Dr. Paranthan with members of the support team in the practice where she works. Dr. Paranthan shares simple strategies that improved the patient experience and helped spur practice growth.
Optometry practice profitability strategies
By Riya Paranthan, OD
Feb. 12, 2025
Optometrists face dual challenges: providing exceptional patient care while expanding our business acumen to build a high-performing practice.
Here are key strategies that helped our practice enhance profitability and promote practice growth.
Analyzing Workflows for Efficiency
At the end of each work cycle, we make it a point to analyze workflows and identify inefficiencies.
This ongoing evaluation not only streamlines operations, but uncovers opportunities for cost savings.
By taking the time to assess and refine processes, we are able to enhance productivity and improve our bottom line.
For example, made our schedules more creative to manage patient flow better. There are dedicated spots for comprehensive exams, contact lens fittings, cornea checks, pre-/post-op visits and emergencies.
Having variety in the schedule improves staff performance by making the day more interesting and elevating energy levels. We also stagger breaks for technicians instead of having a designated lunch hour to maximize efficiency.
Addressing Staffing Shortages
The healthcare worker shortage in the U.S. is a pressing issue that I know many of our practices are grappling with.
To mitigate the impact of staffing shortages, we invested in cross-training our team. This approach allows team members to step up when a colleague with a specific skill set is unavailable, ensuring continuity of care without rescheduling patients.
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In our practice, we offer additional hours to current employees rather than rescheduling appointments.
We also found that hiring enthusiastic individuals without prior experience can be beneficial, as they can be trained in technical duties.
However, it’s crucial to maintain superb working conditions to avoid employee dissatisfaction.
We actively solicit feedback, recognize achievements and celebrate milestones to create mutual respect and a commitment to employee growth.
A supportive environment leads to better retention rates, which is vital for long-term profitability.
Optimizing Revenue Through Patient Engagement
Assessing our optical dispensary has been vital for our revenue growth. We learned to listen to our patients and understand their visual needs—without making assumptions about their socioeconomic status.
This approach significantly enhanced patient satisfaction and loyalty. Instead of recommending just one perfect pair of eyeglasses, we suggest multiple options tailored to their unique lifestyles, whether for fashion, work or recreational activities.
Differentiating our optical offerings from local competitors by providing unique, high-quality products unavailable at chain stores has also attracted more patients to our practice.
Additionally, we advertise complimentary services such as cleaning, repair and adjustments for spectacles purchased at our optical to encourage repeat business.
Focusing on Specialized Services
To maximize revenue, we prioritize specialties that align with our patient population’s needs. Regularly reviewing revenue systems to identify the most profitable services allows us to focus our efforts effectively.
For instance, incorporating scleral lens fittings in response to an increase in medically complex cases has proven beneficial for our practice. Targeted marketing efforts to promote specialty contact lenses yielded positive feedback and increased patient interest for us.
Our dry eye clinic presented yet another avenue for our growth. With the increasing demand for dry eye treatments, optimizing tear film health improves patient comfort and enhances visual acuity and surgical outcomes.
In our clinic, we dedicate time each week to treat dry eye patients using readily available diagnostic tools and in-office treatments like meibomian gland expression and punctal plug occlusion.
Implementing personalized treatment plans that may include prescription eye drops and specialty contact lenses further enhanced our patient’s satisfaction and quality of life.
We also make it a point to follow-up with calls and e-mails to verify patient satisfaction, which is essential in maintaining a high standard of care and retaining patients.
Leveraging Doctor Alliance Programs
Joining a doctor alliance program, such as PECAA, provided us with access to exclusive resources and savings.
Editor’s Note: There are other OD alliances you have the opportunity to joins such as IDOC and Vision Source, among others.
These alliances facilitate connections with peers and offer results-driven advisory services. We regularly review and negotiate contracts with vendor partners to improve operational efficiency and enhance profitability.
Seeking bulk discounts and exploring alternative suppliers also led to better pricing and cost savings.
Being Selective About Which Vision Plans Accepted
Our clinic is selective in taking vision plans that have poor reimbursements. While we may lose some patients with this approach, in the long run, our revenues are stronger from having an emphasis on medical optometry.
It has been interesting to note that patients will sometimes ask for an itemized receipt for self-submission and pay out of pocket, rather than go to a provider that is within their network. We consider this an incredible win for our clinic.
Checking in with Patients Via Surveys
We try to periodically send out patient surveys that are not too cumbersome, to gauge experiences to maintain and work on areas that may require improvement. We have noted better patient retention and a more positive online presence as a result.
Engaging with the Community
We found community engagement to be a powerful tool for attracting new patients. We host health events, attend local healthcare gatherings and collaborate with local businesses to generate mutual referrals and increase patient numbers.
Recently, we implemented new marketing strategies to promote specialty services, leveraging social media to enhance visibility and attract appointments.
Additionally, we incorporated a wait-list system to ensure a full schedule and accommodate cancellations, further optimizing revenue potential.
Investing in efficient electronic health record systems streamlined our operations and reduced administrative costs, while pre-exam intake forms improved our efficiency.
Bottom Line: Create a Sustainable Path to Growth
By implementing a combination of these strategies, we were able to enhance profitability and create a more sustainable practice.
Continuous evaluation of workflows, addressing staffing challenges, optimizing revenue through patient engagement, expanding service offerings, leveraging alliances, focusing on profitable specialties, and engaging with the community, are all essential components of building a high-performing optometry practice.
With a commitment to excellence in patient care and business acumen, we can all thrive in today’s competitive healthcare environment.
Riya Paranthan, OD, practices with Northwest Eye Clinic in Bellingham, Wash. To contact her: riya.paranthan@gmail.com
