Nov. 29, 2023 — The Vision Council (TVC) has published its latest report, Provider inSights Q3 2023, to reveal sentiments from eyecare professionals regarding the daily operations of their practices, the eyecare industry, and the American economy.
 
According to the report, the outlook on the U.S. economy among ECPs has worsened, as ECPs indicate feeling less confident in meeting revenue goals for 2023 than they did in the first half of the year.
 
As TVC senior director of market research and analytics Alysse Henkel explains, economic challenges continue as a top concern with inflation heavily affecting wholesale prices of eyewear and practice supplies—issues that are affecting consumer behavior, as patients continue to be price-sensitive when purchasing eyewear and eye exams.
 
Here are some additional takeaways from the report:

• Hiring continues to be the biggest challenge for ECPs.
• Most ECPs don’t expect a change in staffing levels at their practices.
• The inflation challenges in the first and second quarters did not change significantly in the third quarter.
• Most ECPs report increasing prices to reflect wholesale price increases.
• When it comes to treating childhood myopia, parental and patient compliance with treatment and the cost of treatment are the two biggest challenges ECPs report facing.

 
TVC shares that while ECPs reported a less successful third quarter compared to the first half of the year, they maintain a positive outlook for the rest of 2023.
 
The report is available here as a complimentary download for members and for nonmembers to purchase.
 
For more information: thevisioncouncil.org.