The VSP Practice Report – A Key Tool in My Practice
The quarterly Practice Report is an extremely valuable tool that I use in my practice. I use it in three key ways:
- Analyze patient demographics to make informed purchasing decisions.
- Understand the number of and revenue generated from VSP claims.
- Identify revenue growth and improvement opportunities—the Practice Report shows exactly how much more revenue I can make with small changes.
Understanding patient demographics is critical for marketing and purchasing in our office. Using the Practice Report, I segment our patients by age bracket. For practices that see a high percentage of patients 45 and over, marketing can be geared towards newer progressive designs and the importance of annual ocular health examinations to detect diseases such as cataract and glaucoma. But for me, the 18-35 year old group is growing quickly, so I do more social media marketing to Millennials about digital eye strain and blue light technology.
Knowing the breakdown of male vs. female ratio also helps when educating my staff about new member benefits and purchasing frame styles for optical inventory. My patients really love the additional frame allowance they receive for Marchon and Altair frames—so along with promoting the value of the Extra $20 and Extra $40 programs to VSP members, and knowing which brands appeal to each demographic, my practice needs to be stocked and to respond to this demand. (In case you missed it, as of August 1, most VSP members will receive an extra $40 to spend on bebe, Calvin Klein, Flexon and Nike brand frames on top of their standard allowance.)
I’ve found that it is beneficial to go over the Practice Report quarterly with opticians and other critical employees. First, they become aware that the doctor is tracking things such as capture rate, average sale amount and products used. Second, they see how much revenue is lost by not recommending certain products. Finally, we discuss where we have room to improve and grow. No matter how well we are doing, there is always room to do even better. The report data allows us to set ambitious yet realistic goals. I also enjoy rewarding the staff for meeting our goals and they have something to look forward to every three months instead of just once a year.
I encourage you to review out your personalized Practice Report today—get the details about your activity with VSP and take advantage of the VSP Value Program opportunities you find. It’s a no brainer for me! For a practice where every penny counts, earning an additional $27 per progressive sale and $17 per single vision sale is huge. Patients get more value, so they are more likely to refer their friends and family to me. The practice makes more money from these programs, but the referrals truly help the practice to grow. It’s a win, win, win situation.
What do your patient demographics tell you? What small changes can your practice make to earn more revenue?