LOOK AT CONTACT LENS PURCHASES TO MAKE INFORMED INVENTORY DECISIONS

AS THERE are many other business decisions to discuss, contact lens inventory choice tends to get “last-minute attention.” Typically, a company representative informs us about an improved pricing structure or other incentive to order an inventory of contact lenses. If the offer is enticing enough, many of us decide to move forward with it. But before making this decision, we should take a step back, and analyze the decision from the business’s point of view.

1 GATHER THE INFORMATION

We utilize a “contact lens proposal” form. (See example at right.) Our technicians fill it prior to any inventory order. After meeting with the representative, they gather all the necessary information, and plug it in to the form. The doctors and practice owners need to approve the purchase before moving forward.

One important line we analyze before signing off on an inventory purchase is the “profit per-year supply.” We stress annual supply sales in our office, so the difference in profit is an important number to know.

The other important piece of information is the “boxes sold in the past six months.” If we are required to purchase 100 boxes of a specific lens, but have only sold 100 boxes in the last six months, that means those boxes will probably sit on our shelves for the next six months; it would not make sense to make that purchase.

2 COMMIT TO THE LENS

If you are going to stock a specific lens, it needs to be a lens design and modality you are committed to. Don’t just inventory a lens that has a good deal, it should be one of your “go-to” lenses. This is why doctors sign off on the purchase: It is important for them to know which inventories are on-hand to utilize, when all other factors are equal.

3 ASSESS GROWTH GOALS

Many manufacturers provide an incentive to grow your business with them, specifically. It makes sense, from their perspectives, to partner with doctors and practices committed to their products. This situation may be an “additional perk” to purchase an inventory. However, it should not be the No. 1 or No. 2 reason to purchase.

CONSIDER OPTIONS

Don’t make rash decisions with respect to contact lens inventories. It is nice from the patient’s perspective to leave with his or her contact lenses on the same day, but your inventory needs to make sense for your business. So, evaluate the details, and make a sound decision. If you are committed to the lens, inventories can be a win for the practice and patient. OM

DR. MILLER is a partner at Eyecare Professionals of Powell, in Powell, Ohio, on the board of the Ohio Optometric Association and is an adjunct faculty member for The Ohio State University College of Optometry. To comment on this article, visit tinyurl.com/OMcomment .