This list is not intended to be exhaustive, but it’s a strong start. You can always add to it after focusing on some of the biggest “levers” you’ll learn to optimize throughout this guide.
We recommend collecting all of this data on a month-by-month basis for at least the past 12 months.
- Exams performed (how many exams did you perform?)
- Capture rate (# of optical sales/ # of exams performed)
- % AR (what percentage of optical sales purchased AR?)
- Multiple % (what percentage of customers purchased more than one pair of glasses?)
- Average sale (gross optical revenue/ # of sales)
- Revenue per exam, including optical and professional services (a good overall gauge of how the entire office is doing)
- Progressive sales (total # of progressive pairs sold)
- Managed vision % (percentage of sales where patient used VCP benefits)
Those KPIs alone will establish a very strong baseline for evaluating future performance vs. past performance.
Other COGS metrics that are largely helpful and ultimately set you up to stack another 30% – 50%+ onto your optimization efforts are:
- Average cost of your go-to premium progressive lens.
- Average premium AR cost.
- Average frame markup (i.e. the multiplier between your frame cost & final sales price, typically around 3x the list price).
This list is not exhaustive and may not look like much, but you’ll be amazed at what we can help you do with these metrics.
Assemble all of this data within your preferred spreadsheet software (such as Microsoft Excel) and let’s get to work transforming some of these numbers.