CO Analytics: 73% of ODs are involved in the optical.

One misconception in the industry is that Corporate ODs aren’t involved in the optical. A recent survey illustrates that 73% of ODs are meeting with optical managers to collaborate on company initiatives and their sublease needs.To increase optical sales, the optical manager can collaborate with the Optometrist. Corporate ODs prescribe lenses from the exam chair. Corporate ODs are decision-makers in our industry.  Whether the collaborations are daily or once a month, bridging the gap between the optical and the OD side of the business is vital. Historically, the better the communication between the two the better both businesses operate and generate higher revenue.

When it comes to the OD/optical staff meeting there are several important topics that are discussed. Some topics include exam business, # of exams, # of cancellations, # of walkins and OD coverage. Those topics coordinate with the optical sales. Optical business metrics are discussed and both parties look to partner to accomplish the goals that they have for the month and for the year.

Here are some topics for ODs to discuss with their optical managers about their subleases.

1. Your Financial Performance: . Discuss revenue, profitability, cash flow, and the volume of managed care in your practice. Analyze previous month to date exam count and financial statements.
2. Market Analysis: Evaluate the optical’s position in the industry. What is their acquisition cost per patient, growth in new customers, and competition in with 10 mile radius.
3. Sales and Marketing: Review the effectiveness of sales and marketing strategies. Discuss the performance of various marketing channels, advertising campaigns, and sales efforts. Explore customer acquisition and retention strategies and analyze their impact on the bottom line.
4. Efficiency: Assess how your sublease and optical can work efficiently to see walkins and increase patient volume during the hours of operation that you have. General rule is each day of coverage you are providing you are supposed to see 10-12 patients a day. Do not add days to the week until you are booked consistently.
5. Customer Satisfaction: Examine customer satisfaction levels and feedback. Discuss strategies to enhance customer experience in order to increase patient retention. Many opticals have a NPS system.
6. Outlook and Strategy: Discuss your objectives with the sublease and what you are looking to do in the future. This could be taking on a new sublease, expanding to hiring an associate, adding new equipment etc. . Identify areas for improvement, ask for feedback from optical.