Let’s talk benchmarks. Not the kind you park yourself on during a Sunday stroll, but the kind that keeps your optometry practice on track, profitable, and crushing it. Optometry benchmarks are the metrics that tell you whether you’re sailing smoothly or paddling against a financial riptide. Spoiler alert: if you’re not measuring these, you’re flying blind.
Ready to dive in and learn how to hit, surpass, and absolutely obliterate your optometry benchmarks? Let’s roll.
The Must-Know Optometry Benchmarks
Before we start throwing around percentages and acronyms like PAC and ARPP (don’t worry, we’ll explain), let’s lay out the benchmarks that every optometry practice should be tracking:
- Revenue Per Patient: This is your bread and butter. If your ARPP (average revenue per patient) is under $300, you’ve got work to do.
- Capture Rate: How many patients are actually buying glasses or contacts after their exams? Benchmarks hover around 60-70%. If you’re below that, let’s fix it.
- New Patient Growth: Industry average? 15-20% of your patient base should be newbies each year.
- Patient Retention: Aim for 85-90%. If you’re hemorrhaging patients, it’s time to tighten the ship.
- Recurring Revenue: Say it with me: predictable income. This is why membership programs are your best friend.
ARPP: Your Profitability North Star
Let’s focus on the king of benchmarks: Average Revenue Per Patient.
Why does it matter? Because ARPP is the ultimate measure of how effectively your practice turns a patient into a profit. Think of it as your financial fingerprint.
Ways to Boost ARPP
- Upsell Premium Products: High-index lenses, blue light protection, anti-reflective coatings—patients love them, and they boost your bottom line.
- Membership Plans: Membership patients spend 3-5X more than PPO patients. BoomCloud™ makes launching and scaling a plan ridiculously easy.
- Additional Services: Add options like dry eye treatments, specialty contact lenses, or vision therapy.
Capture Rates: Don’t Let Them Walk Out the Door
If patients are leaving your office with a prescription but no glasses or contacts, you’re missing out. A good capture rate is at least 65%, but the best practices hit 75%+.
How to Improve Capture Rates
- Streamlined Experience: Have an optical shop in-house, and make it easy for patients to buy before they leave.
- Stylish Frame Inventory: Stock brands people actually want. Think Warby Parker vibes, but with better profit margins.
- Clear Payment Options: Offer financing or include discounts for membership patients.
The Patient Membership Program Power-Up
Alright, this is where the magic happens. Patient membership programs are the secret weapon that not only boosts ARPP but also stabilizes your revenue like a financial rock.
Here’s the deal: membership programs attract uninsured patients, generate predictable monthly income, and encourage loyalty. With a tool like BoomCloud™, you can automate everything from billing to patient enrollment.
Case Study: Clear Vision Optometry
- Active Membership Patients: 933 paying $35/month.
- MRR (Monthly Recurring Revenue): $32,655.
- ARR (Annual Recurring Revenue): $391,860.
- ARPP: $2,150 for membership patients compared to $500 for insurance patients.
Clear Vision used BoomCloud™ to build, scale, and manage their program, and the results speak for themselves.
Patient Acquisition Costs and Payback Periods
Marketing isn’t cheap, so you need to make every dollar count.
- PAC (Patient Acquisition Cost): How much do you spend to bring in a new patient? Industry averages hover around $150-300.
- Payback Period: How long does it take to recoup that cost? Membership patients pay back faster because their ARPP is higher and revenue is recurring.
How to Lower PAC
- SEO and PPC: Attract patients searching online for “affordable eye care” or “best optometrist near me.”
- Referral Programs: Incentivize current patients to refer friends.
- Social Media Ads: Run targeted campaigns that appeal to your ideal customer profile (ICP).
Recurring Revenue: The Ultimate Benchmark
You’ve heard of Netflix, right? Their entire business model is recurring revenue. Your optometry practice can—and should—operate similarly with a killer membership program.
Recurring revenue is predictable, scalable, and recession-resistant. Plus, it’s the easiest way to meet and exceed your revenue benchmarks.
How BoomCloud™ Crushes Benchmarks
Managing a membership program sounds like a lot of work, but that’s where BoomCloud™ shines.
What BoomCloud™ Does:
- Automates Billing: No more chasing down payments.
- Tracks Metrics: See your MRR, ARR, and churn rates at a glance.
- Patient Communication: Automated emails and SMS keep members engaged.
BoomCloud™ transforms your membership program from an idea into a revenue-generating machine.
Conclusion: Nail Your Optometry Benchmarks Like a Pro
Optometry benchmarks aren’t just numbers—they’re the roadmap to success. From boosting ARPP to scaling a membership program with tools like BoomCloud™, you have everything you need to crush it.
Set your goals, track your progress, and watch your practice thrive. And hey, don’t be afraid to aim higher than the benchmarks—because your practice deserves to lead, not follow.
