By Maria Sampalis, OD,
Ian Benjamin Gaddie, OD,
and Brad Dobson, OD
Dec. 6, 2017
You can provide outstanding care if you combine your expertise and desire to improve lives with the best technology available. Consider the following three technology investments that can take care to the next level, along with practice revenues.
Specular Microscope
Brad Dobson, OD
Bee Cave Vision Center
Austin, Texas
Educating contact lens patients about the importance of adhering to the recommended wear and care regimen for their lenses is always a challenge. Patients tend to want to stretch wear out as long as possible to save money and put off the hassle of changing contacts. They also may assume there is no need to change lenses if the ones they’re wearing (regardless of how long) are still comfortable. An instrument we’ve added to our practice, the specular microscope, gives me a way to show patients what improper wear and care is doing to their corneas, so they literally get the picture.
We are a practice that is heavy with contact lens evaluations, and I wanted another way to evaluate corneal health. We also needed a pachymeter, and the specular microscope provides that extra function.
This instrument new ran in the low $30,000 range. We decided to do a typical loan to finance, and see how profitable it could be without a large cash outflow. Our payment was a little over $500 for 60 months.
I was impressed from the beginning with the amount of patients that I could utilize this instrument on for some aspect of their care. We could have paid the instrument off in nine months. With low interest loans, I carried the note to make sure there wasn’t market change. In fact, insurance slashed reimbursement for the instrument the year after our purchase, which created less profitability. But revenue is still solid, generating income 7-8 times the monthly payment on average. >>READ MORE>>
Autorefractor with Wavefront Technology
Ian Benjamin Gaddie, OD
Gaddie Eye Center
Louisville, LaGrange and Carrollton, Ky
Our practice has upgraded to the Marco XFRACTION TRS-5100 autorefraction system and an OPD-Scan III, allowing me to obtain a wavefront-optimized refraction for all patients in a short period of time. The system offersaccuracy and efficiency in the refraction, as well asergonomic advantages thatallow me to see patients comfortably following back surgery. What’s more,the system shaves significant time off the exam process—about four minutes per exam.
Time saved in the refraction process 4 minutes
Patients seen per day 16 patients
Time saved per day 64 minutes
Time saved per month 21 hours
We ran an analysis of how that time saved can translate into additional patients seen and revenues for the practice. The four minutes saved per exam can add up to $192,000 in additional revenues per annum. >>READ MORE>>
Retinal Camera
Maria Sampalis, OD
Sampalis Eye Care
Warwick, R.I.
My independent practice in Cranston, R.I., takes pride in providing a high level of medical eyecare. It’s what our patients need for the best comprehensive care, and it’s what our practice needs to grow and financially prosper.
When I first took over the lease for my office space, I also signed a lease for a retinal camera. It was $20,000, with a payment of $450 per month, which I paid off in three-and-a-half years.
The reimbursement for use of the camera is $90, so all I needed was five patients per month to pay the $450 monthly payment. I could have paid off the lease earlier than the three-and-a-half years I took to do so, but I wanted to keep money free for other practice investments.
The potential for generating revenues from use of the retinal camera is substantial. If you have at least 10 patients per week screened using the retinal camera, and you are open 50 weeks per year, you will generate $45,000-$50,000 annually. In my own practice, I estimate that we generate $50,000-$60,000 annually from use of the retinal camera. >>READ MORE>>
Brad Dobson, OD, is the owner of Bee Cave Vision Center in Austin, Texas. To contact him: bradjdobson@beecavevisioncenter.com
Ian Benjamin Gaddie, OD, FAAO, is a partner with Gaddie Eye Center in Louisville, LaGrange and Carrollton, Ky. To contact: ibgaddie@me.com
Maria Sampalis OD, practices at Sampalis Eye Care in Warwick RI. She is also the founder of Corporate Optometry on Facebook. Dr. Sampalis is also founder of the new job site corporateoptometrycareers.com and www.corporateoptometry.com. She is available for practice management consulting. To contact: msampalis@hotmail.com
