According to a report, 65% of the American population needs vision treatment in some way or the other. This demand grows by the day from existing patients, the elderly and those at risk of eye ailments. If the demand increases, revenues increase and optometry can thrive. Demand can readily be increased and captured by educating patients on regular eye checkups, and marketing the services of eye care such as lenses and innovations in eyewear.
It is also essential to calculate the revenue per patient to find the growth of the business. The formula is:
Doctor production (collected dollars) / number of comprehensive (full) exams (92004, 92014, 92002 92012) = Revenue per patient.
A few key strategies to increase optometry revenue:
1. Marketing: Generate new patients by asking your existing ones for referrals. Having an online presence can pull new patients towards your practice. Leaflets, brochures, charity work, and sponsorships too aid in creating awareness about your optometry services.
2. Accuracy: Prescribe the apt contact lenses, ophthalmic lenses and coatings. With better prescription, patients tend to return to the same practitioner increasing revenues.
3. Don’t wait for the eye illness to move from moderate to severe: Diagnose the disease well in advance by asking the right questions pertaining to eye weaknesses and problems. Even slight abnormalities can become severe. Treating the problem early and preventing severe problems can save the eye. Such acts can become references thereby increasing clients and thus revenues.
4. Get Innovative: Offer items besides the regular optometry services such as moist heat eye pads, wellness exams, audiology, omega-3s and macular vitamins, and TearLab osmolarity testing.
5. Expansion of Services: Add services like ortho-K and scleral lenses, medical testing for glaucoma visits, retinal imaging, Optical Coherence Tomography (OCT), Age-related Macular Degeneration (AMD) center or even start work at a school clinic to increase revenues.
6. Dry Eye Center: Growing optical sales can be through treating dry eyes. A large part of the population also has lid margin disease. Both these illnesses can see a growth in revenues if added to the service listing.
7. Up gradation: Add technicians who can help the patients in selecting the apt eyewear. Ask the staff to sell lenses while offering add-ons. Sometimes, increasing prices aids in revenues too.
8. Cost Management: Streamline the billing, insurance and A/R departments. Change ways of purchasing products. Also, try collecting co-pays regularly.
Sometimes, patients benefit if they are a member of packages like VSP or Eyemed. They can choose products within these packages and are at times given incentives and benefits along with.
It is wise to capitalize on efficiencies and add greater benefits thereby increasing revenues for optometry. For the growth of the business, constantly scrutinize the health of the practice. Work harder but smarter for higher returns on time and money.