OTC, even some type of direct-to-consumer channel down the road, is still going to have a role.
• 12:16
  SPEAKER_02: The jobs just change, just like my role changes, your role changes.
• 12:18
  SPEAKER_02: We all we all change and adapt, and we have to.
• 12:21
  SPEAKER_02: I mean, if we're staying the same complacency, um, we will, you know, be extinct.
• 12:26
  SPEAKER_02: So I think OTC, it doesn't surprise me that it's uh the the volume is what it is.
• 12:32
  SPEAKER_02: I mean, we truly don't know just like we did with PSAP.
• 12:35
  SPEAKER_02: Yeah um but I don't think it's it's helped that access and what people were saying it would.
• 12:43
  SPEAKER_02: I think there was a lot of other agendas.
• 12:45
  SPEAKER_02: Well, I know there was a lot of other agendas behind it because I could say that.
• 12:48
  SPEAKER_02: Um but for us, I took it as an opportunity and platform to educate and and you know uh raise awareness of all the options that are out there and what's best and and several channels.
• 13:00
  SPEAKER_00: Yeah, I mean, I I think no one argues accessibility and affordability are important as it relates to hearing care.
• 13:05
  SPEAKER_00: We want to support that.
• 13:06
  SPEAKER_00: But at the same time, you've been very consistent on the prescriptive model, our technology in the professionals' hands, delivering optimal results.
• 13:15
  SPEAKER_00: And you've doubled down on that, and it it's it seems right now.
• 13:20
  SPEAKER_00: I work with a lot of patients who are technically capable of pushing the buttons and adjusting their devices, engineers, et cetera, tech tech field workers, right?
• 13:30
  SPEAKER_00: And they still say they're more comfortable having me make the adjustments, even though they're capable of doing it.
• 13:36
  SPEAKER_02: And I think over the channel, over the channel hearing aids, uh, excuse me, over-the-counter hearing aids uh are great.
• 13:43
  SPEAKER_02: But, you know, because to me it's what's wrong with somebody saying, I need help.
• 13:48
  SPEAKER_02: Right.
• 13:48
  SPEAKER_02: And you know what?
• 13:49
  SPEAKER_02: If an over-the-counter hearing aid helps somebody, great.
• 13:52
  SPEAKER_02: Yeah.
• 13:53
  SPEAKER_02: I don't think it does the masses, but I think it eventually, like in many cases, that person's gonna find their way to a professional for help.
• 14:02
  SPEAKER_02: So it's great.
• 14:02
  SPEAKER_02: I mean, we've I've been in favor of it, but done the right way.
• 14:06
  SPEAKER_02: And Starkey and and and HIA and the work we've we've done there, I mean, we helped frame that up and educate where you know it was done in a in a safe way that, you know, I think will continue to evolve, but uh, we did it right.
• 14:23
  SPEAKER_00: Do you see a role or a need for OTC as providing a first step for some patients and then really serving as a hybrid model?
• 14:32
  SPEAKER_00: Or do you see it as uh distinctly apart from the and different from the prescriptive model?
• 14:39
  SPEAKER_02: The biggest confusion, I'll say one of the main, I should say biggest.
• 14:43
  SPEAKER_02: One of the the the main confusions on OTC hearing aid is it's a hearing aid and not a channel.
• 14:50
  SPEAKER_01: Right.
• 14:50
  SPEAKER_02: It's not a channel.
• 14:51
  SPEAKER_02: And what I would say by channel is how does how does somebody go and get hearing uh health care and hearing help for their hearing loss?
• 14:58
  SPEAKER_02: Well, you have your your you know, there's private practice, you have you know your clinics, and you know, there's there's various ways and over-the-counter hearing aid, you know, yes, some of the restrictions are are less, but it's a hearing aid.
• 15:12
  SPEAKER_02: And we and that's what's one of the um it was frustrating, but somewhat um uh I dare use the word, you know, puzzle, it was puzzling because they were saying, well, you're just worried about it because you know, you, you know, you're it's gonna hurt your business.
• 15:29
  SPEAKER_02: And I look at it, I'm like, we make the products you're trying to deregulate and open more where we could sell more.
• 15:36
  SPEAKER_02: We're doing it because we know what's best for the patient.
• 15:38
  SPEAKER_02: That's why I'm here talking to you, not because I'm afraid of competition.
• 15:42
  SPEAKER_02: So over-the-counter hearing aid is a hearing aid, it is not a channel.
