Optometry practice growth: business cases

The client. Dr. William C. Fruchtman’s Optometry Practice, owned and operated by Dr. William C. Fruchtman, O.D., is located in East Rutherford, New Jersey, an inner-ring suburb of New York City. With over 30 years of service to the community, the practice provides comprehensive eye care, including regular eye examinations, contact lenses, and glasses prescriptions. 

Dr. William Fruchtman’s practice continually seeks opportunities to add value to its services. He is cultivating his expertise in dry eye disease and macular degeneration, implementing advanced technologies, and using another effective strategy to expand his patient base – communicating with patients in their preferred language. Knowing that clear communication is vital to good care, Dr. William C. Fruchtman’s team includes members who speak Spanish and Polish. As such, their website is available in both Polish and Spanish, a valuable asset considering the area’s substantial Spanish-speaking population (up to 20% of the local demographic).

While achieving fluency in every language spoken within your community may not be feasible, consider adapting your website and patient materials to include translations in commonly spoken languages. As Dr. Fruchtman’s experience confirms, even a simple greeting in a patient’s native language can create a bond with patients or, at the very least, prompt a genuine surprised smile.

The problem. To establish expertise in specialized services, Dr. William Fruchtman has been committed to effectively managing dry eye disease and macular degeneration. Not so long ago, the practice implemented Equinox Low-Level Light Therapy (LLLT). This advanced dry eye treatment utilizes LED lights to warm the eyelids gently, promoting meibomian gland function and oil release. With dry eye management addressed, Dr. Fruchtman sought an additional tool to both strengthen his decision-making when managing patients with other pathologies, particularly macular degeneration, and increase his optometry practice growth.

The solution. After researching Altris AI, an Artificial Intelligence platform for OCT scan analysis, Dr. Fruchtman was positive that he wanted to try the platform. Following introductory meetings and a quick onboarding with the Altris team, he started a two-week trial. After personally testing the platform, Dr. Fruchtman decided it was an invaluable addition to his practice.

Integrating Altris AI into the practice has notably enhanced Dr. Fruchtman’s confidence and precision in diagnosing and managing eye care disorders. The practice has also gained a significant competitive advantage, as the platform can routinely perform Glaucoma Risk Analysis on existing OCT scans, offering additional value to patients. 

Thanks to the color-coded and labeled OCTs, optometry facilitates patient education and enables practitioners and patients to monitor the progression or treatment results more effectively. 

How to grow an optometry practice: more cases from optometry owners

Optometrists undergo years of education, training, practice, and continuous learning – understandably, it is hard to see additional time or resources to pursue business education. 

Many practitioners experience stress, balancing patient care demands with the realities of running a profitable business. This feeling can intensify when attending countless conferences and webinars highlighting thousands of ways to make business more efficient. While they offer valuable advice, it’s sometimes helpful to remember simple points of how successful optometry practice growth will look: attracting new patients, retaining existing ones, and ensuring a smooth and efficient workflow. These (even though overly simplified) points allow you to focus on the most critical details.

But before diving into ways of optometry practice growth, remember that the first step is a realistic assessment of your current situation. 

While you’re likely aware of some issues, feedback from your team and patients can provide insights, and sometimes even immediate solutions, for areas of improvement. 

Even though we cannot directly assist in assessing your specific practice, as you know it best, below we offer some key, proven strategies for growing your business.

Optometry practice growth: expanding your patient base

• Dry Eye Specialization

One effective strategy for optometry practice growth is to expand the scope of services to include the diagnosis and management of ocular diseases. For example, dry eye disease (DED) affects ∼344 million people worldwide and over 20 million in the United States alone, yet many remain undiagnosed and untreated. This presents a significant opportunity to care for a large and often underserved patient population. By developing expertise in DED and offering specialized treatments, you can not only attract new patients but also contribute to improving the quality of life for those suffering from this chronic condition.

There are numerous approaches to managing DED effectively. As mentioned, Dr. William C. Fruchtman’s practice utilizes Equinox Low-Level Light Therapy (LLLT). 

