The Intersection of Eyecare Technology & Profitability

Most optometrists and office managers can see how the right technology helps make every day easier and more efficient for both the staff and patients alike. However, new software and cutting-edge equipment can come with a hefty price tag. So, how can you know whether it's worth it?

We will leave the decisions that involve improving patient care to expert ODs. However, we want to shed some light on how to weigh the financial benefits of technology in your practice in today's post.

How to Invest in Technology Smartly

Cost-Benefit Analysis

Start by compiling the full fixed and variable costs of the tool that you think will best suit your patients. Consider the initial down payment, monthly maintenance fees, additional tools, setup or implementation fee, training costs, and down time for your practice.

Now, the hard part is assigning monetary value to the benefit of this tool. Perhaps you can have the vendor show you how other customers of theirs improved their profits so that you can map the revenue you might make with the tool. Then, create a ratio from the analysis.

Keep in mind a few questions: how long will it take for my practice to see these benefits? Will this be too much frustration or extra work for my staff?

Consult with Colleagues

There are some well-known facts in the eyecare industry when it comes to technology, such as certain medical equipment that can allow you to perform new tests that bring in new revenue. However, comparing recall tools, EHR platforms, and billing solutions can be tougher when you haven't heard from a real user.

The right software can push your practice forward more swiftly when you and your staff are fully confident in its abilities. Start by surveying fellow ODs or office managers to see what technology they value highly. Even if their vendors don't work for your practice, it's hard to get an idea of what's in the market without spurring discussion.

Curious to learn more? Hear from a fellow OD.