Hearts for Hearing Foundation Market Research Report

Background

Overview

Hearts for Hearing Foundation is a non-profit organization established in 2003 in Oklahoma City, Oklahoma. Founded by Joanna T. Smith, Dr. Teresa Caraway, and Dr. Stan Baker, the organization initially aimed to provide funding for the first set of hearing aids for children with hearing loss in Oklahoma. Over the years, it has expanded its mission to offer comprehensive hearing healthcare services to both children and adults across the state.

Mission and Vision

The foundation's mission is to maximize the abilities of individuals who are deaf or hard of hearing to listen and talk by providing direct audiological and auditory-verbal therapy services. It envisions a community where individuals with hearing loss have equal opportunities and a better quality of life.

Primary Area of Focus

Hearts for Hearing specializes in providing hearing aids, cochlear implants, and auditory-verbal therapy services. Its comprehensive approach includes newborn hearing screenings, pediatric and adult diagnostic assessments, speech therapy, and cochlear implant services.

Industry Significance

As one of the leading hearing healthcare providers in Oklahoma, Hearts for Hearing plays a pivotal role in early detection and intervention for hearing loss, significantly improving the quality of life for individuals affected by hearing impairments.

Key Strategic Focus

Core Objectives

• Early Detection and Intervention: Implement universal newborn hearing screenings to identify significant hearing loss promptly.

• Comprehensive Care: Provide a full spectrum of services, including hearing aids, cochlear implants, and auditory-verbal therapy.

• Community Outreach: Expand services statewide to ensure accessibility for all individuals with hearing loss.

Specific Areas of Specialization

• Pediatric Audiology: Offering specialized services for children, including newborn hearing screenings and early intervention programs.

• Adult Audiology: Providing diagnostic assessments, hearing aid fittings, and cochlear implant services tailored for adults.

• Auditory-Verbal Therapy: Delivering therapy services that focus on developing listening and spoken language skills.

Key Technologies Utilized

• Hearing Aids: Dispensing and fitting advanced hearing aid devices from various manufacturers.

• Cochlear Implants: Offering cochlear implant services for individuals who benefit from this technology.

• Diagnostic Equipment: Utilizing state-of-the-art equipment for hearing assessments, including ABR, otoacoustic emission testing, and immittance testing.

Primary Markets Targeted

• Children: Focusing on early detection and intervention for infants and children with hearing loss.

• Adults: Providing services for adults experiencing hearing loss, including diagnostic assessments and rehabilitation.

• Statewide Outreach: Serving patients from all 77 counties in Oklahoma through mobile care clinics and community programs.

Financials and Funding

Funding History

Hearts for Hearing Foundation has received substantial support from various donors and foundations. Notable contributions include:

• Masonic Charity Foundation of Oklahoma: In April 2024, awarded a $250,000 grant to support pediatric hearing healthcare services across the state.

• Masonic Charity Foundation of Oklahoma: In April 2023, awarded a $200,000 grant to support the Newborn Hearing Screen Services program.

Total Funds Raised

In the fiscal year ending June 30, 2024, the foundation reported total revenues of $16,844,773, with total expenses of $16,271,759.

Notable Investors

While specific individual investors are not publicly disclosed, the foundation has received significant support from charitable organizations and foundations, including the Masonic Charity Foundation of Oklahoma.

Intended Utilization of Capital

The funds are primarily utilized to expand and enhance hearing healthcare services, including:

• Newborn Hearing Screen Services: Implementing and supporting newborn hearing screenings across Oklahoma.

• Pediatric Services: Providing hearing technology and therapy for children with hearing loss.

• Adult Services: Offering comprehensive audiological services for adults.

Pipeline Development

Key Pipeline Candidates

As a non-profit organization, Hearts for Hearing Foundation focuses on service delivery rather than product development. Its "pipeline" consists of expanding and enhancing existing services, including:

• Newborn Hearing Screen Services: Expanding statewide to ensure early detection of hearing loss in infants.

• Pediatric Hearing Technology: Providing the first set of hearing aids to children under 18 at no cost to families.

• Adult Audiological Services: Offering comprehensive hearing care services for adults, including evaluations and therapy.

Stages of Service Development

• Newborn Hearing Screen Services: Ongoing implementation and expansion across Oklahoma.

• Pediatric Services: Established and continually enhanced to meet the needs of children with hearing loss.

• Adult Services: Developed to provide comprehensive care for adults, with ongoing improvements.

Target Conditions

• Hearing Loss: Addressing both congenital and acquired hearing loss in children and adults.

Relevant Timelines for Anticipated Milestones

• Statewide Expansion: Ongoing efforts to extend services to all 77 counties in Oklahoma.

• Program Enhancements: Continuous improvements in service delivery and patient care.

Technological Platform and Innovation

Proprietary Technologies

Hearts for Hearing Foundation utilizes a range of hearing technologies, including:

• Hearing Aids: Devices from various manufacturers tailored to individual patient needs.

• Cochlear Implants: Implantable devices for individuals with severe hearing loss.

Significant Scientific Methods

• Audiological Assessments: Comprehensive evaluations using advanced diagnostic equipment.

• Auditory-Verbal Therapy: Therapeutic approaches focusing on developing listening and spoken language skills.

AI-Driven Capabilities

While specific AI-driven technologies are not detailed, the foundation employs advanced diagnostic equipment and therapy methods to enhance patient outcomes.

Leadership Team

Key Executive Profiles

• Jennifer Burton: Chief Executive Officer.

• Joanna T. Smith: Former Chief Executive Officer, served until June 30, 2024.

• Lori Boyd: Chief Operating Officer.

• Kristi Murphy: Chief Financial Officer, started on February 1, 2024.

• Hartford Watkins: Chief Strategy and Innovation Officer.

Professional Backgrounds and Contributions

• Jennifer Burton: Serves as the Chief Executive Officer, leading the organization's strategic direction and operations.

• Joanna T. Smith: Served as the Chief Executive Officer until June 30, 2024, contributing significantly to the organization's growth and mission.

• Lori Boyd: As Chief Operating Officer, oversees daily operations and ensures efficient service delivery.

• Kristi Murphy: Joined as Chief Financial Officer on February 1, 2024, responsible for financial management and strategy.

• Hartford Watkins: As Chief Strategy and Innovation Officer, focuses on strategic initiatives and innovation within the organization.

Competitor Profile

Market Insights and Dynamics

The hearing healthcare industry is characterized by a growing demand for services due to an aging population and increased awareness of hearing loss. Technological advancements in hearing aids and cochlear implants are driving innovation and competition.

Competitor Analysis

• Beltone: An American hearing aid company founded in 1940, offering a range of hearing devices and services.

• Miracle-Ear: A hearing aid and hearing care company with over 1,500 locations in the United States, providing hearing solutions and services.

• Sonova Holding AG: A Swiss hearing care company group operating through brands like Phonak and Unitron, offering hearing instruments and cochlear implants.

Strategic Collaborations and Partnerships

Hearts for Hearing Foundation collaborates with various organizations to enhance its services, including:

• Masonic Charity Foundation of Oklahoma: Provided significant grants to support pediatric hearing healthcare services.