By Dave Ziegler, OD, FAAO
As practice owners, we constantly must track key performance metrics. One of the most vital metrics–and one that we often neglect to track–is capture rate. When we write a prescription for a power change, how many of those prescriptions are filled by our optical dispensary?I think capture rate is an important metric to track, even though it is time-consuming to do. It may be a larger factor in computing yourrevenue-per-patient than the penetration of premium lens products like AR or high index.
Our Dispensary
79%
Elsewhere
21%
Track Prescription Changes
In our practice, we decided to track 100 patients whom we knew had prescription changes and needed to buy eyeglasses somewhere.We did it by sending a note to our optical staff through our electronic health records system, but it could be easily tracked with a notepad in the exam room.
After a month, we reviewed the list to see how many purchased glasses from us. Those patients who did notpurchase eyewear from us were called and asked if they had purchased their new glasses yet. We posed this question to them in a way that showed our concern for their visual welfare and, as a follow-up to their exam.
Don’t Buy From You
Of the 21 percent who bought elsewhere, they cited:
Price
9%
Location
5%
Insurance
2%
Other (no answer, still looking, etc.)
5%
Analyze Capture Rate
We found our capture ratio to be 79 percent.This compares with an average eyewear capture rate of 67 percent for independent practices as calculated from VisionWatch consumer panel data from The Vision Council.If a patient had not bought anything anywhere else, we took them out of the study, figuring we didn’t lose them if they kept their old glasses.If they had bought elsewhere, we asked why they didn’t buy from us.
Take Steps to Improve Capture Rate
If your capture ratio is low,create an action plan to fix it.
1. Take a look at how you are recommending eye care products to your patients.You may increase your capture rate by giving them specific recommendations about products that solve their vision problems written on an informative brochure that reinforces why they should buy from you.The doctor’s recommendation is important.
2. Hand off the patient to the optical staff instead of letting them wander around by themselves.The more seamless you can make the experience from pretest to exam to optical, the more the patient realizes that glasses selection is part of the whole process.
3. Create a shopping experience that will delight the patient.That means beautiful merchandising, clean shelves and demo lenses, and a wide selection of various styles including higher end frames than you think will sell.Having a high-end line of frames with higher prices makes your previous high-end frames look like a bargain.
4. Train your optical staff how to sell multiple pairs, and assist their efforts with customer-friendly approaches like in-office financing, second-pair discounts, and 30-day trial periods on specialty glasses like polarized sun lenses or computer glasses.
5. Use eye imaging devices like Smart Mirror or VisioOffice to show the patient a different way to purchase eyewear.
6. Find ways to keep them in the optical longer.There is a correlation between the amount of money we spend and the amount of time we are in a store.
7. Consider a “value” line of eyewear for patients who are looking for something very inexpensive.Contact lens wearers often have trouble spending money on glasses that they feel they rarely wear.
8. Make sure your whole office looks up-to-date. Find ways to differentiate yourself from your competition.
What if You Raised Your Capture Rate?
The median eyecare practice in the MBA program, sponsored by CIBA VISION and Essilor, dispenses 1,634 pairs of eyewear each year, at a median retail price of $227. This computes to annual retail sales of about $371,000. Increasing your capture rate just 5 percent computes to an increase of $18,550; increasing your capture rate could add $37,100 annually, enough to cover a major equipment or instrument acquisition or to hire another employee.
–ROB Editors
Dave Ziegler, OD, FAAO,is senior partner of a leading practice in suburban Milwaukee, who lectures widely on practice management. He has developed many effective marketing techniques to differentiate his practice in a crowded, competitive environment. Contact: dziegler@ameritech.net
