The Big Returns on Practice Consulting—What to Expect

By Jennifer Tabiza, OD - Apr 18, 2022 9:08:24 AM - 4 MINS READ

Times are changing in the optical industry: new technology sways the buying decisions of patients, user experiences are dominating customer expectations, and family-owned practices are trampled by the impetus of big-name brands and enormous corporations. Building and maintaining a healthy clinic that helps as many patients as possible while still turning a profit is growing more difficult by the day. Acquiring and using the right tools to modernize your business—utilizing features like premium financing options, sturdy patient communications, an effective website, and more—is now all but necessary as healthcare transitions to the digital age.

But making the jump from traditional pen-and-paper business operations to powerful online networks and services involves many moving parts. All it takes is a poor presentation or implementation of a single new system to encourage patients to click away and look elsewhere. The truth is, simply having all of the right solutions to supercharge your optical game means nothing if they are not applied and integrated correctly.

This is where practice consulting can be an enormous boon. Such an investment in a rapidly expanding market is hardly arbitrary anymore; but what sort of practical returns can you expect?

A quick look at the numbers demonstrates just how much profit is lost due to modern patient needs not being met. On average, one out of every three patients who walk through your doors for an eye exam will not return to you for future care. A lack of automated follow-ups and enticing services is likely a large factor. It has long been known that office clinics waste billions of dollars due to inefficient setups and operations, but now we know that even private practices are likely to lose 30% of their revenue from poor optimization of their services alongside employee turnover rates.

What’s more, many optometrists and eyecare practices do not adequately promote their optical inventories with the right means for success, if they even make attempts of promotion at all. According to an ECPU report, the sales of eyewear and contact lenses comprise of about 54% of an independent optometry clinic’s revenue. The primary advantage private practice owners have over large retail organizations—customer loyalty through personal patient relationships—is often disregarded due to improper management of their optical marketing resources.

Through quality practice consulting, many of the aforementioned problems are minimized or eliminated altogether. Patient and employee retention goes up while conversions rates rise. Keeping even one patient in your clinic per day awards a profit increase of roughly $12,500 per year, whereas one additional materials sale per day stands to hike up an annual profit of $70,000.

The numbers don’t stop with patient figures either—your own staff has much to gain, too. Saving employees even one hour of their time each day preserves about $30,000 yearly, and retaining an extra employee per year is bound to save upwards of $60,000.

But ultimately, the feelings you and your team experience by constructing a future-proof practice that is optimized for efficiency and top-notch patient care are priceless.

Is your optical practice prepared to thrive in an evolving optical climate? Akrinos practice management consulting is there to help you get the most out of your business. With an Analyze, Strategize, Implement process, Akrinos meets you where you are and guides your optical to the path of modern success.

Plus, mention TechifEYE and receive 25% off the Analyze, Strategize, Implement setup and 20% off The Practice Launchpad!

LEARN MORE

Jennifer Tabiza, OD

Jennifer Tabiza is a private practice owner, and creator TechifEYE & Dr. Contact Lens. Her passion is to bring technology into the optical practice to help it streamline, boost revenue & thrive.

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