It takes a lot of energy, time, and resources to run your practice. There isn't too much downtime to research recent industry developments and growth predictions. However, knowing these key metrics is useful for planning ahead in your eyecare practice. That's why we did the research for you.
Based on this report from Essilor University, we're highlighting a few key projections for the optical market and eyecare industry that will be useful to know going into 2020. Keep reading to see what we found and what might be relevant for your business.
Skip the reading, here's what you need to know.
Eyewear products' popularity is growing in the consumer goods market. Currently at just about $95 billion globally, ECPU predicted that the market will be worth $166 billion by 2026. Most of the report focuses on your optical dispensary, but comparing your reports with larger consumer trends is useful.
- Average gross revenue per exam $346
Range: $197-$512
If you find yourself below the average revenue, compare your frames sales mix to industry norms to check your price points. You could also increase exam fees or upgrade your optical dispensary.
- Median exams per OD hour
Range: 0.57-2.18
If you find yourself below the median number of exams per hour, maybe your workflow is being bottlenecked. Check out a few new EHR/PM systems to see how you might be able to speed up your check-in, pretesting, exams, and checkout.
- Eyeglasses consumer segmentation
- price-conscious/basic-eyewear buyers
- image-conscious buyers
- best-vision-performance buyers
- Average selling price of all lenses sold have been falling since 2013. Especially for retail.
How do you combat this? Monitor your gross profit margins (keep them above 50%) and create goals for your practice. If you're marking up your products, be consistent with it. If your lab adjusts their price, adjust the retail price as well.
The full report also includes best practices for patient satisfaction, practice management, and more. Read it here and circulate it around your office to get your team thinking about improvements.
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