Dr. Arnold with a patient who was so satisfied with her experience in his office, and felt so connected to the practice, that she brought Dr. Arnold a home-made lasagna as a token of appreciation. Dr. Arnold says these are the kinds of bonds with patients that grow a practice.
ROI
By Thomas P. Arnold, OD, FSLS
April 9, 2025
Investing in your practice and seeking a return on that investment (ROI) is fundamental to growing an optometric practice.
Every OD requires basic equipment such as chairs, stands, phoropters, slit-lamps, etc. Add to that office furnishings and décor, and setting up an optometric practice is no small financial undertaking.
Evaluating Profitability & ROI Beyond the Basics
There are many factors in the ROI decision-making process of what, beyond the basics, will be the most profitable and offer the greatest rate of return.
Should one stock a contact lens inventory to be dispensed out of the practice? If frames are sold, should stock lenses and an edger be added? Can you find a dependable optician to cut and edge lenses? These are rather simple questions dependent on the optometrist’s vision for their practice.
Navigating Specialized Equipment ROI Decisions
In analyzing ROI, things start to get complicated when one seeks to branch out and add services that require specialized (and expensive) equipment.
For a dry-eye clinic, do you choose intense pulsed light (IPL) technology, a LipiView or LipiFlow? Or do you need them all? Lease or purchase? Will medical plans or vision plans cover these services?
For myopia control, is it essential that axial length is measured? Which is the best topographer/tomographer for Ortho-K fitting? What do I charge for these services?
The True Value of Your Patients
So much to think about. However, I have good news. The answer is quite simple – the biggest ROI walks through your door every day – your patients!
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Think about your patients as what they truly are – an annuity. According to the Oxford Languages Dictionary, an annuity is “a fixed sum of money paid to someone each year, typically for the rest of their life.”
Building Long-Term Patient Relationships
Obviously, what is paid varies from year to year, but the point is that patients, treated well, can and should become an income stream.
It was gratifying to me to see adult patients annually, their children becoming patients and, in many cases, becoming parents themselves. Three generations of patients!
Implementing a Rock-Solid Recall System
How can this be accomplished? Firstly, have a rock-solid recall system.
In the pre-electronic records era, we did this by having each patient complete a recall postcard, which was then filed according to month in the upcoming year. Having the patient complete the card minimized spelling and address errors. Postcards were mailed in a batch the month before the “due date.”
Now, with electronic medical records, recall can be set up automatically. Specific messages can be sent that are appropriate to the individual patient’s needs, as can special “call to action” incentives.
Sending birthday wishes, either via e-mail or text, is always well-received. The goal here is to keep in touch with patients regularly so that they feel a connection with you and the practice.
Engaging with Your Community
Do you notice that when a friend or family member buys a new car, they love to tell you all about it? It is the best car ever for all the right reasons, and they are happy to opine (read “Stumbling on Happiness” – Daniel Gilbert).
The same is true for their doctors. Patients love to brag that their doctor is “the best.” Something like a $10 gift card for Starbucks or one of your local businesses (i.e. donut shop, coffee shop, etc.) for a referral can be advertising funds well spent. Asking for referrals is not something we should be shy about.
It is very important to be visible in the community. It is not enough to rely on a good location, a catchy name on a sign or social media posts. All of these are important, of course, but to build a big practice, you must be proactive.
Proactive Community Involvement
Examples of how to build connections to your local community include speaking to local service organizations like the Lion’s Club or Rotary. These organizations usually meet weekly and are always looking for speakers.
If you see children, and especially if you specialize in myopia control, visit the elementary school nurses and help them with vision screening. In many cases, this removes a burden and lets the nurse concentrate on hearing tests. They will be grateful to be done in half the time!
Get involved in something that you are personally interested in and can contribute to. For me, it was joining a local marathon runners’ club. I was an active member for almost 15 years and made many friends. I became the unofficial “team optometrist.”
Focusing on Patient-Centric Growth
Whatever your practice setting, I firmly believe that concentrating on your patients is the way to build a financially rewarding practice.
You might even get a delicious lasagna! 😊
Thomas P. Arnold, OD, FSLS, now retired, was a partner with Memorial Eye Center at Sugar Land, now a part of AEG Vision. To contact him: tarnold@aegvision.com
