contact lense economics
Coming
in First by Promoting Your Practice
BY
GARY GERBER, OD
I've written many articles about the importance
of remaining current in our field. Just as being first is important to success
in auto racing, it's also important to success in building your contact
lens practice. Over the last few years, there's no question that we've had many
opportunities to embrace new products and technologies. Wavefront aberrometry, silicone
hydrogel contact lenses and corneal reshaping are but a few of the many new topics
that you've already heard and read about.
Promotional Do's and Don'ts
While we still recommend to our Power Practice clients to stay
on the forefront of what's new, we also advise them to be careful not to attach
their practice persona and brand to the new object. After all, what's new today
is old tomorrow — especially at the pace that technology is changing. There's
a fine distinction between telling prospective patients, "We specialize in fitting
new SuperOxy contact lenses" or saying, "We have continued our commitment to remain
on the forefront of vision correction."
Not being conscious of this subtle difference is risky and can
damage your practice brand. First, as I mentioned above, sooner or later, not only
will SuperOxy contact lenses not be so super, but other practitioners will be fitting
the lenses too. And, as all products do, SuperOxy will go through a product pricing
life cycle. Initially, as a new product, the profit margins are higher than they'll
be in the future when the product matures. If you've built your cost structure around
delivering this product at its original higher price, then you'll be in financial
straits when prices and margins start to fall. And fall they will, because no product
is immune from this pricing life cycle phenomenon.
Attaching yourself to a new product rather than promoting
yourself as a purveyor of all new products runs another risk, although much more
remote than the first: Not all new products succeed.
When You've Got it Right
You'll know you're succeeding in correctly positioning and identifying
your practice as the place for new technology when patients start calling you to
inquire about new products. Not just to see if you have them — they should
assume you do — but to find out your opinion of them. After all, patients will
surmise that you can only offer a qualified opinion about a new product if you have
experience with it. Alert your staff to be very aware of how patients inquire when
they call. If patients ask, "Do you have those new SuperOxy lenses?" then you aren't
doing as well as if patients ask, "What does Dr. Bill think about those new SuperOxy
lenses?"
Embracing new technology and products is critically important
to your practice's long-term success. Real benefits arise from being the first practice
in your community to offer something new to patients, and continually doing so will
position you ahead of the pack in a very favorable ranking: First. But, be cautious
to avoid directly latching your hard-earned reputation to new products or devices.
After all, you wouldn't want to be known as the practice that specializes in fitting
PMMA contact lenses, would you?
Dr. Gerber is the president
of the Power Practice – a company offering consulting, seminars and software
solutions for optometrists. You can reach him at (800) 867-9303 or
DrGerber@PowerPractice.com.
Contact Lens Spectrum, Issue: March 2006