VSP Annual Practice Report

By Daniel L. Mannen, OD, FAAO April 26, 2013

The two most commonly referred to statistics in optometric practice are: number of patients and net receipts. While these two statistics do provide some useful information, it would be much better to find the reasons behind the numbers.

Doctors utilize many methods to analyze and manage their practices. Some use gut instinct, others hope it is going to be OK, and still others rely on previously successful strategies. In addition, it is important to utilize specific comparative data and to look for trends and opportunities to maximize practice performance.

The VSP Annual Practice Report is a great source of important comparative data which can really help us in making practice decisions. Though the data in the report is the summation of only VSP patients, I have found that the trends correlate very well to my entire practice. Comparative data from the past three years is presented on many key practice statistics making it easy to spot opportunities for improvement. VSP average data is also provided so you can see how your practice stacks up with your colleagues.

In these challenging economic times, it is important that we focus on those practice statistics which affect our profitability. The competition is fierce and the margins are thin. We simply must make smart business assessments and be spot on in our decision making.

Do you know your capture rate? Your capture rate trend is clearly demonstrated in the practice report offering important insight regarding your ability to keep prescriptions in your practice.

Throughout the VSP Annual Practice Report you will also find highlighted opportunities which will decrease cost and increase revenue, all the while doing what is best for our patients. Remember, what is good for the patient is good for the practice.

Let’s highlight just a couple of the many potential income producing opportunities found in the practice report.

The VSP In-Office Finishing Program allows you to receive your normal dispensing and option fees plus additional revenue for finishing services…not to mention the faster turnaround time for your patients. Our practice is strongly considering VSP In-Office Finishing as our next move.

Be sure to check out the UNITY Savings Program which increases your revenue for every UNITY digital lens and coating dispensed for your VSP patients. Revenue opportunities are available with digital UNITY single vision lenses, as well as UNITY digital progressives with UNITY AR and Transitions. Our office changed almost exclusively to UNITY products in 2012 with excellent patient acceptance and increased revenue for our practice.

As I See It, the idea is to work smarter, not harder. To ensure success tomorrow, we must have a clear picture of practice performance and that requires accurate data.

The VSP Annual Practice Report can provide important information about how your practice is performing. It can help you identify opportunities which you can target in your practice to improve your bottom line. And perhaps most importantly, the practice report can highlight specific steps on how to get there. I encourage you to refer to this valuable tool as you develop your action plan for your practice.

Download your personalized VSP Annual Practice Report today at vsppracticereport.com.

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