As the annual Vision Source Exchange has come to end, we thought it would be a great opportunity to discuss some knowledge shared during the theater session, "Boosting Optical Dispensary Profits" presented by Nolan Rhyne, VisionWeb's Regional Account Director.
During the session, Rhyne breaks down how to achieve the overall goal of boosting profits and productivity in your optical dispensary by implementing three main strategies: understand pitfalls, tools and market research, and sales tips. Today let's discuss the breakdown of each of these strategies and how it can help you grow your optical business in a post- pandemic world.
Boosting Profits & Productivity Post- Pandemic
As previously discussed, the first point covered in Rhyne's strategy session is understanding pitfalls. Meaning, identifying benchmarks to monitor in your practice, evaluating the situation, and creating a plan of action to help drive revenue. For example, using this process you can identify what opportunities your office is facing, such as staffing issues. Which can cause a domino effect in customer service resulting in potential loss of revenue. By identifying this area of opportunity you can then create a plan of action on how to fix the issue, such as hiring more staff.
Tools & Market Research
Now that we've covered pitfalls strategy, let's discuss Rhyne's second strategy free tools and market research. Take advantage of free tools provided in your practice management system to help determine the demographics or most common patients in your practice. You can order frames tailored to your clientele. Also, reduce errors by utilizing online ordering process. By ordering these online it can help reduce errors, prevent rework and give you more time with patients.
Now that we have discussed understanding pitfalls and market research, we can tie together Rhyne's last strategy, sales tips. Consistency in your practice is key for sales training and hiring. Onboard staff and implement the importance of giving great customer service will prompt patients to return for future visits. Even pushing for 5% more patients can improve the bottom line by 25-85%. For example, asking the patient what they do for a living may be a great opportunity to add on a second pair of computer progressives, if they work on a computer all-day. If your office isn't hitting a minimum of 10% daily multiple pairs - it could be due to a lack of consistency in asking lifestyle questions.
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