Introduction
Is your optical office ready to make changes to improve its overall performance? A recent study shows decreased eye care practice performance, primarily due to inflation. The study also provides fascinating insights into eye care professionals’ perceptions about Telehealth. Although the research may indicate a decrease in performance, there are measures you can take to ensure that your professional eye care practice remains successful amidst change.
The Impact of Inflation on Products and Services
This survey recorded the responses of opticians, optometrists, ophthalmologists, eyecare practice managers, owners, and other eye care professionals based in the U.S. One of the direct contributing factors to decreased performance was due to inflation.
According to over 71% of respondents, prices of eyewear products and practice supplies have increased, leading to eye care providers having to raise the price of products and services for their patients. As a result, “patients have become more price-sensitive, often opting for more affordable options or delaying purchases altogether,” stated The Vision Council (TVC). In addition, “50% of ECPs reported fewer product purchases by patients” according to Gesing, 2024.
Best Practices
Based on this research about purchase behavior, it’s clear that there is a need for change when it comes to professional eye care pricing. One way to accommodate consumers would be to offer deals and promotions. Offering BOGO deals, referral programs, and discounts on select products can help consumers looking for more affordable options still get what they need from your practice. Consumers will benefit by saving money, and your practice will continue to generate revenue.
When it comes to pricing strategy, its crucial to balance product costs and profitability to ensure prices are attractive, but not too high to deter purchases. This is why patient education is so important. When your patients have a fuller understanding of your offerings and what products best suit their needs, they’re more likely to perceive the value of these services and be willing to pay a premium. This also fosters a stronger connection with patients and helps them feel reassured that they are receiving top-notch care.
However, marking products up too high can backfire, leaving them unsold and costing your practice more in the long run.
The Impact of Inflation on Staffing and How to Accommodate
In addition to pricing changes, inflation has also had a major impact on eye care staffing. The study reveals that ECPs have been making performance-related business decisions, which include avoiding hiring new staff members. This lack of new hires causes practices to be understaffed, leading to them struggling to maintain daily operations. The study revealed that since 2023, staff retention has declined from 51% to 40% in H1 of 2024.
Although hiring new staff can be costly, it’s a critical investment that can directly impacts the health of your practice. While it may seem daunting, thorough research and strategic budgeting for the coming year can reveal opportunities to enhance your practice’s performance more effectively than expected.
Telehealth Perceptions and Solutions
In addition to findings pertaining to inflation, the study also included various insights about the perception of Telehealth among eye care professionals. The study showed that 78% of respondents do not offer Telehealth services at their practice, and 70% stipulated not viewing these services as a priority for their practice. Many ECPs are hesitant to adopt Telehealth, focusing instead on stabilizing their practices amid economic challenges (Gesing, 2024). However, the Agency for Healthcare Research and Quality (AHRQ) highlights Telehealth’s potential to address several issues identified in the TVC Study.
AHRQ reported that Telehealth can improve access to specialty care in underserved areas, reduce costs, and offer convenience for patients by eliminating commute times. A report from the Center for IT Leadership showed savings, as an outcome of reducing patient visits, can fund technologies for Telehealth. Lastly, Telehealth provides educational opportunities for providers and training programs that can improve productivity.
The research on Telehealth shows how it can be a remedy to fix the issue of decreasing performance. It can save eye care practices money, allowing these savings to be used to fund other practice needs, such as hiring new staff to improve productivity. Telehealth also provides convenient and quality care to patients who struggle to commute to appointments, as well as expands healthcare to other areas and populations where accessibility to proper care is a challenge.
Final Thoughts
Despite findings on decreasing performance, there are several measures you can take to ensure that your practice continues to grow and thrive in an ever-changing economy. By implementing these best practices and suggestions from eye care professionals and health organizations, your practice can experience improvement across the board to provide the best quality eye care for your patients.
About A&A Optical
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