Dr. Shane Swatts, O.D., owner of Eastern Virginia Eye Associates, employs AI software to enhance DED diagnostics, conduct more comprehensive analyses, and keep detailed patient medical histories. This technology upgrades pre-and post-operative care, saving time without compromising accuracy.

• Aesthetic Optometry

Dr. Janelle Davison identified an opportunity for optometry practice growth by addressing patient needs while generating additional revenue by incorporating aesthetic optometry services into her practice. Within a single quarter, her practice generated $14,000 in revenue from aesthetic product sales alone. 

Source

Dr. Davison also collaborates with a licensed aesthetician who operates within the practice on a contract basis, sharing the revenue generated from aesthetic services.

• Glaucoma Management

Dr. James Deom, O.D., M.P.H., an optometrist from Pennsylvania, implemented a successful strategy for optometry practice growth based on attracting glaucoma patients, significantly increasing glaucoma-related revenue. He initiated internal marketing efforts by inquiring about patients’ family history of glaucoma and informing them about the practice’s newest technology for the early detection of vision loss.

Practices specializing in glaucoma management can significantly benefit from incorporating advanced software solutions to complement their existing diagnostic hardware. For instance, integrating Altris AI, AI for OCT,  into their OCT analysis workflow enables not only automated screening of 70+ pathologies and biomarkers but includes assessing retinal nerve fiber layer (RNFL) asymmetry for glaucoma risk evaluation.

• Patient-Centered Care

Offering diverse channels for patient interaction can broaden your practice’s reach and improve the patient experience. Dr. Melissa Richard, O.D., sought to provide patients with a preview of frame options before their appointments. To achieve this, she integrated Optify technology into her practice, a solution she discovered during a Vision Source Exchange lecture. This technology creates a virtual showroom where patients can explore and select their preferred frames in advance, streamlining the in-office experience.

Patient education is also key to patient-centered care and personalization, which not only empowers individuals and improves their outcomes but also fosters optometry practice growth. Those who understand their eye health are more likely to adhere to recommendations. 

A study demonstrates that 94% desire educational content, but a third don’t receive it. 

Providing color-coded OCT reports with pathologies, biomarkers, and pathology progression tracking not only satisfies this need but also elevates your practice above competitors.

Improve efficiency in the optometry office through strategic partnerships & team building

When optometrists consider further career development, they may seek additional support to achieve their goals. Dr. Linda Enciso, O.D., found such support when her practice joined the AEG Vision family in 2019. The transition brought numerous positive changes, boosting patient care and fostering growth opportunities for team members.

Although Dr. Enciso had already been operating her practice for 13 years and had implemented electronic health records (EHR) systems and third-party software to improve patient communication and boost optometry practice growth, her goal was to continue these advancements and expand the scope of practice.  Joining AEG Vision allowed her to transition to the training team, access continuing education opportunities to stay informed about advancements in optometry and healthcare, collaborate with other healthcare providers and cross-functional teams to enhance comprehensive patient care.

While the phrase “team building” might evoke images of complicated activities and extensive effort, fostering a strong team can be achieved through simple, engaging initiatives. Consider the inspiring example of Dr. Jonathan Cargo, O.D.  

Dr. Cargo recognizes the value of personal development through reading but finds it challenging to share his insights with his team effectively. Inspired by his wife’s long-standing book club, he initiated an office book club to encourage team connection and shared learning to improve efficiency in the optometry office.

The book club operates with team members suggesting relevant titles and collectively reading chapters over a month, dedicating time during team meetings for discussions. Dr. Cargo highlights the recent success of reading “Crucial Conversations,” a selection prompted by team members’ desire to deepen their communication skills, particularly in navigating challenging discussions with colleagues, patients, and even family members.  The shared reading experience gave a better understanding of effective communication strategies and empowered the team to navigate difficult conversations.

 

Summing up

When regarding optometry practice growth, consider the time, effort, and resources you are prepared to invest. To expand your patient base, explore the addition of new services.

 

To optimize costs and efficiency and gain a competitive edge, investigate the possibility of implementing AI in your practice – it can be a second-opinion tool, or you can read here how practitioners use it for marketing, creating educational materials, and more. To encourage staff retention and nurture a positive work environment, prioritize team-building activities; even seemingly simple initiatives can produce significant benefits.