Optometry risk management
Photo courtesy of Dr. Thanh Mai, who is seen (right as you look at photo) here with Dr. Hawkin Lui standing in front of their optical with no locked frames. They used optometry risk management to determine that keeping frames unlocked is worth the risk to encourage more sales.
By Thanh Mai, OD
July 23, 2025
In optometry, applying pot odds means shedding habits that seem “safe” but actually cost you time, money or momentum.
It’s about doing what is likely to benefit your practice—not just what might protect it from unlikely events.
1. We Don’t Ask for Credit Card Signatures—The Risk Isn’t Worth the Friction
Requesting patient signatures after chip or tap transactions is an outdated practice. In the rare case of a dispute, signatures rarely hold legal weight. What matters are the time saved, faster lines and smoother workflows.
It’s a tiny risk for an easy upside. The right call is clear.
2. We Don’t Lock Up Our Frames—Because Accessibility Yields More Sales
Patient engagement drives sales. Patients who can touch and try on frames are much more likely to buy.
Locking up frames sends the message: “Look, but don’t touch,” and that hurts sales. Although occasional theft happens, the benefits of accessibility and trust far outweigh the losses.
Top-performing opticals leave their frame boards open. Follow that lead. Can you name a thriving (non-optical) retailer that locks up all its $85 merchandise?
3. I Don’t Buy Most Equipment Warranties—Because the Math Doesn’t Add Up
Extended warranties may offer reassurance, but often the odds do not justify the expense.
For example, paying $3,000 annually to insure a $15,000 device means that after five years, you’ve effectively bought the item twice. A better strategy is to self-insure: set aside a savings buffer, and cover repairs as needed. If nothing breaks, you keep the savings.
Similarly, I have never purchased an Apple iPhone protection plan. However, I would take a $3,000 warranty on a $120,000 device for the piece of mind.
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It’s all about taking risks with a plan—and seeking better expected value.
4. In-House Patient Financing Converts More Cases—Even With Small Losses
Offering payment plans can seem risky—unless you do the math.
If your delinquency rate is 3% and you finance $100,000 in services, you may lose $3,000—but you gain $97,000 in revenue that may not have come in otherwise.
Don’t sacrifice the whole pot to avoid a minor loss.
5. We Don’t Vault Our Frames at Night—The Cost Outweighs the Risk
Could someone break in and steal inventory overnight? Yes. But is it worth hurting staff morale and wasting 20 minutes every day securing frames? Definitely not.
The theft risk is real, but low. The staff burden is real. The frames are insured. So we leave them on the boards, trust our systems and focus on higher-value activities.
Security theater often costs more than the risk it’s meant to prevent.
6. Free Consultations Beat High-Priced Ones—Because the Odds Are Better
High prices for consultations screen out potential patients. Offering a free consultation widens your funnel—and increases long-term conversions.
If your chair time is worth $200 per hour, a 30-minute free consult costs $100. If even one out of every two consultations converts to a $4,000 patient, that’s a 20-to-1 return on your investment—not bad for giving something away.
Top practices view consultations as a smart investment, not an expense.
7. I Carry Disability and Life Insurance—Until I’m “Self-Insured”
This approach isn’t about ignoring risk. It’s about knowing which risks deserve insurance—and which don’t.
Pot odds may not always favor long-term disability or life insurance, but I carry both early in my career. That’s because a major health event or unexpected death can devastate your finances, family and business.
Until you have enough financial reserves to cover your responsibilities, I strongly recommend disability and life insurance. Once your nest egg is large enough that the loss of income would not change your family’s lifestyle, you are “self-insured” and can reconsider your coverage.
As you grow, optometry risk management evolves—sometimes, the smartest bet is protection until you no longer need it.
Final Thought: Bet on Math, Not Fear
In optometry, as in poker, risk is unavoidable. The real question isn’t “Is there risk?” but “What’s the upside?”
Simplicity scales; complexity stalls. Learn to distinguish between protecting your practice and paralyzing it.
In the end, the best odds favor those who are bold—and smart. May the odds be ever in your favor.
Read another recent column by Dr. Mai
Thanh Mai, OD, is an owner of Insight Vision Center Optometry, a Vision Source practice in Costa Mesa, California, Optometry Corner, a Vision Source practice in Irvine, California and Eyecon Optometry, a Vision Source practice in in Reseda, California. In addition, Dr. Mai owns Project Eyecare, a Vision Source practice, in Mission Viejo, California. To contact him: tmai@visionsource.com
