Dr. Perry’s practice team. Dr. Perry says she works with her team to review metrics culled by ChatGPT 4.0 to increase contact lens profitability.
Optimizing ChatGPT to spur contact lens profitability.
By Haley Perry, OD
Jan. 3, 2024
In my continuous endeavor to enhance the profitability and efficiency of our optometric practice, I have found a significant ally in ChatGPT 4.0. This latest upgrade from its predecessor, ChatGPT 3.5, introduces several functionalities that are invaluable to our operations.
For a $20 monthly fee, ChatGPT 4.0 allows the direct upload of images, PDFs and spreadsheets for analysis – a feature that saves substantial time and simplifies the process of delving into detailed analytics.
Here is how we are using this artificial intelligence technology to change how we analyze and grow contact lens profitability.
Decoding the Complexities of Contact Lens Pricing
The business practices of contact lens companies can often be perplexing, especially when it comes to getting the best price. Rebates, bank utilization and growth incentives add layers of complexity. However, by leveraging ChatGPT, I can input our contact lens cost fees, along with the manufacturer’s suggested retail price, and details about our volume and the company-specific rebates we’re utilizing.
By analyzing this data for multiple companies, ChatGPT enables us to compare and calculate potential savings when shifting market share, providing clarity on the true price per box. This information is critical in identifying the most profitable lenses for our practice and projecting the rebate checks we should expect.
Prompt for ChatGPT: “Analyze the profitability of contact lenses in an optometric practice considering various business complexities.”
Here are the specific data points related to our contact lens sales that I input, and how you can do the same:
- Contact Lens Cost Fees: Insert detailed cost fees for each type of contact lens you offer.
- Manufacturer’s Suggested Retail Price (MSRP) or your office’s pricing: Provide the pricing for each type of lens.
- Sales Volume Details: Include the volume of lenses sold for each type, if available.
- Company-Specific Rebates Information: Detail any rebates offered by the lens manufacturers, including growth incentives and bank utilization.
- Market Share Considerations: Mention the current market share distribution among different lens types and any potential changes you’re considering.
Next Prompt for ChatGPT: “Using this information, please provide an analysis that includes:
- A comparison of potential savings when shifting market share between different types of contact lenses.
- Clarity on the true cost per box of each type of lens after considering rebates and other incentives.
- Identification of the most profitable lenses for the practice.
- Projection of expected rebate checks based on the provided data.
The goal is to gain clear insights into the true profitability per box of contact lenses after accounting for rebates and pricing strategies.”
Pricing Strategy Optimization
There are two ongoing ways we use ChatGPT to help us profitably set contact lens pricing:
- Setting the right prices is paramount for maintaining competitiveness and profitability. Use ChatGPT to analyze trends in your own data, as well as analyze competitor pricing compared to your own.
- We regularly feed ChatGPT with industry pricing data and our internal sales figures, enabling us to determine the most profitable pricing strategies for our contact lens products.
Streamlining Inventory Management with ChatGPT 4.0
An exciting advancement in ChatGPT 4.0 is its ability to process images. We can now photograph our contact lens inventory and upload these images to ChatGPT, which then efficiently provides us with a restock list, making trial inventory management smoother and more accurate as well as faster than using a scanner!
Other Articles to Explore
Optimizing Inventory Management
I have not inventoried contact lenses in my office in a long time, but, utilizing ChatGPT could significantly impact your practice’s cost-effectiveness and customer satisfaction. This would ensure popular and profitable contact lens types are always in stock, while minimizing excess inventory, reducing waste and enhancing sales efficiency.
ChatGPT analyzes historical sales data and predicts future trends to recommend optimal stock levels for various types of contact lenses.
Customized Marketing Strategies
Personalized marketing significantly enhances sales. By analyzing customer demographics and buying patterns through ChatGPT, we can create marketing campaigns that resonate with our patients’ proven needs in mind.
We use ChatGPT to segment our customer base and develop customized promotional content, thereby increasing patient engagement and contact lens sales.
Overall Ways you can utilize ChatGPT to help you with your contact lens business:
- Organize and Clean Data: Categorize the data into relevant segments and ensure accuracy.
- Analyze Trends: Identify popular lens types and shifts in preferences of purchases within your practices.
- Assess Purchase Patterns: Determine patient satisfaction through purchase frequencies and quantities.
- Examine Seasonal Variations: Understand sales fluctuations throughout the year.
- Conduct Demographic Analysis: Tailor inventory and marketing to meet the specific needs of different patient groups.
ChatGPT 4.0 has become an integral part of our strategy to enhance the profitability of our contact lens segment. Its advanced features and analytical capabilities enable us to make informed decisions and streamline operations, which ultimately leads to greater patient satisfaction and business success.
Haley Perry, OD, is the owner of Elite Eye Care, a Vision Source practice, in Arden, N.C. To contact her: haley.a.perry@gmail.com
