A new year brings about new resolutions but for most practices, the goal is always a simple one – increase profits and grow your practice. There are many ways to increase profits in your practice, but let’s talk about the basics: attracting more patients and selling more products. There are two ways to measure if you’re doing it effectively: measuring the percentage of patient growth and the rate of your optical capture. We’ll talk about how you can calculate these metrics and how you can make that number better!
Increase New Patient Growth Per Year
[New Patient Growth = (# of patients this year - # of patients previous year) / # of patients previous year x 100]
This is a good activity to do at the beginning of this year. How did you do in 2015 compared t0 2014? Did your patient grow by 8-10% in the previous year? That’s the industry average, but of course, doing better can’t hurt! If you didn’t meet the industry benchmarks, there are a couple of ways to market your practice to attract new patients. Most practices spend 4% of their annual expenses on marketing and promotions. Here are a couple of ideas to put your marketing effort towards:
Increase Optical Capture Rate
[Optical Capture Rate = # of patients who filled their prescription / # of patients given a prescription x 100]
Frame and contact lens sales are a big source of revenue for many practices, so try calculating this one every month. Here are a quick ways to increase your optical capture rate that you can easily have your staff, especially the optician, incorporate into their workflow:
Start your new year off with these tips to increase patient growth and sales in your practice! For more tips like these, subscribe to the blog!