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Eyecare providers, including optometrists, share sentiments amid inflation in 2024
Sept. 4, 2024
The Vision Council released a new Provider inSights report, a semi-annual research study exploring eyecare provider sentiments related to the daily operations of their practices, the eyecare industry and the American economy.
Compared to previous years, eyecare providers are reporting substantial decreases across all areas of their practices’ performance – including revenue, staff retention and patient acquisition and retention.
“Performance of the economy, effects of inflation, and considerations about available jobs and workers remain top of mind for a majority of eyecare providers,” said Alysse Henkel, Vice President of Research and inSights at The Vision Council. “Our report shows that most eyecare providers have felt the impacts of inflation during the first six months of this year, and they do not anticipate substantial improvements across other areas of business performance by the end of the year, such as hiring new staff, or increased practice revenue.”
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Inflation has been a central issue affecting eyecare practices in 2024, with three-quarters of providers reporting that inflation had a direct impact on their operations.
One of the most significant consequences of inflation has been the increase in wholesale prices for eyewear products, part of which many practices have had to pass on to consumers.
As a result, patients have become more price-sensitive, often opting for more affordable options or delaying purchases altogether.
Additional Report Highlights:
- The number of providers that report above-average revenue performance for their practices decreased by 20 percentage points compared to 2023.
- Only 17 percent of providers report above-average performance in hiring new staff in 2024.
- 85 percent of eyecare providers reported that their practices are either slightly understaffed or optimally staffed, no significant change from 2023.
- 78 percent of eyecare providers report not offering telehealth services in their practices, and 70 percent indicate that telehealth is not a priority for their practice.
Most eyecare providers believe that the U.S. economy performed worse in the first half of 2024 compared to 2023.
Yet slightly more than half of eyecare providers (53 percent) believe that the U.S. economy will either stay the same or improve in the remainder of 2024.
This study was conducted in July of 2024. The full report is available in The Vision Council’s Research Download Center as a complimentary download for members of The Vision Council, with a paid option for non-members.
This article was created using several editorial tools, including AI, as part of the process. Human editors reviewed this content before publication.
