Points for Profitability
Taking big leaps to new levels with your business can be a difficult, harrowing decision. Enter Jennifer Stewart, O.D., chief vision officer of Look New Canaan, in New Canaan, CT, who decided to move her plans to establish an in-house processing lab from year two of being in business to just two months after opening. As high costs remain a major issue for eyecare practices and independent businesses everywhere, such an investment can seem unrealistic, but Dr. Stewart shares revenue is up, and overall costs are down—the ideal tipping of the scales for any business.
EB connected with Dr. Stewart to gain some insight into the decisions that went into investing in an in-house processing lab and the resulting benefits.
EB: How do you expect the in-house lab to improve operations, patient care, service quality, and practice growth?
Dr. Stewart: We have already seen a tremendous boost in sales, especially multiple-pair sales, when we let patients know how quickly we can get them done. It has been especially helpful when the first pair is done through a vision care plan lab; we can offer a second-pair discount and have a higher profit on the additional pairs.
Most patients asked, “When will my glasses be ready?” As a new business, offering next-day service (depending on the patient) was a great way to differentiate ourselves and grow the practice.
In addition to the increased revenue, we will also see a decrease in our overall costs with using stock lenses.
EB: How does the implementation of a new in-house lab affect staffing?
Dr. Stewart: Look New Canaan consists of myself, my office manager, my technician, and my licensed optician. We didn’t hire anyone additional for our in-house lab. Only my optician had experience with in-house processing, so we were a bit nervous.
Our Coburn [Technologies] rep spent an entire day with us training everyone how to use the equipment and has been on call for troubleshooting. My technician, who had no optical experience, is actually the one who cuts most of our jobs—she loves it!
EB: Can you share any hard-won lessons learned from the experience of establishing an in-house lab?
Dr. Stewart: If you are nervous about it, just do it. The training provided is extremely comprehensive and can train even the most inexperienced person. There are so many ways to bring in-house finishing into an established practice. Don’t be intimidated by the setup; your salesperson will guide you through the process of what is needed and how it all works. In a time when we are all trying to have more efficient, profitable practices and manage our costs, one of the best decisions you can make is in-house processing.
