Steve Wybo: Determining a Practice’s Optimal Market Share – Ophthalmology Business
Steve Wybo was quoted in Ophthalmology Business‘ article titled “Determining a Practice’s Optimal Market Share.”
Steven Wybo, senior managing director, Conway MacKenzie, Detroit, said, “If a mature practice is looking to grow at a rate just above the industry growth rate, it may be more cost efficient to squeeze more revenue from current customers.”
Employing text messaging or other effective forms of communication to remind patients of checkups or contact renewals could increase scheduled and attended appointments. Implementing an advanced, efficient scheduling system is vital as well, according to Mr. Wybo.
“A practice could also alter its strategy to be more surgically focused, and defer lower revenue services to optometrists in order to free up ophthalmologist practitioner capacity to schedule more high revenue/margin surgeries,” Mr. Wybo
A major concern in the ophthalmology industry is that demand for services is forecasted to exceed the current supply of ophthalmologists. This may seem troubling, but may offer a new growth vehicle for ophthalmology practices by collaborating with optometrists through either formal partnerships, mergers, or acquisitions, Mr. Wybo noted.
Optometrists are expected to grow in number by 2–3% annually to meet the rising demand for eyecare. “Forming strategic partnerships has the potential to increase referrals, expand capacity, and add and/or retain highly specialized yet scarce practitioners to your labor force,” Mr. Wybo said.
“Through integration, capacity constraints could be alleviated enough to allow ophthalmologists to increasingly focus on surgical procedures that generate more revenue per customer. By co-managing and being involved in the entire continuum of care from examination to post-surgical rehabilitation, practices are more likely to retain or attract patients who may have previously received surgery at one practice and received rehab at another, due to convenience in location or price,” Mr. Wybo said.