Optometrists may face several challenges brought on by recent economic conditions, but there’s also a lot to feel good about when practicing optometry today, according to a survey of those who attended the Optometric Management Symposium in Orlando, Fla. last November. Here, we share highlights of the survey, which polled attendees on practice growth, challenges, such as staffing and competition, and what attendees most love about optometry.

 

First, more than half the survey respondents report growth of 6% or more in the coming year:

• 41.7% predict 0% to 5% growth.
• 39.6% predict 6% to 10% growth.
• 10.4% predict 11% to 15% growth.
• 8.3% predict 16% to 20% growth.

While more than one-third of the respondents report growth across three sectors (medical, contact lens, and optical), the medical portion of the practice ranks highest:

• 43.8% - Medical
• 12.5% - Contact Lens
• 6.3% - Optical
• 37.5% - All growing the same

A portion of the growth may be attributed to price increases, as 43.8% report adjusting prices in three areas (frames, lenses, and exam fees):

• Frames – 14.5%
• Lenses – 10.5%
• Exam Fees – 10.5%
• All of the above – 43.8%
• None of the above – 20.75%

THE BIGGEST CHALLENGES

Respondents offered a wide variety of answers when asked about the biggest obstacle currently facing the field, but there was agreement on some of the noteworthy challenges. The three most common responses were:

1. Corporate practices offering cheaper prices
2. Decreasing insurance reimbursement rates
3. Retaining staff

Staffing also was a prominent theme when respondents were asked, “What is needed most in practice”:

• Staff training – 64%
• More staff – 51%
• More office space – 34%
• Billing service – 32%

In fact, respondents had a lot to say on the topic of finding and keeping staff. When asked, 61% said it was an issue in their practice. When answering an open-ended question on the best way to combat staff loss, the three most common responses were:

1. Increasing pay
2. Improving benefits offered to staff
3. Using referrals, recruiters, or online want ads to replace staff as needed

OPPORTUNITIES, MOTIVATION AND LOVE

While every field has its challenges, our readers also discussed what presents the best opportunities for the retail side of their clinics in the coming years. The most common answers were:

1. New types of specialty lenses
2. Myopia management
3. Dry eye services

These opportunities can enhance practice management, and while a few respondents specifically called out the independence and flexibility that comes with running their own clinic as a big plus, by and large respondents report they love helping their patients most of all. Perhaps, it’s no surprise then that when asked what motivates them most in practice, 69% cited patient care. As one respondent wrote, what they loved most was “the ability to care for the patient, share in their lives, and find ways that make a difference to their overall quality of life.” OM