Reasons to Review Your Practice Report
Hi there, yes, it’s me again. Do you know the number one statistic which doctors keep track of in their practices? Yes, it is the number of patients, i.e., how full is my appointment book? How many patients this month, compared with how many patients last month? That is not to say we should not keep an eye on our appointment book, but I think we would all agree that there are other numbers that we need to watch. Remember, saved dollars spend just as well as earned dollars.
As a kid, I can remember being very focused on one baseball statistic, namely, my batting average. We used to talk about it, compare with each other, and even worry about whether a close call was considered a hit or an error. I remember a particular double header where I went six for eight. Pretty good you might say. However, my six hits produced no runs and the two times I had a chance to do something with men on base, I failed to bring them around. The problem became very clear when my coach explained that it really didn’t matter that I had six hits…in the end, all that counted was the final score!
In these difficult economic times, it is important that we clearly focus on those practice statistics that affect our bottom line. The competition is fierce, our margins are thin, and we need to be smart in our decision making. For this reason, VSP® has produced an excellent resource to aid in practice management, the Practice Report.
The Practice Report is an excellent summary of our VSP patient activity and is a wealth of information about our practice’s relationship with VSP. Our patients’ needs create opportunities for us to make choices which impact our practice revenue. Remember, what is good for the patient is good for the practice! Throughout the report are highlighted opportunities that can help us increase revenue, decrease costs, and enhance our ability to deliver the very best overall patient experience.
Comparative prescribing rates on options such as custom progressive lenses and anti-reflection coatings are highlighted. The Practice Report is even color coded.
Orange arrows point to opportunities for increased reimbursement. Remember, VSP is now paying for reporting chronic disease conditions ($2-$5 per claim), so be sure to check the box! Also, consider the excellent proprietary VSP lenses and coatings. VSP Reveal® progressive lenses and UNITY® coatings are excellent choices for your patients and will improve your bottom line ($20 per VSP Reveal progressive lens dispensed).
Purple arrows show how you can benefit from the VSP GlobalSM Loyalty program. Be sure you check the Practice Report to see how you can fully qualify for dollars back on your 2011 Marchon®/Altair® frame purchases.
VSP is committed to the success of private practice. The focus is to give us opportunities to impact our practice profitability to the benefit of our patients. To that end, please check out your Practice Report.
To view your report online, log on to VSPOnline at eyefinity.com.