Big Data in Corporate Optometry

Big Data is a term used to describe huge data sets that may be used to reveal patterns through computational analysis. There is an abundant amount of health data that is now available to many corporate opticals. The data can come from multiple sources like vision care plans, labs, medical devices, recall systems, ehr systems, surveys, nps scores, foot traffic and customer purchases. That is just the tip of the iceberg! Whether it is structured data or unstructured, it is surveyed by business organizations to improve their decision-making process.

Big Data Applications in Corporate Optometry

Healthy Patients

Treating patients and keeping them healthy is always the top-most priority of healthcare providers. Through Big Data, they can keep track of patients’ physical activity and receive reports on particular issues related to their health. There are contact lenses out there at can monitor inter-ocular pressures and blood sugar. Even though there still needs more research, if practitioners had this data it could really revolutionize patient outcomes. The information about the number of glaucoma suspects or diabetics can be valuable to insurance companies, contact lens companies and corporate opticals as this information can guide them to certain patient populations and expand the business for new products to sell in their opticals.

Expansion of Services

Various applications use Big Data to collect information and then use that data to advise individuals on their medical conditions and optical needs. Many times some applications that are used within the organization can also be used to marketing purposes. Based on the input to the application, patients are notified that new products, services and sale of products. Many managed care plans have the patient data from the eyeglass rx to the contact lens. Patients can be notified of more affordable convenient products through their online stores and brick and mortar locations. They are able to take the data from the managed care plans and strategically open locations and compete with other offices based on the information that they have from their labs and data of diagnoses. They could use the data of patient diagnosis to enhance their practices with technology to attract and retain those patients. The data can be also for routine eye exams to encourage those patients to seek telemedicine services. We recently saw VSP looking to acquire Visionworks. There is a lot of data that these two entities can share to grow the business. VSP Ventures is open new locations as well. They have the data to know where certain areas are under served, over priced or even over saturated in competition.

Reduction of Remakes

Prescriptions errors are a major cost to many corporate opticals. If a corporate optical had information to reduce to detect an issue than it would save costs. Many times there are technologies in place and education for staff members to reduce that. The tool uses Big Data to detect errors before they occur.

Cost Reduction

Through Big Data, a patient can order a different style frame with the same measurements with reduced cost of a brick and mortar location. If a company as access to data of typical Rxs and average pds than it will be easier to design a lens or frame that the average population might have. Being able to take that data and create products direct to consumers is very appealing to corporate opticals. The guesswork is eliminated and so is the cost involved in them. Many corporate opticals have their own online stores to appeal to the online consumer.

Challenges in Implementing Big Data in Healthcare

Assembling the Data

The data that is needed to implement Big Data in corporate optometry is not always present in one place. Mostly it comes from numerous sources. A big load of information is to be gathered and verified. How the data is interpreted has many variables.

Policies and Procedures

After the data has been verified and validated, policies and procedures are to be followed. This becomes a complex task as the HIPAA (Health Insurance Portability and Accountability Act) needs to be taken into consideration. National standards have been established by the HIPAA to safeguard medical information of individuals.

Management Issues

To implement Big Data in corporate optometry, everyone needs to be informed. It is extremely difficult to manage such sensitive and confidential information.

The Bright Future for Big Data in Healthcare

The technology of Big Data is being used by a wide range of sectors but healthcare is a domain where it can bring a huge difference in. Although Big Data in healthcare is still in its developmental stages, health outcomes and controlling costs are believed to be improved by using this amazing technology. With healthcare Big Data it can be possible to keep track of a large amount of data and easily convert it to get productive insights.

GROWING YOUR SUBLEASE OD PRACTICE WITH OCULAR TELEHEALTH

Ocular telehealth—providing on-demand comprehensive eye exams using remote digital connections— is a new concept in corporate optometry. The rapid development of new technologies is creating opportunities for sublease doctors–and providing greater access and better outcomes for patients.

Among the different flavors of ocular telehealth is a model that includes a B2B in-store/practice comprehensive eye exam. The exam begins when an on-site optical assistant collects the patient’s medical and ocular history and performs objective pre-testing and a series of eye health tests such as ocular alignment and motility, [pupil function, color vision, and visual field testing to measure peripheral vision. Following those tests, a remote certified technician subjectively refracts the patient via live video. The resulting exam data and images are then securely forwarded to a remote licensed optometrist for clinical evaluation and the results are discussed with the patient via live video.

Because this new model leverages advances in technology to provide comprehensive testing— and it relies on a licensed eyecare provider—the standard of care is equivalent to that of an in- person exam. In fact, in some ways, the standard of care is enhanced through the use of new technologies like artificial intelligence (AI) that make it possible to enhance retinal images to allow for early detection of eye diseases like diabetic retinopathy.