• 15:48
  SPEAKER_00: Well, well stated.
• 15:49
  SPEAKER_00: Um, it was funny.
• 15:50
  SPEAKER_00: Spencer came in with this comment, and he did have one more thing that he wanted to add to.
• 15:54
  SPEAKER_02: Spencer's getting some airtime.
• 15:55
  SPEAKER_00: Yeah, he said one more thing uh for Brandon.
• 15:57
  SPEAKER_00: I I was never able to formally apologize.
• 15:59
  SPEAKER_00: Years ago, I was in the first group in the Starkey entrepreneurial program.
• 16:03
  SPEAKER_00: When we did that program, we were in the conference room by your office, and I drank a bunch of soft drinks from the fridge, and I was told that that was your private stash.
• 16:10
  SPEAKER_00: So sorry about that.
• 16:11
  SPEAKER_02: Well, Spencer, it's okay.
• 16:13
  SPEAKER_02: I don't have a real private stash.
• 16:15
  SPEAKER_02: Uh anything as Starkey is uh you have access to, so not a problem.
• 16:20
  SPEAKER_00: I do want to uh uh uh expand on I I think that comment about the hearing aid, OTC is a hearing aid, not a channel.
• 16:27
  SPEAKER_00: But we're also seeing threats from uh increased number of channels.
• 16:32
  SPEAKER_00: And you know, and you've been very consistent about, you know, we believe in the prescriptive approach, but also we see these other distribution channels.
• 16:39
  SPEAKER_00: What use your crystal ball and say, you know, what's what's Starkey's uh and and your leadership and vision really in terms of emerging channels, established channels?
• 16:50
  SPEAKER_00: How are we gonna what do we see in 2024?
• 16:52
  SPEAKER_02: I don't I don't see I don't see threats.
• 16:55
  SPEAKER_02: Uh per se, I see opportunities.
• 16:57
  SPEAKER_02: And because why I say opportunities is at the end of the day, the patient decides.
• 17:02
  SPEAKER_02: It's not gonna be starky.
• 17:04
  SPEAKER_02: The patient's gonna decide, you know, how they wanna, you know, again, going back to control convenience, um the traditional patient, how they want hearing health care.
• 17:14
  SPEAKER_02: And the biggest evolution, and you know, change is good.
• 17:19
  SPEAKER_02: You have to change.
• 17:21
  SPEAKER_02: And I think private practice has changed, clinics have changed, hospitals, and and they've adapted, yes, to technology, but you know, shorter attention span.
• 17:30
  SPEAKER_02: You know, we we all have shorter attention spans and memories because of social media and and and how we're marketed too.
• 17:36
  SPEAKER_02: And and marketing is not a bad word in this industry because you're educating.
• 17:40
  SPEAKER_02: People have to know.
• 17:41
  SPEAKER_02: So over the coming years, I think there's you know areas that uh existing channels that Starkey has not traditionally been involved in, they're growing.
• 17:53
  SPEAKER_02: I think our great loyal customers, we continue to invest in programs and uh ways for yes, uh patient uh uh patient counseling, patient tools, um, different types of uh uh programs that help them do a better job within their office and provide more and more hearing help in their community.
• 18:15
  SPEAKER_02: Um I think there's emerging channels that will be coming and we'll be watching because for Starkey, you know, Genesis AI, I firmly believe it's the flagship product of the industry.
• 18:29
  SPEAKER_02: It is the best sounding hearing aid in the industry, and patients deserve that opportunity to be able to experience it.
• 18:37
  SPEAKER_02: That's why I call it sound experience.
• 18:40
  SPEAKER_02: And as channels grow and we have to continue to invest.
• 18:44
  SPEAKER_02: I mean, I know what you know it cost years and you know, hundreds of millions of dollars of investing into Genesis AI to get it where we need, I know what we need to do next.
• 18:54
  SPEAKER_02: And as a company, just like businesses, you got to continue to grow, you know, lead, adapt, or die.
• 19:00
  SPEAKER_02: I've been talking to our our our customers about that for 13 years now.
• 19:04
  SPEAKER_02: And the blockbuster example.
• 19:06
  SPEAKER_02: My biggest fear, and I get asked this all the time, I shouldn't say fear, it's self-aware.
• 19:12
  SPEAKER_02: Is you know, for Starkey, you know, they I get asked what keeps me up at night.
• 19:16
  SPEAKER_02: Well, you know, it's ourselves, it's complacency.
