Vision Source Member Doctors Outpace Industry in Growth
Vision Source members realize organic growth at rate 10 times 2017 industry estimates
KINGWOOD, Texas (April 11, 2018) – Vision Source, the nation's premier network of private practice optometrists, reports member practices weighted-average revenue growth rate of 5.7 percent during 2017. "Our members continue to show that independent, 100 percent doctor-owned practices can thrive even when the overall industry growth trend is relatively flat," commented President and CEO of Vision Source, Jim Greenwood.
Greenwood attributes the growth, in part, to member engagement in a number of initiatives, including:
- The Optical DreamSM. A program that helps doctors and their staff increase optical sales through the effective presentation and communication of options for second pairs, Rx sunglasses, annual supplies of contact lenses, and more. "More than 1,600 Vision Source practices are currently participating in The Optical Dream, one of the most innovative programs the industry has seen in years," shared Greenwood.
- Outreach to physician groups, health plans, and managed care organizations. "Led by our 175 administrators, Vision Source members are demonstrating how optometry contributes to better patient outcomes through early diagnosis of systemic diseases while closing gaps in patient care," said Greenwood. "Nowhere is this more evident than in the care for patients living with diabetes. To best serve the diabetic population, Vision Source has developed protocols for diagnosis, management, collaboration, and reporting to both primary care physicians and other constituents who are striving to improve the health of patient populations in the evolving landscape of fee-for-value reimbursement models." In further support of innovative concepts to improve health, Vision Source will soon launch an exclusive network solution to monitor ocular side effects of medications used to treat chronic diseases in collaboration with the pharmaceutical industry.
- Multichannel marketing efforts. Vision Source members benefit from an industry-exclusive geospatial analysis platform that identifies geographic areas of marketing opportunity for their practices along with consumer demographic profiles and their preferred marketing channels. Using this information, the Vision Source marketing team builds personalized marketing programs using both traditional and digital marketing assets from an online toolkit. In addition, an average of 1,024 potential patients accessed the doctor locator on VisionSource.com every day in 2017.
"The real driving factor in this growth," Greenwood said, "is the entrepreneurial spirit of our 4,600 plus doctors who believe that eye care is best delivered by a family eye doctor, caring for patients as he or she deems best."
To ensure the continued viability of private practice optometry, Vision Source introduced Mentor OD in 2017. This program, led by Vision Source Member Kristin O'Brien, OD, matches optometry students and recent graduates with nearby Vision Source members.
"Our goal is to help the next generation of optometrists gain access to the knowledge that comes with running a successful private practice. The Mentor OD program is a transformative offering for the world of independent optometry," said Program Lead for Vision Source Mentor OD Dr. Kristin O'Brien. "By sharing the value of experience, we can help mentees develop a clear path to private practice and financial success while growing within the profession."
Mentor OD is part of a larger initiative by Vision Source to ensure the sustained success of private practice optometry. "Our latest initiative, to be introduced in May at The Exchange, the annual meeting of Vision Source members, promises to address every stage of the independent optometrist's journey," shared Greenwood. "For the new or recent graduate, we'll offer programs for those seeking to start or acquire a practice. For those doctors looking to pass on their legacy of practice ownership, Vision Source we'll help match them with qualified candidates who share their passion for independent optometry," he added.
5.7% weighted average Vision Source member practice growth for 2017 vs Industry growth of 0.5% per VisionWatch's vision care market growth data (adj. to reflect the revenue mix of a typical optometric practice per the Mgmt. & Bus. Academy (MBA) metrics).
About Vision Source
Founded in 1991, Vision Source is North America's largest network of independent optometrists consisting of over 3,300 locations. The clinicians in the Vision Source network enjoy access to newly evolving patient channels, including an expanding list of leading medical groups and integrated health systems with whom Vision Source optometrists collaborate. Additionally, members benefit from a wide range of innovative technologies, practice management tools, strategic marketing, and unsurpassed purchasing power. Leveraging these tools, the clinicians offer comprehensive eye care to their patients delivering an industry leading patient experience. For more information, call 888-558-2020 or visit www.visionsource.com.