practice profile
TRANSCRIPT
![Page 1: Practice profile](https://reader033.vdocuments.us/reader033/viewer/2022060203/559d316e1a28ab0b6b8b461a/html5/thumbnails/1.jpg)
Tax Classification of Optometric Practices
63%19%
10%
9%
Established Practices
S Corporation
Sole Proprietor
Partnership
C Corporation63%
24%
6%
7%
New Practices
Source: MBA and FPA Practice Profile, 2010
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Setting of Optometric Practices
39%
12%
24%
44%
19% 28%
16% 16%3% 1%
Enclosed shopping mall
Medical office building
Office building: mixed businesses
Strip mall
Free-standing office
100% 100%
Established Practices New Practices
Source: MBA and FPA Practice Profile, 2010
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Optometric Practice Specializations(% of practices specializing)
12%
12%
40%
61%
70%
73%
Established Practices
13%
9%
41%
53%
58%
67%
New Practices
Source: MBA and FPA Practice Profile, 2010
Dry Eye Therapy
Hard-to-fit Contact Lenses
Glaucoma Treatment
Pediatric Eye Care
Low Vision
Sports Vision
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Optometric Practices withLarge Ethnic Populations
(% of practices with 25% or more of ethnic group)
9%
14%
22%
Established Practices
14%
17%
15%
New Practices
Hispanic
African-American
Asian
Source: MBA and FPA Practice Profile, 2010
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Average Daily Office Hours of Optometric Practices
8.18.6
7.88.4
7.5
2.9
0.2
7.57.8
7.27.7 7.2
3.5
0.20
1
2
3
4
5
6
7
8
9
10
Established Practices
New PracticesTotal weekly hours (average)Established: 43.5New: 40.8
Source: MBA and FPA Practice Profile, 2010
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Optometric Practice Patient Composition by Device Usage
11%
34%55%
Established Practices
No device used
Contact lens wearers
Eyeglasses-only wearers
10%
34%56%
New Practices
Source: MBA and FPA Practice Profile, 2010
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Dominant Household Income Group of Optometric Practices Patients
(% of practices)
2% 1%13% 18%
38% 31%
39% 43%
9% 7%
Established Practices New Practices
$90,000 +
$60,000-$89,000
$40,000-%59,999
$20,000 -$39,000
< $20,000
Household Income100% 100%
Source: MBA and FPA Practice Profile, 2010
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Complete Eye Exams Performed in Optometric Practice
12%
30%58%
Established Practices
"Healthy Eye" Exams
Contact Lens Exams
Eyeglass Exams
12%
30%58%
New Practices
Source: MBA and FPA Practice Profile, 2010
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Eye Exam Fees in Optometric Practice
(Median Fee)
Established Practices New Practices
Non-contact lens wearers: $115 $110
Contact lens wearers:
Existing wearer, no fitting $141 $145
New wearer, soft spherical $185 $173
New wearer, soft toric $205 $194
New wearer, soft multi-focal $216 $205
Source: MBA and FPA Practice Profile, 2010
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Marketing Expense Allocation of Optometric Practices
*Includes newsletters, brochures, signage, referral programs, open houses, direct mail
Source: MBA and FPA Practice Profile, 2010
12%
18%
21%
27%
22%
12%
25%
29%
17%15%
Website Media advertising
Internal marketing*
Recall Other
Established practices
New practices
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New Patient Ratio(% of eye exams performed for new patients)
Source: MBA and FPA Practice Profile, 2010
29%
63%
Established Practices New Practices
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Discounted Eye Exams(% of exams provided at discounted fee as part of a managed care insurance plan)
65% 65%
Established Practices New Practices
Source: MBA and FPA Practice Profile, 2010
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Contact Lens Patients by Lens Type
56% 55%
23% 24%
12% 11%4% 5%5% 5%
Established Practices New Practices
RGP
Colors
Soft multi focals
Soft torics
Soft clear spheres
100% 100%
Source: MBA and FPA Practice Profile, 2010
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Silicone Hydrogel Lens Penetration(Median % of soft lens patients wearing)
70%
80%
Established Practices New Practices
Source: MBA and FPA Practice Profile, 2010
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Patient Walk-outs(% of patients taking prescription to another provider for product purchase)
Source: MBA and FPA Practice Profile, 2010
10%
15%
10%
10%
Contact Lenses
Prescription Eyewear
Established Practices
New Practices
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Eyewear Second Pair Discounts
25%
92%
20%
94%
Median Discount (% off)
% of Practices Offering
Established Practices
New Practices
Source: MBA and FPA Practice Profile, 2010
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Frames Sales by Retail Price Point(% of units dispensed)
11% 11%
23% 24%
31% 34%
23% 22%
11% 9%
Established Practices New Practices
$300 or more
$200-$299
$150-$199
$100-$149
$99 or less
100% 100%
Source: MBA and FPA Practice Profile, 2010
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Elapsed Time Since Last Eye Exam Fee Increase
49% 53%
18% 11%
12% 15%
22% 21%
Established Practices New Practices
36 months or more
24 months
18 months
Within past 12 months
100% 100%
Source: MBA and FPA Practice Profile, 2010
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Frequency of Staff Meetings
23% 26%
14% 14%
29% 20%
24%23%
11%17%
Established Practices New Practices
Less often than quarterly
Every 2-3 months
Monthly
Every 2-3 weeks
Weekly or more often
100% 100%
Source: MBA and FPA Practice Profile, 2010
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Staff Management Processes and Practices(% of practices implementing)
40%
42%
59%
64%
78%