• 19:20
  SPEAKER_02: So I have to pay attention, we all have to pay attention um to the uh current channels that we haven't been involved in that we need to look at.
• 19:29
  SPEAKER_02: I mean, for the technology we have, because our technology um, you know, deserves to be out there for for others.
• 19:37
  SPEAKER_02: And we have to continue to push those boundaries and we have to, you know, we'll sit back and watch and see how other channels emerge because it has to be through and with a hearing healthcare professional.
• 19:49
  SPEAKER_02: That's the the best solution.
• 19:51
  SPEAKER_02: I don't care what channel it is right now, that's the best option because that's where you're gonna get that personal uh human touch and that care and service.
• 20:01
  SPEAKER_02: And you know, we're looking into the next year where uh how do we get uh more, yes, of course, our products out because the more you know we provide and we sell, I mean, this is business, the more we invest into our company, not stockholders, but we invest into our company and our customers.
• 20:20
  SPEAKER_02: And it would be uh irresponsible of me not to uh be looking at uh current channels and then exploring you know new and emerging channels, but maintaining our our you know great service and uh you know the exclusivity of our our product our programs and and uh services that we provide to our our value customers.
• 20:43
  SPEAKER_00: That's well said.
• 20:44
  SPEAKER_00: Turning and pivoting a little bit to the technology.
• 20:48
  SPEAKER_00: Um in 2018, uh you mentioned Achinbomic, and when we we launched Livio AI, it was the industry's first product that had embedded sensors uh in the device capable of monitoring physical activity, social engagement.
• 21:02
  SPEAKER_00: That was prescient because now you look five years later, the achieved study results, the initial findings from the multi-year Achieved study came out that really uh made that association between untreated hearing loss and cognitive decline, in particular for those with cardiovascular risk factors.
• 21:20
  SPEAKER_00: So that ability to have a patient only wear their hearing aids, track physical activity, encourage them to be more physically active, to prevent uh that progression of cardiovascular risk factors and the social engagement, loneliness, cognition.
• 21:35
  SPEAKER_00: Um, you know, that arguably, I think, you know, we were we were five years ahead of of that trend that is now coming out.
• 21:42
  SPEAKER_00: Similarly, I think right now, uh AI has become so ubiquitous as to be a buzzword that you know mean is meaningless.
• 21:50
  SPEAKER_00: Right.
• 21:50
  SPEAKER_00: Um but we're leading in that space as well with For the last three three years or so.
• 21:54
  SPEAKER_02: I mean that's the thing with AI is I'm reading articles that are in our industry and and hearing and And and talking to people like, oh yeah, this is gonna have AI and you know, the future of AI and stuff.
• 22:05
  SPEAKER_02: We've been talking about it for three years.
• 22:06
  SPEAKER_02: Yeah.
• 22:06
  SPEAKER_02: And we've been leading in it, and that's okay.
• 22:09
  SPEAKER_02: It's that's not a bragging point.
• 22:11
  SPEAKER_02: You know, you know, to be first, you gotta be running up that hill, and sometimes it's lonely.
• 22:15
  SPEAKER_02: And we knew with Olivio AI and the team we were putting together and what we did.
• 22:20
  SPEAKER_02: I remember the look in people's faces.
• 22:22
  SPEAKER_02: They were they're fearful of AI.
• 22:23
  SPEAKER_02: It's too like too much, and that's the one thing we learned.
• 22:26
  SPEAKER_02: We had so many great features.
• 22:28
  SPEAKER_02: It was almost like a Swiss Army knife where you couldn't keep up with everything the hearing aid was doing.
• 22:34
  SPEAKER_02: And so now that was our learning period, and we knew it.
• 22:38
  SPEAKER_02: You know, three you were we're five years ahead.
• 22:41
  SPEAKER_02: And, you know, we've we've dialed it into all right, here's what the patient needs for features.
• 22:47
  SPEAKER_02: You know, we talk about the fall detection and activity and and that engagement, you know, exercising the brain, mental health and well-being.
• 22:54
  SPEAKER_02: And then continuing, because of what we did, Olivio AI, dialing in that our algorithm and our secret sauce to make Genesis the best sounding, you know, sound experience uh on the market, we're ahead.
• 23:10
  SPEAKER_02: I mean, what people are talking about now and you know, uh within our industry and what could be, we started that five years ago.
• 23:19
  SPEAKER_01: Yeah.
