Launched amid the Covid-19 pandemic, the Optometric Business Tracker (OBT) is a collaboration between GPN Technologies and Eyecare Business that reveals sales and exams data from more than 2,400 practice locations across the country.
We continue to reveal crucial takeaways tracking practice exams and patient payments, plus frame, lens, and contact lens sales, but in a more easily digestible, focused way to address practice information needs heading into a new chapter of pandemic recovery.
This month’s OBT “Practice Pearl” focuses on inflation’s impact on optical.
Here, we share January 2023 practice data reported by GPN on Feb. 6.
Practice Pearl
Inflation reappeared over the past two years (2021 and 2022) with rapid price increases, as evidenced by the December unadjusted consumer price index (CPI) for all items averaging 6.5% per year over the past two years, GPN shares.
“Compare this to the stable periods, 2012 to 2020, where the rolling 12-month December unadjusted CPI for all items averaged only 1.6% change. Removing food and energy, the December 2021 to 2022 two-year rolling average was 5.25%, still inflationary compared to recent past years,” states the GPN team.
Similarly, GPN tracking of eyeglass frame list prices also shows inflationary increases over the past two years, averaging a 3.67% annual increase for the 12 months ending in December, with a rolling 12-month average list price ending at $215.26 in December 2022.
For a detailed look at recent trends and forecasts, head to visions.gatewaypn.com/are-your-frame-prices-keeping-up-with-inflation.
Practice Resources
GPN is using its eyeTHRIVE business solutions channel (eyeTHRIVE.net) to offer timely webinars and resources to ECPs. The open-forum webinars feature some of the industry’s most successful O.D.s, practice management consultants, and business owners. eyeTHRIVE members are invited to attend live webinars, view recorded presentations, download useful tools, and participate in live Q&A sessions with industry pros.
- All industry data provided by GPN: gpntechnologies.com.
GET MORE INDUSTRY DATA TRACKING
Visit eyecarebusiness.com/optometric-business-tracker monthly as we reveal the real-time data on countrywide practice sales and exams—provided by GPN.
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