Key Performance Indicators for Contact Lens Sales
Key Performance Indicators (KPIs) in the clinic are every bit as important as they are in the optical. Your contact lens capture rates are critical in understanding your practice performance and patient buying habits. Let’s talk about how those capture rates are calculated, and how you can use them to understand what’s happening in your own practice.
Contact Lens Capture Rate
Capture rate, as we’ve discussed before, is simply a means of measuring how many patients take a specific action. For instance, we typically want to know what ratio of patients have made an optical purchase following an eye health exam, and most practices are at least aware of the importance of that statistic. For more on optical capture rates, visit our previous articles.
In the clinic, we can measure capture rate relative to a pretty wide variety of behaviors. In terms of contact lens sales, we need to understand how many of our contact lens patients are buying their contact lenses from us, as well as how many are buying yearly supplies of their lenses. Why does this matter? If they’re not buying those lenses from you, they’re buying them from online retailers, or other outlets. If your practice has placed a high priority on CL sales, then you’ll need to find strategies to keep the purchase in-house, as it likely plays an important role in your overall revenue picture.
Define Your Patients
For purposes of these metrics, we want to concern ourselves only with patients who are actually candidates to purchase contact lenses, or patients who have had a contact lens exam. You have to have a number as the divisor in this equation, so we’ll need a way to ‘count’ the patients to be included in our formulas. The easiest pathway is to isolate the CPT codes your practice uses for contact lens exams. In EDGEPro, we count the incidences of code 92310 as the baseline number of contact lens exams. (EDGEPro tip: for consistency’s sake, we only include patient encounters with a refractive service when calculating the number of exams.)
Define Your Purchases
Contact lens purchases can be counted in a number of ways, so it’s important to define the purchase type you are considering. Here are a few options:
- Contact lens purchase. A single purchase of any quantity or type of contact lenses. This could be a GP lens pair, a box of dailies, or any other contact lens product. The “sale” is counted as individual invoice = 1 sale.
- Year’s supply purchase. A single purchase of sufficient contact lens(es) for a full year of contact lens wear.
- Boxes of contact lenses purchased. The total number of boxes of any quantity or type of contact lenses sold.
- Month’s supplies purchased. The number of months of contact lens wear purchased by the patient.
Do the Math
At EDGEPro, we calculate these metrics using the above definitions and data points:
- Contact lens exams (count)
- Contact lens capture rate:
- Contact lens purchases / Number of contact lens exams
- Number of year supplies (count)
- Year supply percentage:
- Annual supply purchases / Number of contact lens exams
- Percentage of Daily Contacts:
- Number of contact lens purchases (invoices) including daily contact lenses / Number of all contact lens sales (invoices)
- Boxes sold (count)
- Number of months sold (count)
These metrics give a pretty complete picture of the contact lens success rate in a clinic. The real magic becomes apparent when you begin to track these from month-to-month, quarter-to-quarter, or year-over-year. Maintaining a high success rate with your contact lens patients can really leverage the profitability of this product type, and help improve the practice’s long-term financial success. Regular tracking of contact lens key performance indicators will help you identify opportunities to develop, expand and perfect a solid CL strategy to acquire and retain these important patients. It will also help you head off dips in your contact lens numbers before they become significant problems by identifying downward trends early, rather than after-the-fact.
Leverage Your Superstars
Take your contact lens KPIs calculations to the next level; run them by doctor. You may be surprised at what you uncover. Even in practices that have deliberate and thoughtful handling of contact lens patients, results by doctor can vary widely.
As always, take the time to have the important conversations about what works and what doesn’t. A doctor who sells substantially fewer annual supplies, or a lower ratio of daily-wear contact lenses may benefit immensely from spending an hour as an observer during an exam with a provider who is more successful with those types of sales. A cohesive approach to contact lens sales should always be based on facts, not assumptions; tracking these contact lens KPIs can dramatically augment your efforts.
COO & Co-Founder
Evan is the Chief Operating Officer and co-founder of GPN Technologies. Evan has a Master of Business Administration from Binghamton University, where he also received his undergraduate degree. While at college, Evan was president of his engineering fraternity, Theta Tau, and manager of the student newspaper. Evan's entrepreneurial background began when he started a computer repair business, followed by a photography studio, and eventually, he joined his father's optometric practice, where he became a partner.
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