Traditionally, when eyecare professionals have thought of unique ways to help generate revenue in their practice, they would focus on identifying their targeted audience, reviewing their claims process, or building relationships with their current clientele.
As the optometry field is constantly changing many optometrists are having to get creative to help grow their revenue and bring in new patients. A nontraditional solution to consider is implementing Botox and other cosmetic procedures into your practice. Today let's discuss some insight from a recent Review of Business Article, "3 Treatments I Am Adding To My Practice Projected to Generate $70,000+ Annually" about how adding these cosmetic services to your practice can not only set you apart in the market, but also create instant revenue with minimal up-front investment.
Procedures to Help Generate $70,000 Annually
As previously discussed, adding Botox and other cosmetic procedures can help generate up to 70,000 a year in your eyecare practice, according to Vision Source OD, Ian G. Whipple, located in Far West, UT. Botox is a typically a cosmetic procedure used to temporarily reduce the appearance of fine lines, wrinkles, and other age telling features on your face. According to Medline Plus, Botox is also used in other medical procedures to help TMJ, migraine relief, neurological disorders, and over active bladders. The initial cost for training and supplies is minimal (around $2500, for training and material costs), considering how quickly you're able to generate your investment back with the first 15- 20 patients.
Intense Pulse Light (IPL)
Another procedure to consider to help generate revenue in your practice is Intense Pulse Light (IPL) skin treatments. IPL is a non-surgical technique to help rejuvenate skin's color and texture by evening out pigmentation according to WebMD. It has also recently been used medically to help alleviate dry eye issues in patients. Similar to Botox, patients would have to pay out of pocket for these procedures generating instant cash flow to your practice (each session ranging from $700-1200 dollars). Best of all, IPL does not add any extra work duties or tasks to your billing and claims staff. Your practice would experience a return on investment within the first few months to cover training and equipment expenses with minimum extra labor costs.
Although, adding these cosmetic procedures is not realistic for every practice due to lack of space or lack of interest. Adding these procedures is an unique and non traditional tactic to help generate revenue with minimal investment in training or equipment, and is a great way to separate yourself from other eyecare practices.
Download "Adaptable Eyecare Practice" ebook to learn more ways on how to grow your eyecare business.