• 23:19
  SPEAKER_02: And I'm not, you know, again, uh being arrogant or naive that, you know, new things can can happen, but we've learned a lot, and I love where we're going.
• 23:28
  SPEAKER_00: Yeah, and and with the industry's first circuit that has an onboard DNN accelerator, and we're employing that already in edge mode and in other ways in the future to really personalize to the unique environment and the combination of the hearing loss and the environment that patients experience.
• 23:45
  SPEAKER_02: Well, there's there's you you mentioned DNN because we we were, you know, we did our European launch event and um you know, we're talking about DNN and and and what it does.
• 23:54
  SPEAKER_02: And and we had, you know, the interviews we did, well, there's been DNN in the industry, it's been talked about, you know.
• 24:00
  SPEAKER_02: And, you know, that's right, it has.
• 24:02
  SPEAKER_02: But there was also um, you know, uh use a simplistic, there was a PS3 and now there's PS5.
• 24:09
  SPEAKER_02: Yes.
• 24:09
  SPEAKER_02: Um ours is the most advanced, up-to-date DNN AI that you can get.
• 24:14
  SPEAKER_02: There's not a processor inside a hearing aid that is good as what's in Genesis AI because it's all new, everything, and we mean that.
• 24:23
  SPEAKER_02: And you can be running on um an older version of uh Windows, or you can be up to date on the on your the most current uh Windows software, and we are the most current in the industry.
• 24:36
  SPEAKER_00: Yeah, no question.
• 24:37
  SPEAKER_00: And thanks for uh to Eduardo for that question on looking forward on industry trends.
• 24:42
  SPEAKER_00: So when you look at embedded sensors for per the purpose of cardiovascular and cognition, then AI and DNN, um quite a few questions came in.
• 24:53
  SPEAKER_00: Alan articulated what others mentioned too.
• 24:55
  SPEAKER_00: What's Starkey's future with Bluetooth low energy audio and specifically Oracast?
• 25:02
  SPEAKER_00: What's what's the big deal about ORCAST?
• 25:05
  SPEAKER_02: Well, I think it's um it comes down to the intuitive, right?
• 25:10
  SPEAKER_02: Being intuitive and easy and what's best for the patient and the um uh the strength and quality of the connection.
• 25:17
  SPEAKER_02: You know, for us, you know that you and I can get into this for a bit.
• 25:23
  SPEAKER_02: Um but I like where we're at, I like where we're going, and and more to come very soon.
• 25:29
  SPEAKER_02: Um you were uh you know in in Germany at the with the the Oracast demos and and such, and and there's a lot of great things because if you look at a hearing aid is you know, it's a communication device.
• 25:42
  SPEAKER_02: I mean, we're in the communication business.
• 25:44
  SPEAKER_02: Now it's it's connectivity for all, right?
• 25:46
  SPEAKER_02: It's it's that connection where the phone, the house, I mean it it's that's where we're going.
• 25:50
  SPEAKER_02: And hearing, you know, is always job one.
• 25:54
  SPEAKER_02: We talk about when we are designing uh a new you know, in our first, as we say, our gate one vision for a new program, a new product.
• 26:03
  SPEAKER_02: Uh question number one is you know, how do we improve the sound experience?
• 26:07
  SPEAKER_02: Right.
• 26:08
  SPEAKER_02: Period.
• 26:09
  SPEAKER_02: And then question number two is you know, uh what are uh what do we need to improve uh the features for uh real patient benefits for today and and what's next?
• 26:21
  SPEAKER_02: Kind of looking up and out.
• 26:23
  SPEAKER_02: So, you know, connectivity is always the one.
• 26:25
  SPEAKER_02: You know, you want the the the hearing anywhere, you know, you take it out and you just it instantly pops up, whether it's Android or whatever, uh iPhone, just hit the button and instantly connects.
• 26:35
  SPEAKER_02: And but the other thing is, you know, um with newer technology and and and radios and bluetooth, you're gonna have to have the newer phones, newer devices.
• 26:45
  SPEAKER_02: And that's gonna take some time, especially in our industry.
• 26:47
  SPEAKER_02: It's gonna be there's gonna be uh uh a lag on, you know.
• 26:51
  SPEAKER_02: I I know again, I'll reference my grandmother and others, they still have you know an iPhone 14.
• 26:57
  SPEAKER_02: You know, maybe there's some iPhones eight, eights out there.
• 27:00
  SPEAKER_02: I don't know.
• 27:01
  SPEAKER_02: But it's they're not going out and buying the next version like you and I do on you know the next day we're early adopters.
