Practice owners are always looking for an edge. While there is no magic pill, there are different levers to pull for business maximization. Tracking certain key performance indicators (KPIs), such as chair time, can help you rethink business strategies.
Chair Time
As simple as it sounds, chair time tracks the amount of time a patient spends with an OD. This KPI helps assess how well the practice is utilizing its clinical resources and serves as an indirect measurement of efficiency.
It also allows a business owner to consider overhead expenses and income when deciding how much revenue needs to be generated for patient encounters to ensure profitability. For example, if a low-paying vision discount plan reimburses $40, and the exam time was 30 minutes, does the income generated from that encounter (including potential glasses/contact lens sales) warrant remaining on panel? Separately, many ODs tout charging a high amount for specialty offerings like scleral lens services. However, if a scleral lens patient requires seven office visits, does the revenue still make sense given how much chair time has been allotted to this service? Optimizing chair time creates clarity in deciding how to best see patients without compromising the quality of care, while focusing on profitability.
Successful optometry practice owners do more than provide phenomenal eyecare. They track chair time and allocate resources to improve the bottom line and lead a thriving office.
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