Is Your Practice Missing Out on $140K in Revenue from Current Patients?
The math behind a profitable specialty
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- Matt Rosner, Director of Growth
Adding a unique specialty like NueroVisual Medicine (NVM) is a popular choice for independent ODs who want their practices to evolve without requiring additional exam lanes or a new location. But, with any change, there are questions that need to be answered before you can justify taking the leap. Here, the first is the most critical:
“Do I have enough of 'the right kind' patients?”
Consider this: the average practice sees 60 patients in a standard week. If you’re around that number, congratulations! Your patient volume is high enough to build a specialty practice — you’re eligible to tap into NeuroVisual Medicine, an high-demand specialty that could add a minimum of $140,000 revenue annually.
Let’s look into each factor involved in coming to that number — and answer each of the most common questions that arise along the way:
“How do I identify patients for this specialty?”
One of the great things about building a NVM specialty is that you don’t have to figure out where to find new patients, because the patient population is already in your practice.
Research shows that 1 in 5 patients experience Binocular Vision Dysfunction, a condition that causes a range of symptoms like headaches, dizziness, and anxiety. Most of these patients struggle to find a reliable and convenient source of treatment so they just “learn to live with” their symptoms. In other words, they’re already looking for the specialty you’re beginning to develop.
Karri Buresh, an OD who launched a NeuroVisual specialty in her Salt Lake City practice, commented on this as one of the reasons why increasing specialty exams happened so smoothly in her practice:
“It was a really great way to fill almost two of her days right off the bat. We didn't have to bring in new patients... roughly 25% of our patient population would benefit from some type of prism in their lenses.”
And unlike many other specialties, NVM doesn’t require you to invest in any specialized technology to get up and running. You can use the Binocular Vision Dysfunction Questionnaire (BVDQ™) as a part of every screening to identify the patients that would be a fit for a more intensive exam NeuroVisual exam. Learn more about implementing the BVDQ™ here!
“It was a really great way to fill almost two of her days right off the bat. We didn't have to bring in new patients... roughly 25% of our patient population would benefit from some type of prism in their lenses.”
And unlike many other specialties, NVM doesn’t require you to invest in any specialized technology to get up and running. You can use the Binocular Vision Dysfunction Questionnaire (BVDQ™) as a part of every screening to identify the patients that would be a fit for a more intensive exam NeuroVisual exam. Get free access to the BVDQ™ here!
“How well do symptomatic patients convert into NVM appointments?”
Because your first crop of NVM patients come from within your practice, you’ll quickly see a high rate of success in educating them about the need to dedicate time to finding a treatment plan that works. According to our data, 30% of patients who take the BVDQ and are symptomatic in the practice schedule a dedicated NVM evaluation:
20% of patients are symptomatic in a practice x 30% of those convert into NVM patients = 3-4 specialty appointments generated per week
Stephanie Bartash, ABOC, Practice Development Manager at a Philadelphia practice that sees a high proportion of NVM patients, echoed the sentiment that these patients convert at a steady rate:
“In our practice, we typically see 10 to 15 patients per day, and of those patients, 1-in-4 schedule a NeuroVisual optometry appointment.”
“How much more revenue does a specialty patient generate compared to a routine exam?”
Of course, not every NeuroVisual consult will turn into a full NVM patient, but if screened properly, over 90% do! These patients represent a significant increase in per-exam revenue: according to our data, each patient’s treatment plan earns you around $1,500 in revenue or more, compared to around $300 for a non-specialty patient.
“Is patient demand high enough to start converting in my practice?”
Let’s make an estimate assuming you are seeing 60 patients per week. 20% (12 patients) will be symptomatic, score high on the BVDQ™, and will be excellent candidates for NeuroVisual Treatment. Of these 12, approximately 30% (3 - 4 patients) will go on to have an NVM evaluation and treatment.
To be very conservative, let’s assume only 2 of those 12 symptomatic patients opt-in to NeuroVisual Medicine Treatment: 2 patients/week x 48 weeks/year = 96 patients/year x $1500/patient = $144,000/year
“How do I dedicate the right amount of clinical time to this new specialty”
Since NeuroVisual Medicine is a turnkey specialty — meaning that training is the only thing you need to get started — you can adjust your schedule according to the demand without risking your business.
If you start with one half-day per week, you’ll easily be able to spend time with the two new NVM patients you bring in per week in the beginning. From there, you can let the demand dictate how much of your schedule you devote to your specialty practice, keeping in mind that this specialty will drive referrals as you become more and more known in your practice area and beyond.
From there, you can start booking out NVM patients 1-2 weeks ahead, then 3-4 weeks. When you’re at six weeks booked out, it’s time to devote an entire day of your typical week to specialty patients. When you’re booked six weeks out again, increase to another half day (or hire an associate to support your growing specialty and add revenue faster!)
At this point, there’s only one question left to ask…
"Can I afford NOT to add a NeuroVisual Medicine specialty?"
Ok, so this isn’t a serious question. But, when you break down the numbers, the financial (and overall) benefits make too much sense to ignore.
- NVM doesn’t require an investment in new technology
- You can start right away using the demand already in your practice
- A small change in the way you set up your exam breakdown can earn you at least $140,000 in additional revenue — in year one
Curious and want to learn more?
We can help you understand your earning potential with NVM, free of charge!
Sign up for a complimentary Impact Analysis Consultation and learn more about how developing an NVM specialty can help you grow your practice
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