• 27:07
  SPEAKER_02: Yeah, so it will depend on.
• 27:09
  SPEAKER_02: But what is yours?
• 27:10
  SPEAKER_00: I mean, well, you know, I think I can give you a couple examples uh for me.
• 27:13
  SPEAKER_00: First of all, well, I agree completely.
• 27:15
  SPEAKER_00: I'm tethered to my phone at all of the time.
• 27:17
  SPEAKER_00: And it's the connectivity and really the handshaking between different technology.
• 27:23
  SPEAKER_00: I'm an Apple person, like you are, and I have the latest Mac.
• 27:28
  SPEAKER_00: So with our devices, you know, the Genesis devices with uh Bluetooth low energy already.
• 27:34
  SPEAKER_00: Nice blue, by the way.
• 27:34
  SPEAKER_00: I know I like that.
• 27:36
  SPEAKER_00: And um, so um, I know a guy.
• 27:38
  SPEAKER_00: Yeah.
• 27:38
  SPEAKER_00: And um, so in this case, when I'm using my my latest Mac, it will enable streaming directly from the Mac computer to my devices.
• 27:47
  SPEAKER_00: That's forecasting a little bit of where Oracast, that next generation, is going to go, where you can walk into a movie theater, you can walk into a classroom, a place of worship, and instantly be hit with a pairing request.
• 27:59
  SPEAKER_00: And now you can talk about one-to-many connections.
• 28:01
  SPEAKER_00: And there's a lot of possibilities.
• 28:03
  SPEAKER_02: And it's on fire.
• 28:04
  SPEAKER_00: And the companies that we're working with, we're working with all of the companies that are developing that technology and pushing it out, technology for all.
• 28:11
  SPEAKER_00: We know Bluetooth low energy is the future, but we also know that that agnostic behavior to um Android or iPhones makes the pairing experience a little different than when you're doing Bluetooth Classic, but you can't get 51 hours of battery life out of these ricks using Bluetooth Classic.
• 28:30
  SPEAKER_00: We know it's the future.
• 28:31
  SPEAKER_00: Oracast will provide that seamless interplay throughout the day, whether you're going from your phone to your computer to your TV.
• 28:43
  SPEAKER_00: You know, and and and really, I think, you know, again, it's blasphemy for a hearing aid company to start talking about we may not need some of the accessories we have now that we can monetize, but it's about the patient focus, the patient experience that if they can get a television set, we're gonna be dependent on the technology coming out, but with compatibility with these Oracast emerging devices, that next generation, it's gonna make their experience better.
• 29:07
  SPEAKER_00: And patient-driven technology enables that.
• 29:09
  SPEAKER_02: Look, uh Starkey is a hearing technology company, right?
• 29:13
  SPEAKER_02: And we manufacture and we do a lot of other things, but we're first and foremost now a technology company.
• 29:18
  SPEAKER_02: And and you know, what we're doing and where we're going, uh, it's going to be all about connectivity and a communication device.
• 29:26
  SPEAKER_02: Hearing is going to be um using it as a hearing, you know, a hearing aid and and and better hearing for those with hearing loss.
• 29:34
  SPEAKER_02: That's going to be one dimension of multiple dimensions.
• 29:38
  SPEAKER_02: This is gonna be a personal assistant.
• 29:39
  SPEAKER_02: Yeah.
• 29:39
  SPEAKER_02: It's gonna be a personal.
• 29:41
  SPEAKER_02: It's gonna be your personal assistant that's gonna help you get through your day, that's gonna give you that that little that little extra oomph, that edge that you need.
• 29:49
  SPEAKER_02: And uh it's gonna be your superpower.
• 29:51
  SPEAKER_01: Yeah.
• 29:51
  SPEAKER_02: It's gonna be your superpower that's whether you're you know still in in the prime of your career or active aging and doing what you want, um, later in life, it's gonna be your superpower and your personal assistant that's gonna be there and know you uh better than you know yourself.
• 30:08
  SPEAKER_00: Well, and that's the excitement for the patient, the end user from the technology.
• 30:12
  SPEAKER_00: Michael asks the question what opportunities will arise for hearing care professionals in 2024?
• 30:18
  SPEAKER_00: Where do you see on the near horizon?
• 30:20
  SPEAKER_02: I think that in 2024 I see um the one opportunity, and and this is always, you know, for us, um, you know, it's what we've been able to do, we're the best at.
