April 5, 2023
Forty-four percent of survey respondents reported that they were having difficulty staffing their location, and 47 percent reported that they increased prices in some areas of their products and service offerings. The majority that increased prices did so in their lens prices. Thirty-eight percent said they had cut costs to their businesses this year. Reducing current product inventory was the top way costs were reduced.
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The greatest source of gross practice revenues was reported as coming from providing comprehensive, routine exams and related sales. Fifty-five percent of respondents said they accept a medical credit card like CareCredit or Sunbit, while 41 percent said they do not, and 10 percent said they offer other financing options. Sixty-three percent of respondents said that patients use a regular, non-medical credit card like Visa or American Express for out-of-pocket expenses. Forty-one percent said that patients are not using managed vision care insurance more than in previous years to cover their expenses.
Inflation is making an impact on ECPs, with 81 percent reporting that patients appear to be trying to save money due to inflation.