April 15, 2011
Bi-weekly information and advice to manage optometric practices
from the Management & Business Academy™ (MBA)
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April 15, 2011Bi-weekly information and advice to manage optometric practices |
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Ask NeilDr. Neil GailmardA doctor asks... “A lot of patients take their eyeglasses Rx to another provider. How can I reduce the walk-out rate?” First, be sure to measure the walk-out rate and track it over time because you may see random ups and downs that should be accounted for. There are many ways to track eyeglass Rxes to go, but consider using a special Rx pad with two-part NCR paper when a patient is really taking the Rx elsewhere. Keep a copy of these Rxes, count them at the end of the month, and divide the sum by the number of eyeglass prescriptions written. This is your true walk-out rate, which is the inverse of your capture rate. The average capture rate of MBA alumni is 67 percent, but I recommend you set a goal of 80 percent or more. Here are steps to achieve that. READ MORE» Dr. Neil Gailmard, who is widely known for his practice management advice, is a member of the MBA faculty.
Super Service PearlsAdvice from service experts to enhance the patient experienceIdentify Patient VIPs--and Treat Them Like Celebrities Airlines and many other service businesses know that a small proportion of their customers account for a disproportionate share of revenue and profits. Companies invest to retain these customers through frequent flyer programs and the like, which provide extra perks and rewards to high-volume, loyal customers. And they have systems in place to identify these VIP customers to staff as customers move through the service process, so that they are treated with tender loving care. |
Understanding the Business Side of Optometric PracticeWith Howard Purcell, OD, FAAO
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Half of Contact Lens Wearers Start Before Age 19
A 2010 Jobson Optical Research survey among contact lens wearers indicates that 51 percent started wearing contact lens while 18 years of age or younger. Just 10 percent of current wearers began using contacts when over 35 years of age. Over the longer term, more contact lens users are starting wear under 15 years of age. READ MORE»
Management Optical dispensary space communicates practice interest in dispensing eyewear.
One reason patients choose to take their prescription elsewhere to be filled is that they perceive that a practice does not specialize in dispensing eyeglasses and has a limited selection of frames. This message is unintentionally conveyed when the amount of space devoted to the dispensary is small.
It’s easy for ECPs to overlook the fact that down the street from the practice there is an optical superstore that devotes 3,000 square feet to a sophisticated display of eyeglasses. Most patients have browsed these superstores and know about the range of choice available. When patients unconsciously compare the small space in a practice devoted to the dispensary with what they have seen in the superstores, they are tempted to delay purchase and shop around. READ MORE»
Southern California College of Optometry: Fullerton, Ca.,
April 29 and August 26.
Info: www.scco.edu
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A patient asks ...
What happens when you have a challenging contact lens patient who takes up a lot of your time, and the contact lens fit is unsuccessful? Both you and the patient have spent considerable effort and money to get to this point, and no one is happy. You want to at least cover your materials costs and be reimbursed for some of your time. The patient is disappointed that they didn't get what they had hoped for. What can you do to prevent getting into this sticky situation?
Dr. Dave Ziegler, who lectures and publishes regularly, is a member of the MBA faculty.
2011 Edition of Key Metrics
The expanded 2011 edition of Key Metrics: Assessing Optometric Practice Performance has been posted on MBA-ce.com under Practice Performance Metrics. The new edition, which is more than twice the size of the 2010 edition, contains over 60 benchmarks, enabling you to compare the performance of your practice to that of 1,400 other optometric practices that have contributed to the MBA database. Covered in Key Metrics are essential metrics in practice productivity, revenue sources, product and staff management, and expenses and net income. New this year is a Key Metrics Worksheet that allows the reader to compute and compare how his or her practice performs relative to other practices. READ MORE»
About the MBAThe Management & Business Academy™ (MBA) is a professional education program, sponsored by CIBA VISION and Essilor, dedicated to assisting independent optometrists to improve business management processes. MBA conducts live seminars, conducts on-going research to establish national optometric practice performance metrics, publishes MBA Insights (a quarterly practice management journal) and maintains www.mba-ce.com (a repository of practice management information). Copyright © 2011 Management & Business Academy™ (MBA). All rights reserved. Reproduction in whole or in part without permission is prohibited. |
