CareCredit’s New Interactive Dashboard Lets ECPs Benchmark Their Own Practice Metrics and Boost Capture Rates

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COSTA MESA, Calif.—According to recent data, more than 54 percent of total revenue in optometric practices stems from product sales. And while many practitioners intuitively feel they capture a significant percentage of sales in their dispensaries, sometimes that number may not be what practitioners have come to expect.

As Rachel Maas, area vice president, specialty marketing at CareCredit, points out, “Many eyecare professionals are passionate about the clinical aspects of helping patients, but sometimes, especially in independent practices, the process of objectively evaluating business activity and attempting to influence its direction takes a back seat to patient care. As eyecare practices are complex businesses with a number of performance metrics to possibly review, diving into data and setting goals may seem like a daunting task.”

CareCredit, which helps ECPs’ vision care patients address payment concerns with the company’s credit card and resource services, is offering new dashboard “calculators” to help individual practice owners get a better handle on their own metrics when it comes to capture rates and practice performance.

Maas explained to Vision Monday, “The intention of these calculators was to identify a couple of key metrics (which can significantly impact a practice’s bottom line), show how simple it is to assess some baseline data and then project potential revenue based upon setting actionable goals. These interactive tools are super simple to use and allow providers to easily play various target goals. We hope that it positively empowers them and stirs excitement about identifying ways to excel.”



 
Maas also noted that while monitoring data should be a year-round activity, it is especially relevant as the fiscal year comes to a close—particularly this year. “Practices have been faced with challenges beyond their control. So now, it is essential to focus on variables within their control. We want them to accurately see their strengths, recognize weaknesses and areas of opportunity and then seek ways to make 2021 a better year,” she said.

The interactive tool helps take practice’s own benchmarks and show calculations on what might need to be done to help increase the practice growth on those benchmarks.

CareCredit, a division of Synchrony Financial, has been supporting practices and patients for over 30 years. “It is more than just patient financing but a truly invested and knowledgeable partner within the eyecare industry,” Maas pointed out. “We provide a variety of free business tools and resources like this one for our providers. We create resources like this to help our providers gain insights and help their practice’s growth and success.”

Practitioners can check out the new Interactive Dashboard Capture Rate and Performance Calculator and download it for free at https://www.carecredit.com/opticalcalculate.