Calculating Real Revenue Through Time Savings with Veatch Ophthalmic Instruments
Digital Practice ROI Calculator
Digital Imaging ROI Calculator
Veatch Ophthalmic Instruments has long been committed to the benefits of incorporating technology and automation within an ophthalmic practice. While some ophthalmologists and optometrists still hold to the manual observation and diagnostic testing, it has been proven that your practice can provide better care and save time and money by implementing automated ophthalmic equipment.
We have addressed in past articles, the improved diagnostic results yielded by these ophthalmic instruments, as well as the cost effectiveness of equipment that combines several key diagnostic instruments in one machine. This includes automated refractors, keratometers, and automated imaging technology including anterior and posterior eye imaging and retinal imaging. In this article, we would like to take the time to specifically target the topic of revenue.
There is far more than dollars and cents at stake in the running of a practice. By working in the health industry, you care for people day in and day out, and that is and should be the top priority in any ophthalmic practice. But, in order to do that to your maximum ability, you need to run your practice in an efficient manner. This means timely appointments, competent staff and strategic implementation of modern medical technology - all of which take monetary investment and the overall fiscal stability of your practice.
At the end of the day, to ensure that you will be there for your patients, you must run your practice as a successful business. Calculating profits and expenditures is difficult in any small business and as an ophthalmic professional you have to wear many hats including care giver and CEO. We have taken the opportunity to create and offer tools to you so that you might calculate the benefits of implementing technology like Imaging Systems and the Veatch line of automated ophthalmic refraction equipment. By knowing the facts and figures about this technology and its potential effect on your practice you can make an informed decision.
By using automated ophthalmic equipment and retinal imaging technology, you'll be able to complete more images and see more patients. By balancing your payments on an advanced Imaging system with the number of anterior images and posterior images you can take as a practice, you'll be able to calculate your Return on Investment in the system. A simple example, if your monthly payment on your ophthalmic maging system is $125.00 and you take 10 anterior ocular images and 10 posterior ocular images, you will bring in a potential net profit of $3,772.00. As this practice area grows, so does your revenue while your costs stay the same.
This kind of ROI doesn't happen every day and as you make your practice more efficient with automation and technology you'll be able to maintain a lower overhead while maximizing profits, enabling you to offer the best possible staff and care to your patience.
We have also devised a revenue calculator for assessing your net annual revenue increase with the implementation of a Veatch Digital Refractor. We have long been proponents of automated refractors, but now you can plug in data relating to your practice and truly assess the investment potential of implementing a system like this.
Digital Practice ROI Calculator
Digital Imaging ROI Calculator
If you aren't as business minded, this calculator will also help you understand what you should be measuring in order to grow your practice, namely the number of exam rooms you have, your exam fee, the percentage of patients who ultimately need glasses, your profit per pair of glasses and the potential patient increase per room with the implementation of automated ophthalmic equipment.
A word to the wise, if you move forward with cutting edge technology and effective ophthalmic equipment you do need to commit to maintaining that equipment so that it will last into the future. With every piece of equipment you buy, you should ensure that you follow any maintenance schedules and that you have appropriate dust covers and cleansers on hand. You need to make sure you have the correct ophthalmic bulbs, the right computers and even the right printer paper to ensure correct use and long life of all of your ophthalmic instruments.
The goal with all of your ophthalmic equipment and ophthalmic instruments should be to use technology to be a better care giver. If you can make your diagnosis faster and more comfortable, you will grow your practice. If you use technology effectively so that you can see more patients then you will also see growth. If you combine effective ophthalmic equipment with a comfortable and competent attitude, staff and atmosphere you will watch your ophthalmic practice grow and become more profitable.