ALEXANDRIA, Va.—This week, The Vision Council released a new Provider inSights report, its semi-annual research study exploring eyecare provider sentiments related to daily operations of their practices, the eyecare industry and the American economy. Compared to previous years, The Vision Council found that ECPs are reporting “substantial decreases across all areas of their practices’ performance—including revenue, staff retention, and patient acquisition and retention.” Alysse Henkel, vice president of research and inSights at The Vision Council, said, “Performance of the economy, effects of inflation, and considerations about available jobs and workers remain top of mind for a majority of eyecare providers.

"Our report shows that most eyecare providers have felt the impacts of inflation during the first six months of this year, and they do not anticipate substantial improvements across other areas of business performance by the end of the year, such as hiring new staff, or increased practice revenue,” Henkel said.

The Vision Council revealed that inflation is a central issue affecting eyecare practices in 2024, with three quarters of providers reporting that it has had a direct impact on their operations. One of the most significant consequences of inflation has been the increase in wholesale prices for eyewear products, which The Vision Council reports many practices have had to pass on to their customers. Patients, in turn, have begun opting for more affordable options or delaying purchases.

Additional report highlights include the following:

  • The number of providers that report above-average revenue performance for their practices decreased by 20 percentage points compared with 2023.

  • Only 17 percent of providers report above-average performance in hiring new staff in 2024.

  • Eighty-five percent of eyecare providers reported that their practices are either slightly understaffed or optimally staffed, indicating there is no significant change from 2023.

  • Seventy-eight percent of eyecare providers report not offering telehealth services in their practices, and 70 percent indicate that telehealth is not a priority for their practice.
Finally, The Vision Council reports that most ECPs believe the U.S. economy performed worse in the first half of 2024 compared with 2023. Fifty-three percent of ECPs believe that the U.S. economy will either stay the same or improve in the remainder of 2024.

This study was conducted in July of 2024. The full report is available in The Vision Council’s Research Download Center as a complimentary download for members of The Vision Council, with a paid option for non-members to download.