29 Oct 10 Things I Learned at Vision Expo West

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Michael Block of Block Business Group

Here are 10 things I learned at Vision Expo West 2015.

· Independent ECPs are alive and well.

·The economy is growing and our industry is along with it.

· Independent ECPs need to be proactive in our marketing or we'll be left behind.

· A social media presence and an up-to-date website are a must for all ECPs.

· There is a variety of product out there. It's important to know your practice demographic and buy accordingly.

· Financing options -- CareCredit is one example -- are an important tool for upgrading patients' eyewear selections and selling multiple pairs, especially in the managed care environment.

· In the face of mounting competition, make sure your office is modern and up-to-date. Take an objective look at your dispensary and ask yourself if it's a place where you'd feel comfortable shopping. If not, it's time to upgrade the appearance.

· Private equity funds are circling our industry for investment opportunities.

· Consolidation is inevitable.

· As doctor alliance groups begin to sell out (some already have) to private equity or corporate entities, affiliating with a buying group will continue to be crucial to the financial health of your practice.

This post originally appeared in the October issue of BBG's Blockbusters newsletter.

Last modified on Thursday, 29 October 2015 18:58
Michael Block

Michael Block is president of Block Business Group, which has been helping independent eyecare professionals with their purchasing and practice management needs since 1983. Learn more at blockbg.com.

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