• 30:36
  SPEAKER_02: And I think there's a um some patients want this, and it's a kind of a lost start is what we could do with our CICs and IICs.
• 30:42
  SPEAKER_02: Kind of telegraph some things a little bit.
• 30:45
  SPEAKER_02: Um because I think you know, the role of the pay the professional, continue to invest in yourself.
• 30:51
  SPEAKER_02: Nothing huge is going to change next year, um, except, you know, if you allow yourself to become complacent and um, you know, waiting for something, you need to we need to take the initiative.
• 31:02
  SPEAKER_02: And we offer that just like I have to take initiative, my job, you and what you do, uh, is be the best at what you do with the technology that's in front of you.
• 31:12
  SPEAKER_02: You don't have to know everything and be overwhelmed by it.
• 31:14
  SPEAKER_02: You have to know the app, you have to know, yes, of course, the patient, and what the software can do where they're trusting you with their hearing.
• 31:24
  SPEAKER_02: There isn't a more sacred trust than that.
• 31:27
  SPEAKER_02: And what are professionals doing to continue to invest in the, I'll say the the real world of the patient, not what we might read in articles and uh and what ifs.
• 31:38
  SPEAKER_02: Um, I think the custom products, um, small, you know, uh, you know, for to some size matters.
• 31:46
  SPEAKER_02: I mean, they want the the CIC and they want that IIC.
• 31:49
  SPEAKER_02: And for some reason in our industry, um, we've become uh uh you know, it's that lost art, but fearful of impressions.
• 31:58
  SPEAKER_02: Yeah.
• 31:58
  SPEAKER_00: Where the entire generation has forgotten how to make impressions, and even existing practitioners have gotten complacent to your to your arguments.
• 32:05
  SPEAKER_02: You've got other industries, you know, dentals, but they have to do it every day.
• 32:08
  SPEAKER_00: Yeah.
• 32:08
  SPEAKER_02: And we, you know, it's an art where it can come back, and it also, you know, for uh depending who, there's a there's a niche for the the patients that want it and want to pay for it for that higher um, I'll say premium of personalized fit down in the air.
• 32:26
  SPEAKER_02: And we know the the benefits of the acoustics and everything of custom and CICs and IICs.
• 32:31
  SPEAKER_02: You know, invest in yourself.
• 32:33
  SPEAKER_02: Yeah.
• 32:33
  SPEAKER_02: And offer new products that you know your patient that will benefit your patients.
• 32:39
  SPEAKER_00: That really touches on the next question, which comes from Scott.
• 32:42
  SPEAKER_00: And really, you know, you talk about how to differentiate yourself as a practice.
• 32:47
  SPEAKER_00: Many of our customers are small business owners, independent practitioners in a private practice environment.
• 32:54
  SPEAKER_00: What do you, what does the future of private practice look like?
• 32:57
  SPEAKER_00: Those that are specializing in diagnostics and dispensing.
• 33:00
  SPEAKER_00: You know, everyone fears that we'll see what's happened in optometry or even in dentistry now, where there's vertical integration and there's no role for private practice and change.
• 33:11
  SPEAKER_02: There's a role.
• 33:11
  SPEAKER_02: And you can get update on equipment.
• 33:14
  SPEAKER_02: You know, we could talk about ear scanning and all this.
• 33:17
  SPEAKER_02: You know, the the the the the endless future that always comes of things that, you know, of differentiating yourself that we we've discussed for what decades.
• 33:27
  SPEAKER_02: It comes down to service.
• 33:29
  SPEAKER_02: It comes down to how that person feels when they walk in your office.
• 33:32
  SPEAKER_02: You want to diff differentiate yourself in private practice, a clinic, um, big box.
• 33:38
  SPEAKER_02: It doesn't matter.
• 33:39
  SPEAKER_02: Make yes, it's the value of the service that's underestimated where a person that walks in, they don't feel like an employee number.
• 33:46
  SPEAKER_02: They feel like you are there to help them and they're trusting you with their their hearing health.
• 33:53
  SPEAKER_02: Yeah.
• 33:53
  SPEAKER_02: And, you know, I I um I don't have much of a uh I don't get mad.
• 33:58
  SPEAKER_02: I don't like to get mad a lot.
• 34:00
  SPEAKER_02: And and I don't have a temper, but the one thing that irritates me is when I'm, you know, you go into whether it's um, you know, electronic store, I won't name any, because but the things that you know that just irritate me instantly is when you're the customer and you're treated like you're the problem.
