Contact lens patients are more profitable to optometry practices

LAS VEGAS – Recognizing and maximizing the value of the contact lens patient to the optometric practice was the topic of a presentation given by Kelly Kerksick, OD, here at Optometry’s Meeting, the American Optometric Association Annual Congress, Thursday.

In addressing the profitability of contact lens patients to optometry practices, Dr. Kerksick reviewed findings from an independent study by the London Business School, as well as data from a more recent study conducted by the Wharton School at the University of Pennsylvania.

Contact lenses vs. spectacles

The London Business School Study sought to determine whether contact lenses are more, less or equally profitable to the eye care practitioner than spectacles.

“We need to think about contact lenses and glasses as complementary products that both help practice growth,” Dr. Kerksick said in her presentation, which was sponsored by Vistakon. “Doctors tend to focus on the initial transaction, and miss out on the longer-term, lifetime value of their patients.” The study found that although a contact lens patient may to cost more because of increased chair time for the contact lens fitting, contact lens patients return more frequently to the doctor than do glasses-only patients.

“Over time, contact lens patients return more frequently for eye exams, prescription renewal, repurchase of contact lenses and purchase of glasses,” Dr. Kerksick said. “This allows the doctor to develop a longer-term and more loyal relationship with the patient.”

The study’s key findings were that patients who wear both spectacles and contact lenses are up to 80% more profitable. The study also found that at least 60% of contact lens patients also buy their spectacles from their eye care professional. The conclusion was that on average, a contact lens patient is 1.5 times more profitable than a contact lens patient.

Lifetime value

The study conducted at the Wharton School looked at a random sample of 150 doctors who were recruited by telephone from a client-provided list. Each doctor was asked to select 20 patients who had a history with their practice, required some type of vision correction and were not recent surgical patients. A total of 114 doctors completed the Background and Patient Audit Logs.

Of the patients studied, 7% wore contact lenses only, 45.6% wore spectacles only, and 47% were contact lens and spectacle customers.

The study found that the patients who exclusively wore contact lenses generated $572.14 in revenue per patient over 5 years. Exclusive spectacle lens patients generated $591.09 over 5 years. Patients who wore both contact lenses and spectacles generated $756.98 per patient over 5 years.

In terms of frequency of visits, the study determined that contact lens-only patients visited their doctors 1.39 times per year over 5 years, spectacle-only patients visited less than one time per year on average over 5 years, and contact lens/spectacle patients visited their doctors 1.54 times per year on average over 5 years.

The study concluded that contact lens patients have more “hidden value” over time, and that the greater frequency of office visits among contact lens wearers may help to build a strong relationship with your practice.

Dr. Kerksick emphasized the importance of developing a long-term relationship with contact lens patients. She likened it to a favorite restaurant or coffee shop that consumers return to often.

“I don’t keep going to my favorite coffee shop because of the coffee. I go back because it sells community,” she said. “The relationship-building part of each visit is the most important. I want my patients to leave and say ‘wow.’”