A new study by CareCredit offers illuminating data about the economics of independent optometry practices. The data was provided by Glimpse, a division of ABB Optical Group, and was generated from over 500 independent practices participating with The Glimpse dashboard service.

The total gross revenue per practice in 2018 averaged just over $2 million per year, according to the report, “Independent Optometry Key Performance Metrics, Trend Report 2018.” The authors noted, “Q3 brought in the highest level of revenue, indicating possible seasonal consumer needs, such as back to school. Comparatively, the total gross revenue trend from 2017 to 2018 was very stable, averaging just over $2 million per year, with Q3 demonstrating consistent peaks in revenue.”

The report shows that in 2018, each practice served an average of 4,184 patients over the 12-month period, and aligning with Total Gross Revenue, Q3 reported the highest level of practice traffic. “Comparing patient volume from 2017 to 2018, total patients served showed a decline of 5 percent and consistency with the largest number of patients served in Q3.

“In 2018 the average revenue per patient ranged from $450 in Q1 to a high of $505 in Q2, but overall, quarterly averages were within 7 percent of the yearly average,” the authors said. “Comparing trends from 2017 to 2018, while the total number of patients served dropped 5 percent, in 2018, the average revenue per patient increased by 5 percent, helping to stabilize overall practice profitability.” Click here to view the entire report.

Source: “Independent Optometry Key Performance Metrics, Trend Report 2018” by CareCredit, based on data from The Glimpse dashboard service