By Nichole R. Moos, OD
March 23, 2022
Managing and sustaining a profitable optical is a challenge for independent practice owners. In addition to effective frame board management, you must ensure you feature brands that both you and your patients love, including top-selling frames that will maximize sales. And you need to do all this without taking time away from your first priority, patient care.
I found a resource that allows me to accomplish all of those things: Kaleyedoscope, from VSP. This program, available to VSP Global® Premier Program Providers, promotes sales growth, profitability and operational efficiencies, all while freeing the doctor’s precious time.
Streamline Your Operations & Gain Efficiencies
I opened my practice in 2019, several months before the start of the global pandemic. During the early shutdown, we had extra downtime in the office. We started looking into tools to streamline our business and create greater efficiencies in our day-to-day work. That is when we started utilizing Kaleyedoscope.
Once we started using Kaleyedoscope, multiple areas of optical operations were eased. We were able to quickly and efficiently put frames on our boards that were most likely to please our patients, resulting in greater sales and a higher eyewear capture rate. We also found that my time as a practice owner, and that of my staff, were optimized. We were able to lean on this program’s resources to better and more profitably manage our frame board while making drains on our profits, like returns of eyewear, less likely.
Tools for Independent Practice Success
Independent practices have more challenges than ever. With competition from online retailers and other sellers increasing, practice owners need every available advantage. The VSP Global Premier Program provides many much-needed advantages that give independent practices an edge over competitors.
The VSP Global Premier Program invests in private practices, offering cost-saving benefits and business-building tools, resources and training to empower and support the long-term success of VSP network doctors. Designed with providers in mind, the VSP Premier Program continuously rolls out new resources and benefits focused on enhancing patient flow, profitability and practice support.
In nearly every facet of your practice, whether it’s staff management, marketing, OD recruitment, or beyond, VSP Global Premier Program can offer you support:
Click HERE to explore the VSP Provider Hub, where you’ll find offers that will help you add more patients to your practice and grow profitability.
Click HERE to access VSP’s many educational resources for your practice’s staff.
Click HERE for resources to help you better market your practice to your community
Click HERE for help recruiting new ODs for your practice.
Return rates have decreased because Kaleyedoscope takes the guesswork out of frame board management. Kaleyedoscope, using data as its driver, will recommend we sell a frame off our board if the frame has been sitting for too long or will soon be discontinued. In addition, it will recommend a better selling frame with similar characteristics as a replacement for that frame to keep our frame board fully stocked.
Our back-order rate has also improved. If there is a back-order, Kaleyedoscope notifies us immediately.
The program allows us to accomplish a few essential goals: Make our patients happy, improve our operations and keep our costs down.
Happy Patients, Happy Practice
Our patients have been better served by Kaleyedoscope for two key reasons:
1. We have faster turnaround times; and
2. A wider selection of Marchon frames available for viewing.
In addition, by having a constant flow of Marchon frames, it helps keep our VSP Premier Platinum status, which requires a minimum number of frames purchased each year. Having Platinum status goes a long way with our patients, and comes with many added benefits to the practice.
Spur Profitability, Save Money
The high satisfaction of our patients has resulted in increased optical sales and boosted profitability.
By keeping our best sellers on the board, we can sell the same frame multiple times in the same week or even the same day. For example, our opticians recently sold three of the same Longchamp frame to three different patients in the same business day–unheard of before.
In addition to an increase in sales, we are also saving money. Through our participation in Kaleyedoscope, we don’t have to pay for shipping of eyewear. That expense adds up over time and is no longer something I need to worry about.
Kaleyedocope also helps with our budget. Instead of spending on big orders, we purchase frames only as we need them.
Another indirect win as a result of Kaleydoscope? My office manager’s time has been regained. Instead of adding frames into inventory, pricing the frames and stocking the frame boards (which can be a several-day process), she is available to focus on other areas of the practice.
Ensure You Are Giving Your Patients Only the Best
Kaleyedoscope amplifies our ability to present merchandise that is most likely to sell. The program makes recommendations to reorder the frames your patients have most frequently purchased. It also provides guidance on which new products would sell well in your practice.
Kaleyedoscope also makes it easy for our opticians to show patients all available colors for a frame, even those colors we do not currently have available on our board. Our opticians don’t have to worry about extra shipping fees, and can customize the patient experience without worrying about additional expenses.
At the end of the day, we leave happy knowing we are providing great service to our patients resulting in maximized profitability.
|Nichole R. Moos, OD, is a VSP Ambassador and the owner of Capitol Optometry in Sacramento, Calif. To contact her: email@example.com