The Vision Council study finds overall decrease in practice performance
The study, conducted in July 2024, reported decreases in all areas of practice performance, including revenue, staff retention, and patient acquisition and retention.
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A recent Provider inSights report released by The Vision Council has found that eye care providers are recording substantial decreases in 2024 across all areas of their practice’s performance, including revenue, staff retention, and patient acquisition and retention. Additionally, when hiring new staff this year, only 17% of providers reported above-average performance, according to a news release. The study was conducted in July 2024.1
“Performance of the economy, effects of inflation, and considerations about available jobs and workers remain top of mind for a majority of eyecare providers,” said Alysse Henkel, vice president of research and inSights at The Vision Council, in the release. “Our report shows that most eyecare providers have felt the impacts of inflation during the first 6 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.”
This impact that inflation has had on practices is most evident in wholesale prices for eyewear products, which has caused patients to be more price sensitive by either opting for more affordable options or delaying eyewear purchases. Compared to 2023, providers reported that above average revenue performance for their practice decreased by as much as 20%. Despite the toll inflation has taken on revenue, over half of eye care providers also believe that the US economy will either stay the same or improve over the remainder of 2024.1
However, staffing as remained a constant when comparing this year to last. Eighty-five percent of eye care providers stated that their practice is either slightly understaffed. Additionally, almost 80% of eye care providers do not offer telehealth services, with 70% stating that telehealth is not a priority for their practice.1
The full report is available in The Vision Council’s Research Download Center.
Reference:
Eyecare providers report decreases across all areas of practice performance according to new research from The Vision Council. News release. The Vision Council. August 22, 2024. Accessed September 10, 2024. https://thevisioncouncil.org/blog/eyecare-providers-report-decreases-across-all-areas-practice-performance-according-new
