Practice
Growth
Calculator
Practice
Growth
Calculator
Practice Growth Calculator
Did you know that just a few numbers from your practice management system (PMS) reports can reveal valuable insight into the growth potential of your practice?
The Practice Performance Calculator was developed by the ProVision Business Coaching team, and compares key values from your PMS against expected industry returns. Once you’ve completed the tool, scroll down for a selection of tips from our Business Coaching team on how to achieve your revenue target.
Did you know that just a few numbers from your practice management system (PMS) reports can reveal valuable insight into the growth potential of your practice?
The Practice Performance Calculator was developed by the ProVision Business Coaching team, and compares key values from your PMS against expected industry returns. Once you’ve completed the tool, scroll down for a selection of tips from our Business Coaching team on how to achieve your revenue target.
Potential Increase $ 0
Potential Increase $ 0
Potential Increase $ 0
Potential Increase $ 0
Potential Increase $ 0
Digital marketing including web, SEO, social media and paid-media strategy
Consider which advertising channels have the best chance of reaching your audience, including Google, Facebook, and Instagram. Maintain an up-to-date ‘Google My Business’ listing to make your practice easy to discover for new patients. Where possible, perform an SEO audit of your website; otherwise, you may engage a third party to perform SEO on your behalf.
Existing patient recall and retention
Design a structured approach to recall patients throughout the year, with dedicated recall strategies for parents and health fund customers.
Increase consultation hours & services
Unlock your revenue potential by ramping up consultation hours and broadening services. Whether it’s adding a second room or bringing on an optometrist to develop a new area of clinical interest, you can cater to a larger patient base, enhance patient care and build a following for clinical services that differentiate you in the market.
Visual merchandising & branding
First impressions begin outside your practice – ensure your exterior is well-maintained, clean, and visually appealing with eye-catching signs or displays. It could also be time to refresh your brand identity to ensure you’re appealing to the patients you’re trying to attract.
Set a pricing strategy
Set a pricing strategy that aligns with your optometry practice and reflects your unique value proposition. Whether it’s personalised care, innovative services, or community engagement, weave these elements into your pricing narrative. Setting a pricing strategy isn’t just about numbers; it’s about creating a compelling story that resonates with your patients and sets your optometry practice apart.Â
Introduce additional income streams.
Explore additional income streams that can enhance your optometry practice. You may wish to diversify your skills in a specific niche within optometry, or become a leader in areas such as behavioural optometry, myopia, or low vision. Remember, diversifying income streams not only boosts financial stability but enriches your practice’s offerings.
Up-skill staff
Invest in Growth! Elevate your patient care and ensure practice success by investing in your staff’s education – a well-trained team can boost efficiency and leave a lasting impact on your patients.
Ensure effective systems and processes
Consider streamlining your intake forms, appointment scheduling, record keeping, and billing processes. Automation, where possible, may help to reduce paperwork and enhance patient interactions. ProVision Members are encouraged to take advantage of emerging technologies, such as the ProAccounts and Optomate Touch integration which dramatically reduce back-office administration.Â
Team motivation
When everyone aligns with similar goals, collaboration and motivation thrive. Celebrate achievements — big or small. Publicly acknowledge outstanding performance and express gratitude; a simple ‘thank you’ goes a long way in boosting morale. Remember, a motivated team is the heart of a successful optometry practice!
Patient journey design
Create an outline of your ideal patient journey, from how they discover and research your practice through to consultation and beyond. Identify opportunities to innovate and improve the experience, including digital optimisations to make booking easier. Ensure the unique value proposition of your pratice is reflected at each stage of the journey.
Maximise billing practices
Explore flexible billing options for your patients, including whether to participate in Medicare arrangements. Consider offering both Medicare-rebate services and non-rebate private consultations with customised fees. Remember, strategic billing practices contribute to a thriving business!
Explore private v bulk billing
Optometrists have the flexibility to set their own fees, and may receive 85% of the schedule fee from the Australian government when choosing to bulk bill. Remember, the choice between private and bulk billing depends on your practice’s unique circumstances and patient needs.
Embrace and provide new technologies
New technologies may improve accuracy, efficiency, and overall patient satisfaction during eye exams. Personalised solutions meet patients’ visual needs and expectations. Remember, embracing technology isn’t just about gadgets—it’s about elevating patient care!
Holistic approach
Optometry practices should prioritise whole-person health, not just eye-related issues. Consider lifestyle, emotional well-being, and overall health in patient care.
Inventory management
Optimise your inventory levels to match customer demand. Too much inventory ties up working capital, while too little affects sales and service. Where suitable, leverage ‘supply and fit’ processes to minimise the accumulation of unsold stock.Â
Educate staff
Educate and support your team so they may enhance their skills, passion and professionalism. This may include in-practice skills training, or third-party courses on topics such as retail skills and leadership.
Educate patients
Make the most of patient interactions by explaining how specific frames enhance vision during work, sports, or travel, and the benefits of additional treatment areas such as ortho-k and dry eye therapies.
Systems and in-practice habits
Having effective systems and habits can improve productivity, profitability, and patient satisfaction. Key areas to look at include clinical management, billing and insurance, infection control and professional development.
Digital marketing including web, SEO, social media and paid-media strategy
Consider which advertising channels have the best chance of reaching your audience, including Google, Facebook, and Instagram. Maintain an up-to-date ‘Google My Business’ listing to make your practice easy to discover for new patients. Where possible, perform an SEO audit of your website; otherwise, you may engage a third party to perform SEO on your behalf.