• 34:18
  SPEAKER_02: Right.
• 34:18
  SPEAKER_02: So you want to differentiate yourself, focus on the little things from when the person gets out of their car at your practice, your clinic, what's their experience?
• 34:28
  unknown: Right.
• 34:28
  SPEAKER_02: What's their, you know, what's your front office look like, what's your sidewalk look like?
• 34:32
  SPEAKER_02: Is it easy, easy access?
• 34:34
  SPEAKER_02: Are you thinking about them or are you thinking about you?
• 34:36
  SPEAKER_02: So you want to differentiate yourself?
• 34:38
  SPEAKER_02: You know, it's not yes, you have to have the equipment and the talent, but it's also having the right experience that that patient needs because they feel like they're at home, just like the Mayo Clinic, as we talked about.
• 34:51
  SPEAKER_00: And and you know, the issue is people say, well, you know, I I I have great success with receiver in the canal devices.
• 34:56
  SPEAKER_00: I love them.
• 34:57
  SPEAKER_00: I love custom, you know, for people that take the time and have established practice with IICs and CICs.
• 35:03
  SPEAKER_00: But even if you're fitting predominantly RICs, notice I have customized solutions here.
• 35:08
  SPEAKER_00: We used to talk about these as AP being absolute power.
• 35:11
  SPEAKER_00: Now we talk about it as all purpose because it fits more comfortably.
• 35:15
  SPEAKER_00: It's a skill.
• 35:15
  SPEAKER_02: And that comes over this service part.
• 35:17
  SPEAKER_02: That's where you differentiate where get out of the easy button mode.
• 35:21
  SPEAKER_02: Yeah.
• 35:21
  SPEAKER_02: Get out of the easy and I'm not sure.
• 35:22
  SPEAKER_00: That's the thing that can't be commoditized, caring.
• 35:24
  SPEAKER_00: Yeah.
• 35:25
  SPEAKER_02: And then you you have to care.
• 35:26
  SPEAKER_02: Number one, the number one thing in this industry is you have to care.
• 35:30
  SPEAKER_02: And I've seen that more and more as we move ahead where you know, people, um, professionals, they want that easy button.
• 35:39
  SPEAKER_02: Yeah.
• 35:39
  SPEAKER_02: And yeah, time's a commodity.
• 35:40
  SPEAKER_02: I get that.
• 35:41
  SPEAKER_02: But the patient isn't, and the products aren't.
• 35:44
  SPEAKER_00: Every patient deserves your entire attention and your focus.
• 35:48
  SPEAKER_00: You don't know your patient until you know your patient, and that takes time.
• 35:51
  SPEAKER_00: And but that's the differentiator.
• 35:52
  SPEAKER_02: Trevor Burrus, Jr.: So is there a big change in 2024?
• 35:55
  SPEAKER_02: No, I I it's it's a slow evolution year by year, what what comes out because it still comes back to that human touch.
• 36:01
  SPEAKER_02: Yeah.
• 36:02
  SPEAKER_00: I knew that time would fly with this.
• 36:03
  SPEAKER_00: Uh we're already.
• 36:06
  SPEAKER_00: Yeah.
• 36:06
  SPEAKER_00: But so let's do a little bit of lightning round kind of work on this case.
• 36:09
  SPEAKER_00: So I know that you're, as you said, you're a user of the MyStarky app with the devices.
• 36:14
  SPEAKER_00: The app often serves as uh the interface to the technology.
• 36:18
  SPEAKER_00: But what's your favorite feature within the MyStarkia app?
• 36:22
  SPEAKER_02: Uh Edge Mode Plus.
• 36:23
  SPEAKER_00: Edge Mode Plus.
• 36:24
  SPEAKER_00: Why?
• 36:25
  SPEAKER_02: Because uh whatever that environment is, every time it seems to nail it.
• 36:29
  SPEAKER_02: I was in a very crowded environment last night um at a uh retirement party, and instantly it just took care of it.
• 36:36
  SPEAKER_02: I didn't have to think.
• 36:37
  SPEAKER_02: Intuitive.
• 36:38
  SPEAKER_00: Yeah.
• 36:38
  SPEAKER_00: Just use it.
• 36:39
  SPEAKER_00: It's a user interface that's that's effortless.
• 36:41
  SPEAKER_00: Um what's one sound that you can think of that you is your favorite sound that you would miss if you couldn't hear anymore?
