Monitoring Optical Analytics (What You Don’t Know Might Hurt You)

One major challenge facing independent opticals is data. How do you get data that is meaningful for monitoring the health of your practice? What do you compare the data to? What does my data tell me? Why does data matter? These are all valid questions that every eye care practice owner should consider. Most of the information you need to make informed business decisions can be found in your EHR system and from reporting platforms like EdgePro or ABB Analyze. This article explores which optical metrics to track, why doing so is important, and what to do with the information once you have it.

Why Track Optical Data

Tracking the financial health of the optical is essential for every private practice. Good, basic metrics to monitor include revenue per patient, average sale and capture rate. These measurements will help you understand if your optical is generating sufficient income and will allow you to fix any problem areas before they become more serious. They will also help you understand where you are performing the best, perhaps pointing to areas where doubling down will reap even greater reward.

Another benefit of knowing your optical analytics is improved patient satisfaction. You can do this by monitoring remake rates, turnaround time or warranty usage. Higher than average metrics in these areas can highlight operational inefficiencies that negatively impact patient satisfaction. We recommend revisiting staff training and expectation guidelines to address these types of findings.

Which Metrics To Track

Next, review Key Performance Indicators (KPIs) to gauge how your optical staff is performing. There are many data points that can reveal whether an optician is operating to their potential, including their multiple pair ratio, non-glare percentage, premium lens capture and average frame sale numbers. Compare these data points against your historical data and industry benchmarks to determine quality of performance. This is a great way to celebrate individual and team results while also developing an action plan for problem areas.

Another area of interest is frame inventory and product mix. There are a lot of opinions and relationships involved when it comes to the frames and brands you carry; however, these opinions can often be inaccurate and lead to poor inventory decisions. Tracking turn rates can help you make informed choices on what frame brands to stock and how many frames to buy. This is increasingly important given the need to maximize margins and managed care reimbursements.

What To Do With Optical Data

Now that you know which metrics to track, let’s dive into what to do with the information. Start out by taking your current performance along with industry benchmarks and set goals for each data point. Goals should be realistic, measurable and specific. Regularly track where your metrics fall compared to the goals you set. If a problem area persists, ask for ideas to improve this in office staff meetings, reach out to your peers, or consult with a PECAA Optical Advisor. Doing this will help improve patient satisfaction, staff performance, optimize inventory and help you achieve your goals.

Data is a crucial ingredient in private practice success. Know your numbers, what they mean and how you rank against industry benchmarks. Having this information will allow you to plan staff trainings, run promotions and make inventory decisions. If you need additional help, we’re just a phone call away — at no additional cost to PECAA Max Members. To learn more about how your practice compares to industry benchmarks, contact PECAA Optical Business Advisor Kayla Irwin or Joel Daniel.