Existing patient recall and retention
Design a structured approach to recall patients throughout the year, with dedicated recall strategies for parents and health fund customers.
Increase consultation hours & services
Unlock your revenue potential by ramping up consultation hours and broadening services. Whether it’s adding a second room or bringing on an optometrist to develop a new area of clinical interest, you can cater to a larger patient base, enhance patient care and build a following for clinical services that differentiate you in the market.
Visual merchandising & branding
First impressions begin outside your practice – ensure your exterior is well-maintained, clean, and visually appealing with eye-catching signs or displays. It could also be time to refresh your brand identity to ensure you’re appealing to the patients you’re trying to attract.
Set a pricing strategy
Set a pricing strategy that aligns with your optometry practice and reflects your unique value proposition. Whether it’s personalised care, innovative services, or community engagement, weave these elements into your pricing narrative. Setting a pricing strategy isn’t just about numbers; it’s about creating a compelling story that resonates with your patients and sets your optometry practice apart.Â
Introduce additional income streams.
Explore additional income streams that can enhance your optometry practice. You may wish to diversify your skills in a specific niche within optometry, or become a leader in areas such as behavioural optometry, myopia, or low vision. Remember, diversifying income streams not only boosts financial stability but enriches your practice’s offerings.
Up-skill staff
Invest in Growth! Elevate your patient care and ensure practice success by investing in your staff’s education – a well-trained team can boost efficiency and leave a lasting impact on your patients.
Ensure effective systems and processes
Consider streamlining your intake forms, appointment scheduling, record keeping, and billing processes. Automation, where possible, may help to reduce paperwork and enhance patient interactions. ProVision Members are encouraged to take advantage of emerging technologies, such as the ProAccounts and Optomate Touch integration which dramatically reduce back-office administration.Â
Team motivation
When everyone aligns with similar goals, collaboration and motivation thrive. Celebrate achievements — big or small. Publicly acknowledge outstanding performance and express gratitude; a simple ‘thank you’ goes a long way in boosting morale. Remember, a motivated team is the heart of a successful optometry practice!
Patient journey design
Create an outline of your ideal patient journey, from how they discover and research your practice through to consultation and beyond. Identify opportunities to innovate and improve the experience, including digital optimisations to make booking easier. Ensure the unique value proposition of your pratice is reflected at each stage of the journey.
Maximise billing practices
Explore flexible billing options for your patients, including whether to participate in Medicare arrangements. Consider offering both Medicare-rebate services and non-rebate private consultations with customised fees. Remember, strategic billing practices contribute to a thriving business!
Explore private v bulk billing
Optometrists have the flexibility to set their own fees, and may receive 85% of the schedule fee from the Australian government when choosing to bulk bill. Remember, the choice between private and bulk billing depends on your practice’s unique circumstances and patient needs.
Embrace and provide new technologies
New technologies may improve accuracy, efficiency, and overall patient satisfaction during eye exams. Personalised solutions meet patients’ visual needs and expectations. Remember, embracing technology isn’t just about gadgets—it’s about elevating patient care!
Holistic approach
Optometry practices should prioritise whole-person health, not just eye-related issues. Consider lifestyle, emotional well-being, and overall health in patient care.
Inventory management
Optimise your inventory levels to match customer demand. Too much inventory ties up working capital, while too little affects sales and service. Where suitable, leverage ‘supply and fit’ processes to minimise the accumulation of unsold stock.Â
Educate staff
Educate and support your team so they may enhance their skills, passion and professionalism. This may include in-practice skills training, or third-party courses on topics such as retail skills and leadership.
Educate patients
Make the most of patient interactions by explaining how specific frames enhance vision during work, sports, or travel, and the benefits of additional treatment areas such as ortho-k and dry eye therapies.
Systems and in-practice habits
Having effective systems and habits can improve productivity, profitability, and patient satisfaction. Key areas to look at include clinical management, billing and insurance, infection control and professional development.
We can help you grow
ProVision business coaches are skilled in understanding the unique challenges and opportunities of independent optometry practices.
Available exclusively to ProVision Members, they are Australia’s largest team of optometry Business Coaches and can help you overcome obstacles to growth and profitability. ProVision Business Coaches are also a powerful resource in developing your team and culture, including mentorship for the senior leaders in your practice.
We can help you grow
ProVision business coaches are skilled in understanding the unique challenges and opportunities of independent optometry practices.
Available exclusively to ProVision Members, they are Australia’s largest team of optometry Business Coaches and can help you overcome obstacles to growth and profitability. ProVision Business Coaches are also a powerful resource in developing your team and culture, including mentorship for the senior leaders in your practice.
^The Practice Growth Calculator is provided as a source of general information only. Every effort has been made to ensure the accuracy of the information on this page, which is provided on the basis and understanding that ProVision Eye Care Pty Ltd (and related entities) (ProVision), its employees, officers, authors and/or agents are not providing legal, accounting or other forms of advice and do not accept responsibility for any action, or decision not to act, taken on the basis of this information, or for any error in or omission when using the Practice Growth Calculator. The results of the Practice Growth Calculator are influenced by the accuracy of the values inputted by the user, as well as the estimated impacts on revenue based on a typical optometry practice in the ProVision network. The Practice Growth Calculator should not be considered financial advice.
ProVision recommends you obtain financial advice from an appropriately qualified professional before acting, or deciding not to act, on the basis of the information provided on this page.
Sorry, the comment form is closed at this time.
No Comments