Contact Lenses

The Technology Tool Enabling Us to Understand Pricing & Increase Profitability

Sponsored Content

By Richard Carr
Operations Officer
Limestone Eye Care

Oct. 13, 2021

You want your patients to have the products that will help them live their best lives by maximizing their vision. The challenge is pricing those products so your profitability is maximized, too. Fortunately, my practice has access to an invaluable technology, ABB Digital Price Monitor, which helps us stay on top of the pricing of our products to ensure we both serve patients well and stay financially strong.

Keep Tabs on Your Competitors–So You Can Out-Perform Them
We have been using ABB Digital Price Monitor for three months. This tool has helped us stay up to date on the competitive rates/pricing of other retail stores, so we can offer our patients the best price for their annual supply of contact lenses. We are able to keep our patients at Limestone Eye Care and make this a true one-stop-shop for their vision-care needs. We even ship them their purchase for free when a year’s supply is ordered.

Prior to using the ABB Digital Price Monitor, we did pricing research ourselves by visiting other sites to keep up with the market. Our brand reps also helped us with Manufacturer Suggested Retail Pricing to use as a guide.

Setting pricing is so much better and efficient now that we have ABB Digital Price Monitor. Pairing this technology with resources from our OD network, Vision Source, allows us to offer competitive prices to our patients, which, in turn, delivers an improved experience for them. We are better positioned to ensure our patients leave our office having purchased the products the doctor prescribed while knowing those products they purchased were priced to maximize profitability.

Show Patients Why They Should Buy from You
Patients have so many options these days in where they buy vision care products that it’s a tremendous spur to sales to have a tool that enables you to easily and quickly show them why financially they should choose you.

ABB Digital Price Monitor allows us to show patients on one of our computer screens, or any electronic device, what they could pay buying the same product from nearby retailers and we can then share what their payment would be in our office.

A Pricing Tool that Does the Work for You
This tool does all the footwork for you in researching pricing. It gives you information to set competitive prices all at one time and on one page.

We check how our pricing compares to other retailers once a month, and to also keep up to date on the rebates that are available. With ABB Digital Price Monitor, we stay ahead of the game and offer patients the greatest advantage when making their purchase.

Little-to-No Learning Curve to Use Effectively
The great thing about ABB Digital Price Monitor is there is no learning curve. The only thing you need to know is where to access it. If you have ABB Analyze Powered by Glimpse, combined with ABB Digital Price Monitor, you have metrics at your fingertips to make the decisions you need to make in order to sustain profitability. You are able to quickly compare your pricing to those found at big-box retailers, so you can maintain your competitive edge.

Empower Ongoing Improvement & Profitability Growth
We usually adjust prices once per quarter to ensure we’re remaining competitive in the contact lens world. Now that the report is updated weekly, in the future, we may adjust this process to do more on a monthly basis.

ABB Optical Group is always eager to work with you when you ask–and even when you don’t. If you have an idea to make things better, they listen and help you implement it in your practice. ABB Digital Price Monitor is one of the key ways this great industry leader works with us to make our practice success more likely.

We have remained above average in pricing during the pandemic. We also have been able to meet our patients’ needs during this difficult time, so they continue to receive the vision products they have come to rely on. Our patients can see how committed we are to meeting their needs, and that we have high-quality products available for everyone.

Seize an Opportunity to Make Your Practice Even Better
Use of a tool like ABB Price Monitor ties nicely into our practice philosophy of constant improvement. We are always thinking about ways to enhance the patient experience and spur practice and financial growth.

As we continue to improve our patient experience and profitability, we will be thinking about how to further optimize use of this pricing tool. We want our patients to continue to have the best care and the best selection of products while we create a practice that is also financially successful.

Richard Carr is the operations officer at Limestone Eye Care in Lawrence, Kan. To contact him: richard@eyecarelimestone.com

*Photo credit, top of page: Getty Images

 

To Top
  
Subscribe Today Free...
And join more than 25,000 optometric colleagues who have made Review of Optometric Business their daily business advisor.
YOUR EMAIL
FIRST NAME
LAST NAME
  
Subscribe Today Free...
And join more than 25,000 optometric colleagues who have made Review of Optometric Business their daily business advisor.
YOUR EMAIL
FIRST NAME
LAST NAME
Subscribe Today for Free...
And join more than 35,000 optometric colleagues who have made Review of Optometric Business their daily business advisor.
Subscribe Today for Free...
And join more than 35,000 optometric colleagues who have made Review of Optometric Business their daily business advisor.