Business metrics in Corporate Optometry
There are a lot of questions on business metrics in corporate optometry. What is a good net percentage compared to gross revenue and how many patients should you be seeing a day. How many days a week should you be working? It really depends on the brand that you are working with. Some ODs will work 3 days a week and see 30 patients a week others will work 5 days and see the same number of patient. It is negotiable. For the number of days you work you should be seeing 8-12 a day, if you are seeing less you should not be there more than 3 days a week and your rent should reflect that volume and number of managed care exams.
Net profit can range from 50%-80% of gross revenue. Some fixed expenses that can change the net for each corporate optometry setting are rent,EHR, accounting, payroll, business phone, office supplies, lease on equipment and optometry malpractice and licensing.
Your goal is to at least gross 1k per day of work that is 10-12 patients a day. It can vary on based on patient demographics and managed care plans. Medical service fees are typically higher than routine eye exam. Check your explanation of benefits (EOBs) to determine your fees for those procedures.
Evaluate your average Transaction Per Patient
Average transaction = Total visit fees collected/number of patients
It can be broken down even further to determine chair cost or revenue per hour. Being able to see more patients per hour efficiently can mean more income per hour and being able to do administrative duties during non peak times or moonlighting to increase income.
You should understand medical and non-medical visits. Medical exams typically are a shorter visit that can be done by a technician then evaluated by you.The average transaction for a medical exam can range from $100 to $200 The average transaction for a routine eye exam can range from $55 to $75.
Understanding these metrics in corporate optometry will help you be successful in the business. Read more at https://corporateoptometry.com/product/business-metrics/
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