March 3, 2015
Many practice management experts believe that optometry practices can be divided into two distinct businesses: a medical clinic and a retail optical store. Both of these businesses financially support the day-to-day operations of the practice and contribute to the bottom line.
If you are a practice owner, you are acutely aware that both of these lines of business are being squeezed. On the clinic side, the sheer difficulty of insurance claim filing has raised the cost of doing business for many, on top of shrinking reimbursements. On the optical side, competition from alternate sources for spectacles and contact lenses is fierce. Just yesterday I saw a TV commercial from an optical retailer stating, “You don’t have to get your glasses where you have your eyes examined.” Ugh.