Higher Capture Rate and Multiple-Pair Sales Immediately Benefit
Your Bottom Line
June 14, 2017
By ROB Editors
A four-part supplement from CareCredit is showing practices how to improve care and profitability by ensuring patients leave their office with the eyewear the doctor prescribed. The following is an excerpt from the first supplement in the series.
>>Click HERE to read the full report, including stories from three practice owners on how they have taken capture rate to a higher level.<<
Of the total eye exams conducted each year, more than two-thirds are by independent eyecare practitioners, according to VisionWatch and Jobson Optical averages.
Yet less than 50 percent of the eyeglasses sold come from independent locations. What could be happening and why does that matter? It’s important that doctors and staff have a measure of the capture rate and multiple-pair sales on an ongoing basis. These two key metrics can contribute to your bottom line immediately and effectively—without raising your prices or seeing more patients.
Based on the data above, the capture rate overall for independent practices is about 68 percent, calculated by dividing the number of eyeglasses sold in independent locations by the number of exams conducted by independent ODs. Your practice should be measuring the capture rate at least monthly, but it’s a simple enough calculation to run on a weekly or even daily basis.
Target: Aim for at least 80 percent, but high-performing practices can achieve numbers that exceed 90 percent and some even exceed 100 percent.
There are two primary ways to help increase the capture rate: ensure that more patients buy from you instead of taking their Rx elsewhere, and encourage more patients to buy multiple pairs. Let’s
say you had 20 exams one day and 14 of those patients purchased a single pair of eyewear. That’s a capture rate of 70 percent.
But if two of those patients had also purchased a second pair of eyewear, your capture rate gets a boost up to 80 percent.
Considering the large percentage of revenue that comes from an optical dispensary in most practices, letting patients walk out before they buy—or even consider buying—eyewear from your practice means you may
be losing money every day. It may also indicate some other issues that are holding back your overall productivity.
What Could Be Holding Back Your Capture Rate?
Delays: If patients allot one hour for an eyecare visit and bottlenecks or a backed-up schedule are keeping them waiting, they’re going to feel like they don’t have time to shop for frames.
Selection: If your optical dispensary doesn’t engage patients immediately, they will look elsewhere.
Atmosphere: If patients don’t feel welcomed and encouraged to browse, or don’t get the help they need promptly, they won’t stay.
Price: Are your prices transparent? Are patients reassured that you have great frames that fit every budget?
All of these spoken and unspoken cues might turn patients off to the point where they will prefer to shop online or at a place where they believe they will get better value, service or selection. >>READ MORE>>