By Keely Hoban, OD
June 16, 2021
Profitably delivering a high level of care to patients can be a steep challenge. With the right metrics-tracking technology, however, you can give patients the care and experience they deserve while growing revenues.
We have found that using ABB Analyze powered by Glimpse makes it possible for us to work toward goals that will benefit both our patients and practice.
An Essential Tool When Buying & Selling a Practice
I started using ABB Analyze before finalizing the purchase of the two-location practice I currently own. I wanted to get a good idea of how the practice was running and this allowed me to develop an action plan as I took over operations. We have been able to make significant strides as a result of having this information.
While I am not currently planning to sell my practice, I understand the importance of continuing to grow the value of my asset for when that time eventually comes. It is always important to know how your practice is performing and one could argue that in-depth metrics are one of the most important tools for someone looking to drive up practice value in their final years. ABB Analyze metrics would help a doctor better market the strengths of their practice.
See Where You Stand Week-to-Week, Month-to-Month & Year-to-Year
We use it to analyze our production levels week-to-week, month-to-month and year-to-year. Additionally, we look at recent sales and profit trends to ensure we are heading in the right direction, and to double-check that any practice changes we have implemented are driving production.
We also look at new patient numbers and practice growth, and capture rate metrics. We compare frame capture rate vs lens capture rate and contact lens capture rate to annual supply capture rate. We find it beneficial to closely track of sales of lens options and materials along with contact lens modalities. We want to know the types of glasses and contact lenses our patients are buying, and whether those purchases align with what have been prescribed.
Improve CL Capture Rate & Lens Material Upgrades
We have improved our contact lens capture rate and our lens material upgrade over the past year. Both of which have driven revenue growth. ABB Analyze made it easy to identify deficiencies that we had in these areas and then track performance once we implemented the improvement plan. Using the Optical Comparison Report allowed us to track by both location and employee.
Build Staff Performance
My entire staff uses ABB Analyze to look up metrics that apply to their production. They present the numbers at our monthly meetings and compare their numbers to recent months and last year. The software is very intuitive and they have been able to pull numbers and metrics with minimal training.
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This simple way of tracking and checking metrics helps me with work with staff to develop their skill-sets and job performance. It allows us to pinpoint areas of needed improvement, and then work together to find the solutions–which could require additional training–to better serve patients.
Easy to Use, Makes a Huge Positive Impact
It would take me hours using our practice management system to compile what ABB Analyze provides with a couple clicks. I know that without ABB Analyze, metrics-tracking would fall by the wayside and our performance would suffer.
Capture rate is an important metric for us, and being able to follow it in nearly real time is critical. I can quickly see if changes in capture rate are also being seen in other metrics such as AR capture rate, revenue per complete pair and materials used. These comparisons would be difficult without the well-laid-out ABB Analyze dashboard.
The Value of Metrics-Based Decision-Making
As I took over the clinic, we made changes to the frame boards both in product on the board and pricing strategy. Without ABB Analyze, it would be nearly impossible to understand this impact. ABB Analyze has given us the confidence to see that we have still managed to increase capture rate along with revenue per frame sale and revenue per complete pair. A 5-10 percent increase in capture rate would be incredibly difficult to identify without a measurement tool, yet this increase leads to a meaningful increase in profit over the course of a year.
Invaluable Help Planning for the Future
I’m focusing for the rest of 2021 on growing the practice through improved retail sales along with growing the overall patient base. To help achieve this, we will be paying attention to increasing our contact lens annual supply capture rate, frame capture rate and new patient percentage. We recently started a marketing initiative and will be tracking the new patient metrics to measure the effectiveness of this campaign. Tracking capture rate through ABB Analyze will help us measure the effectiveness of new lines we’ve brought on and how each optician is performing.
ABB Analyze helps drive the overall strategic initiatives that we implement in the practice. Having two locations, each has its unique strengths and challenges. ABB Analyze brings these to light and makes it easier to manage a multi-location clinic.