• 36:49
  SPEAKER_02: Uh it would be the uh it would be the the the the wind and the leaves.
• 36:58
  SPEAKER_00: Okay.
• 36:58
  SPEAKER_00: So that's silence because you're surrounded by energy, yes, that's serene and calm.
• 37:04
  SPEAKER_00: Um what's your least favorite sound?
• 37:05
  SPEAKER_00: One that you could go the rest of your life and not worry about hearing ever again?
• 37:09
  SPEAKER_00: Oh, a Vikings game.
• 37:12
  SPEAKER_00: Just because it's a Vikings?
• 37:13
  SPEAKER_00: Yeah.
• 37:14
  SPEAKER_00: You and me both.
• 37:14
  SPEAKER_00: We're aligned on that.
• 37:16
  SPEAKER_00: But usually it's often when I go to the Vikings game, it ends up being you can hear a pin drop because it's so quiet.
• 37:20
  SPEAKER_02: It's a you know, it's it's really, yeah.
• 37:22
  SPEAKER_02: I mean, the it's the sounds are so loud in there, and it's really not Vikings, it's just overall sports.
• 37:27
  SPEAKER_02: But it's, you know, for me, um, the number one sound would be a uh a blender.
• 37:32
  SPEAKER_00: A blender.
• 37:34
  SPEAKER_00: Least favorite sound, so it's a loud sound.
• 37:36
  SPEAKER_00: Uh who's your favorite race car driver?
• 37:41
  SPEAKER_02: Number one fan, my my son, William Swalitz, yes.
• 37:44
  SPEAKER_00: Indeed, he's had a hell of a year in the past year and looking forward to just announce he's gonna be in the Xfinity series next year.
• 37:50
  SPEAKER_00: Yes.
• 37:51
  SPEAKER_00: He's doing great on his own.
• 37:52
  SPEAKER_02: He's he's his own um own young professional and and uh he's got the talent, he's investing that talent.
• 37:58
  SPEAKER_02: And the other thing that you know surprised me, um, you know, new, but bringing, you know, hearing healthcare awareness to um, you know, protecting hearing and what it's done a lot in that community, and that's it it's expanded.
• 38:10
  SPEAKER_02: I just had a couple other meetings in other industries there.
• 38:13
  SPEAKER_02: They're wanting to um, you know, yes, protect a healthy hearing because it's a it's a growing problem.
• 38:18
  SPEAKER_00: Indeed.
• 38:19
  SPEAKER_00: I mean, it's a it it's an important derail from the lightning round kind of approach because it seems crazy that a hearing aid company would be interested in selling fewer products.
• 38:28
  SPEAKER_00: But in fact, if we can prevent hearing loss from occurring in these young individuals, I've had the opportunity to test the hearing in a lot of young musicians, young people who are exposed to loud noises, including race car drivers.
• 38:41
  SPEAKER_00: And when you start to tell them that they're hearing, which they depend on more than they realize for listening to when to shift and the car, um, it gets their attention.
• 38:50
  SPEAKER_02: Yeah, it's loud, but it is, you know, I tell you what, you go to race, it's it's powerful.
• 38:54
  SPEAKER_02: And uh, you know, a lot of people ask me if it's nerve-wracking.
• 38:57
  SPEAKER_02: No, it's everybody else I'm worried about.
• 38:59
  SPEAKER_02: You know, he's he's done a great job, and you know, couldn't be more proud.
• 39:02
  SPEAKER_00: Well, I think we'll end on that as proud dad, in addition to leading Starkey and in the industry with CEO and president.
• 39:09
  SPEAKER_00: And I thank you for sharing um your views.
• 39:12
  SPEAKER_00: And then also looking at the.
• 39:26
  SPEAKER_00: I I can't wait.
• 39:28
  SPEAKER_00: So thank you for our our uh the past year for our viewers and listeners of Starkey Soundbites.
• 39:34
  SPEAKER_00: If you have any ideas for future topics or questions that you want answered, uh send us an email at soundbites at Starkey.com.
• 39:42
  SPEAKER_00: Thank you for listening.
• 39:43
  SPEAKER_00: Thanks for this last year.
• 39:44
  SPEAKER_00: We got great things planned for 2024.
• 39:46
  SPEAKER_00: I'm sure we'll have Brandon back in time or two.
• 39:48
  SPEAKER_00: Anytime.
• 39:49
  SPEAKER_00: Thanks, Brandon.
• 39:50
  SPEAKER_00: Thanks, Dave.