MBA Intelligence

December 30, 2011

Bi-weekly information and advice to manage optometric practices
from the Management & Business Academy™ (MBA)

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"Hiring Top Talent" with Daniel Abramson

Daniel Abramson

Daniel Abramson, who lectures at the MBA seminar "Building a World Class Staff," cautions that a "bad hire" can cost a company three times a person's salary. He recommends a "try before you buy" step in the interview process, and he suggests that employees who recommend good candidates be rewarded with a referral bonus and also become engaged in mentoring the new employee.

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How Does Your Practice Compare?

How Does Your Practice Compare?

Independent Practice Optometrists Source More Than 70 Percent of Soft Contact Lenses from Distributors

Seventy-one percent of the contact lens purchases of established practices is from soft lens distributors. With new practices, that figure is and 76 percent. Distributors' share of OD soft contact lens purchases has steadily increased over the past decade. Larger practices source a slightly smaller share of soft contact lenses from distributors.

 

Market Facts

Market Facts

Most Eyewear Buyers Spend 15-59 minutes in Selection Process

A 2011 Jobson survey among eyewear buyers indicates that about two-thirds of consumers spend 15-59 minutes selecting eyewear. Another 24 percent spend an hour or more. The data are consistent with a median time spent choosing among eyewear options of 35-40 minutes.

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Spotlight on...

Best Practices of Contact Lens Management

Best Practices of Contact Lens Management

The table provides guidelines for soft contact lens inventory required by size of practice. Smaller practices should stock the two most frequently prescribed spherical lens brands, assuming that 10 or more patients purchase each brand monthly. It is cost-effective for larger practices to stock additional brands. A minimum of 300 boxes of soft contact lenses, including 200 of the most frequently prescribed sphere, should be stocked to achieve a 40-percent exam day fill rate.