Managed vision care plans play a tremendous role in optometry.
Not only do they provide us with patients, but they indirectly create a source of competition.
We had an opportunity to chat with Bryan Rogoff, OD, MBA, CPHM of EyeExec Consulting at Vision Expo East 2017 where Dr. Rogoff revealed some important things about managed vision care plans and the business of optometry.
As vertical integration becomes increasingly common, practice owners need to begin to better understand how the business of optometry works in order to successfully compete.
What is vertical integration?
Vertical integration is the merging together of two companies that exist at different stages of production. For example, some managed vision care plans own a retailer, a lab, a frame line, etc. This means that they are able to maximize profit as they own every facet of services and materials.
There are many strategies on how to improve your practice, either by investing in technology, providing special services, or utilizing more effective marketing techniques.
Running a practice is equivalent to running a business. You need to understand the game you are playing and the forces around you before you can successfully compete.
