Sometimes deciding what areas to invest in feels as random as a game of spin the bottle. While there is an element of chance in any new business improvement or expansion, finding out what has worked for others can give valuable insight.
Here are the top three recent investments that have given us the greatest return:
1. Hiring an optometry-specific website development company
Imagine a stadium filled with thousands of people all with their attention on center court. Being listed on the first page of a Google search for relevant optometry terms is like being on center court, but at a fraction of the cost. You may not have a $50,000 monthly budget for marketing, but this technology allows the little guys to have a chance by ensuring they are among the top three optometry practices listed on a Google search. This is an investment that exceeds a reasonable return.
2. Using “vision wellness” terminology with staff and patients
Vision benefits and medical insurance have taken yet another step lower in service reimbursements. We changed our term “comprehensive eye exam” to “vision wellness exam.” Tweaking the terminology has changed the way our staff and patients think about the visit to the eye doctor. When a patient hears “vision wellness exam” provided by their vision benefit it immediately opens the door for a return visit for a “medical eye exam” if the doctor finds a medical concern like dry eye. Doctors are able to see patients more quickly because the “vision wellness exam” does not include an in-depth discussion about medical eye problem(s). The patient is returned in follow-up for the medical concern under their medical insurance.
3. Adding medical treatment technology
We added technology that treats meibomian gland dysfunction, and we found patients are quite willing to pay the out-of-pocket expense for this treatment to get relief from dry eye. If patients have problems that medical equipment can resolve, but business owners do not invest in this for their doctors to use, then the opportunity is lost.
There is no silver bullet investment that works for all business owners. Choosing the right investment is key to maximizing profits and excelling in patient care.