Established Practices
38%
29%
45%
49%
67%
New Practices
Source: MBA and FPA Practice Profile, 2010
Annual written performance appraisals
Written job descriptions
Written policy manual
Standard orientation for new hires
Staff uniforms
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Financial Management Processes and Procedures (% of practices implementing)
25%
56%
71%
Established Practices
26%
56%
61%
New Practices
Source: MBA and FPA Practice Profile, 2010
Written practice budget
Quantified revenue andnet income goals
Staff review of financial goals and performance metrics
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Marketing Management Processes and Procedures(% of practice implementing)
18%
21%
24%
32%
34%
58%
71%
Established Practices
26%
22%
11%
47%
38%
61%
70%
New Practices
Source: MBA and FPA Practice Profile, 2010
Written mission statement
Detailed annual marketing plan and calendar
Update practice website atleast quarterly
Capture patient email addresses
Use email as primary communication tool
Continuous patient satisfaction surveys
Routine pre-appointment
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Source of New Patients
47%35%
10%
14%
10%
8%
3%
3%
6%13%
24% 29%
Established Practices New Practices
Other
Media advertising
Direct mail
Physician referrals
Walk-ins
Patient referrals
100% 100%
Source: MBA and FPA Practice Profile, 2010
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Soft Lens Annual Supply Sales(% of patients purchasing annual supply during exam visit)
10%
50%
25%
Established Practices
5%
50%
20%
New Practices
Source: MBA and FPA Practice Profile, 2010
Two week lenses
Monthly lenses
Daily disposable lenses
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Contact Lens Re-fits(% of soft lens patients re-filled with new brand material or lens type)
30%
40%
Established Practices New Practices
Source: MBA and FPA Practice Profile, 2010
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Contact Lens Inventory(% of practices with an in-office inventory)
61%
33%
Established Practices New Practices
Source: MBA and FPA Practice Profile, 2010
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Source of Soft Lens Purchases
71% 76%
29% 24%
Established Practices New Practices
Direct from manufacturer
Distributor
100% 100%
Source: MBA and FPA Practice Profile, 2010
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Spectacle Lens Product Usage(Median % of Rxes)
5%
10%
10%
20%
52%
63%
Established Practices
5%
10%
10%
20%
60%
66%
New Practices
Source: MBA and FPA Practice Profile, 2010
Progressive lens(% of Presbyopic Rxes)
Anti-reflective
Photochromic
High-index (1.67 IR +)
Prescription sunwear
Computer lenses
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Average Elapsed Time Between Eye Exams(Months)
18
14
Established Practices
18
14
New Practices
Source: MBA and FPA Practice Profile, 2010
Contact lens patients
Eyeglass-only patients
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Instrument Penetration(% of practices using one or more)
32%
37%
45%
48%
58%
71%
78%
Established Practices
11%
22%
24%
32%
22%
56%
51%
New Practices
Source: MBA and FPA Practice Profile, 2010
Corneal pachymeter
Retinal camera
Nerve fiber analyzer
Corneal topographer
Anterior segment camera
Computerized refractionsystem
Optos
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Soft Lens Annual Supply Discounts(% of practices offering)
Source: MBA and FPA Practice Profile, 2010
65%
59%
Established Practices New Practices
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Practice Website Soft Lens Re-Order Functionality
(% with service)
Source: MBA and FPA Practice Profile, 2010
41%
27%
Established Practices New Practices
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Re-Use of Existing Frames in Eyeglass Rxes
(Median % of pairs dispensed with existing frames)
Source: MBA and FPA Practice Profile, 2010
18%
7%
Established Practices New Practices
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Spectacle Lenses Dispensed: Single Vision vs. Presbyopic
59%
41%
Established Practices New Practices
54%
46% Single Vision
Presbyopic
Source: MBA and FPA Practice Profile, 2010
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Optometric Staff Experience(Average years)
Source: MBA and FPA Practice Profile, 2010
6.7
2.4
8.8
5.6
Total optical experience
At practice
Established Practices
New Practices
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Office Managers(% of practices employing)
Source: MBA and FPA Practice Profile, 2010
57%
32%
Established Practices New Practices
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2010 Staff Salary Increases(% of practices)
19%
45%
38%
22%
27% 11%
17%21%
Established Practices New Practices
5% or more
3 - 4.9%
1 - 2.9%
No increase
100% 100%
Average increase: + 3.0% + 2.6%
Source: MBA and FPA Practice Profile, 2010
Average annual staff salary: $26,253 $22,526
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Staff Bonuses
Source: MBA and FPA Practice Profile, 2010
2.0%
39%
3.3%
70%
Median bonus % of salary
% Offering staff performance bonuses
Established Practices
New Practices
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OD Practice Owner Time Utilization(% of OD work hours)
76%60%
8%
15%
6%11%
4% 7%6% 8%
Established Practices New Practices
Vendors, CE
Staff training
Planning
Administration
Patient care
100% 100%
Source: MBA and FPA Practice Profile, 2010
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Receivables Aging(% of total receivables)
60% 58%
16% 18%
13% 12%
11% 12%
Established Practices New Practices
120 days or longer
60-119 days
30-59 days
Less than 30 days
100% 100%
Source: MBA and FPA Practice Profile, 2010