“AI is a very big thing,” says Chad Overman, OD, clinical advisor for 20/20NOW and former director of professional relations for Walmart Vision Centers. “ AI enhances retinal images in never-before-possible ways to increase the sensitivity and efficacy of exams, and enables eyecare providers to diagnose ocular medical conditions with greater confidence.” The 20/20NOW platform implements EyelogicTM, the company’s AI technology designed to assist doctors in diagnosing diabetic retinopathy in its early stages.

4 WAYS TELEHEALTH CAN GROW YOUR BUSINESS

For eyecare providers that sublease space at optical retail locations , ocular telehealth provides unique opportunities to expand their practice. Here are four important ways it can open the door to additional patients and provide better productivity:

1. OPEN NEW SUBLEASE LOCATIONS. Eyecare providers are always seeking ways to

increase their revenue. Telehealth makes it possible to support adding a new sublease location without the need to staff it with a full-time doctor on-site. By using telehealth, patients in your satellite location can be seen remotely, by either yourself or a 20/20NOW doctor. So, you’re able to conduct exams at more than one location, thus increasing your productivity while expanding your practice’s reach.

2. INCREASE PRODUCTIVITY AT YOUR CURRENT LOCATION. Telehealth can help you

increase productivity and patient volume at your existing location. By adopting a telehealth model, you can open a second exam lane without the cost of adding a second in-person doctor at your location, and/or expand your hours of operations. Because telehealth exams are provided on demand you’ll always have a second doctor available to support overflow and walk-in patients.

3. SERVE PATIENTS WHILE YOU’RE AWAY. Telehealth makes it possible for you to serve patients while you’re away from the office. 20/20NOW’s doctor can provide exam services to patients while you’re on vacation or attending a CE training program—even on weekends or evenings when you’re not physically there.

4. SERVE PATIENTS BETTER. By taking over some of the more time-consuming, routine components of eye exams, telehealth can free you up to do what you really want to do—spend more time with patients and address their medical needs. You’ll serve more patients in a shorter amount of time, while increasing care quality and patient satisfaction.

Telehealth promises to continue to serve as a powerful platform for providing comprehensive eye health exams and for building patient volume and revenues at corporate sublease practices. “Optical telehealth solutions like 20/20NOW are truly the future of optical retail,” says Dr. Overman. “For ODs operating from corporate sublease locations, it will be a great way to increase revenues and lower costs. More important, it will improve quality of care and patient outcomes.”

The Growth Potential of a Sublease in Corporate Optometry.

Corporate Opticals and Optometrists can have a mutually successful business, with each party focusing on their strengths. Optometrists tend to give priority to the needs of our patients forgetting that we are a business that needs to be profitable as well. To make sure that our practice remains successful some ODs have partnered with corporate opticals.

Optometrist enjoy is diagnosing, treating and serving their patients, but running a business is in some ways is something completely different. Opportunities need to be recognized and captured while managing risks along the way. Corporate optometry can be a great way to practice the way you want and have your own business with minimal risk practicing next to a corporate optical.

Optometry is still divided and many ODs underestimate the potential of a successful business and career in corporate optometry. Usually, some private practices have a heavy flow of cash but they lack effective management. Corporate opticals understand that there is a possible opportunity there but with a small manageable risk factor. Optometrists can capture the same opportunities that opticals recognize and benefit from. All we need to do is, think outside the box, and apply business strategies, like a CEO. Everyone has the potential to unleash the CEO from within.

We need to change our perspective in the following ways:

Prepare a Business Plan

Just as a you would set up a business plan for a private practice, write up a business plan for the corporate location. Have the regional manager and store manager provide you with information on the business metrics to help you set up your plan. Construct a plan for a few years to build and grow the business.

Value Growth

Optometrists sometimes overestimate their corporate practices. The wiliness of the number of ODs to take over your sublease defines its value. We need to build value in our practice by spotting growth opportunities. Corporate opticals see that they can expand with strong management, overall services, budget control, objectives, and vision. Having that partner will help grow your value in your sublease as well has expanding to the medical model.

Seek Potential

Corporate opticals expand rapidly in urban and rural areas. In over saturated areas patients get divided and there is a huge risk of your practice to fail. Partnering with the right corporate optical that has a unique value proposition, your sublease can be very successful even in the most competitive areas. Rural areas and places where there are underprivileged people need more medical attention can be a lucrative business for an OD with minimal rent and less competition.

Look at the Bigger Picture

Optometrists shouldn’t miss opportunities in corporate optometry because of what they hear. Think bigger. Many corporate opticals have a diverse portfolio and have different brands, unique products, services and insurance plans to attract and retain patients. A sublease owner can be comfortable that in competitive markets that these factors with help keep their sublease successful as well.

In conclusion, corporate optometry can provide great benefits to an optometrist that would like to go down the path of a practice owner but not have all the risks that a private practice does.