Blog
Blog
 
 
 
 
 
 
 
 
 
 
 
Blog
IDOC actively shares industry-focused articles, blog posts, podcasts, videos and other thought leadership with our members and other optometric practitioners. Below, you will find links to our growing library of educational materials and multi-media assets written and created by IDOC's team of seasoned industry experts.
Nathan Hayes | 2/23/2017
RAISING YOUR REVENUE PER PATIENT: A TACTIC FOR INDEPENDENT OPTOMETRISTS

For practices looking to grow, there are basically two paths: see more patients or generate more revenue per patient. Ideally, a practice will do both. One thing I consistently hear from ODs is that it’s hard to generate high revenue from contact lens patients. Even when selling annual supplies, the margins still aren’t great. It’s worth mentioning that the lifetime value of a contact lens patient is higher than an eyeglass patient, largely because contact lens patients have to come back more regularly than eyeglass patients. But I’d like to share one tactic I’ve heard from a Prima member that could help increase your revenue per patient. The idea is this: put together an accessible backup frame package for your contact lens patients. The OD in question hit about a $100 price point for frame and lenses. What are the advantages of this? First, it’s something your patients need. This isn’t just about making more money off your patients. Second, because of the cost of materials behind this sort of package, your gross margin will be high on a percentage basis (think $3 for the frame, less than $20 for the lenses). And don’t forget – the best opportunity (indeed, it’s almost the only opportunity) to sell something to your patient is while they’re in your office. What are some successful tactics you use to increase your revenue per patient?

 

Nathan Hayes
Practice Finance Consultant
Nathan Hayes joined IDOC with a solid background in the eye care industry and serves as IDOC&rsquo;s Practice Finance Consultant. Before Prima launched in 2011, he spent five years in business development for Red Tray and HMI Buying Group. Nathan graduated from Vanderbilt University in three years, with a degree in Spanish and a minor in mathematics. <br/><br/>After graduating, he spent a year working abroad. During that time, he worked for two firms in San Jose, Costa Rica. He interned with Grupo Juridico de San Jose, working in environmental policy to protect a threatened parcel of land, then he worked as a project manager for a US-owned precision machining shop. Nathan then spent 6 months working with street children and orphans in Mexico. <br/><br/>Before getting into the healthcare industry, he was an Assistant Store Manager and completed the Corporate Training Program with Haverty&rsquo;s Furniture Company in Atlanta, GA. Nathan and his wife Heather have a son, Daniel, and a daughter, Hannah. In his spare time, Nathan enjoys reading and outdoors activities - especially cycling and hiking.
 LinkedIn
Trending Blogs
 
 

1/14/2021 | Author: Ximara Vega

Every year people tend to make goals for the upcoming new year. Somehow a new year inspires others to reinvent themselves in some way and like most initiatives, they lose their luster after a few weeks. I was supposed have rock hard abs like 3 years in a row. If ever... Read more


10/15/2020 | Author: Geronda Wollack

A friend of mine was out in the job market and applied for a job as a Dental Assistant. She called me for some advice around interviewing, and during our conversation, she mentioned a shocking reality. She said, "Geronda, there were a few companies that I was interested in, but the job... Read more


9/24/2020 | Author: Maddie Langston

By now, most of us are familiar with online reviews and understand their reach and influence, particularly on Google, Facebook, and Yelp. As a marketing consultant at IDOC, I work with optometry practice owners and managers to increase the number of new patients at the practice, retain... Read more


9/11/2020 | Author: Geronda Wollack

During a phone call with my favorite sister (now, let's not share this with anyone else), she shared the following sentiment with me, "I was just as excited for my kids to go back to school this year, until I realized that I have one kid staying home and doing virtual learning and the... Read more


8/13/2020 | Author: Maddie Langston

Let’s say one day after an exam and a visit in your optical, a patient reviews their experience on your Google business listing and Yelp.

The review includes many details which makes it clear to anyone reading that they visited the practice, had an exam, and worked with an optician.... Read more


8/7/2020 | Author: Ximara Vega

Take a step back and think about your business. Are you in tune with the performance of your optical? Are you achieving your desired results? If not from you, where are your patient’s purchasing their eyewear? Why? How do your offerings compare to your competition? Investigate, by... Read more


8/7/2020 | Author: Nathan Hayes

“I’m shockingly flush with cash. My checking account balance is fantastic.”

This isn’t what I expected to hear on the tail end of the most prolonged economic catastrophe of our lifetime. But many practices, after leaning out all their expenses during the... Read more


8/7/2020 | Author: Nathan Hayes

“I’m thinking of selling my practice.”

“Should I sell my practice now while prices are at all-time highs? How long does the private equity phenomenon last?”

Practice owners often focus on market trends in the pricing of practices when deciding when and whether to sell. Let me... Read more


7/17/2020 | Author: Patricia Basile

Careful frame and lens purchasing habits are needed in an unpredictable time.

Many optometric practices are experiencing a surge in eyewear purchases due to pent-up demand and the ability to... Read more


6/23/2020 | Author: Patricia Basile

Capture rate is a key performance indicator; possibly the most significant component in measuring and increasing revenue per patient. Capture rate can be influenced by several factors. The good news is that you can have an impact on all of them.

Multiple Pairs:... Read more

© 2020 IDOC. All Rights Reserved