ProVision Business Coach Mr Jim Colley has leveraged the organisation’s practice growth calculator to help increase revenue in one practice by $60,000 annually, describing the tool as a “gateway to success”.
The calculator – developed for independent optometry businesses part of the ProVision network – has been described as the first of its kind, and free to use.
It operates by analysing six key performance indicators from systems such as Sunix or Optomate, including total sales, number of patients, average sale per patient, conversion, average consultation value, and multi-pairs.
The calculator then projects the financial outcomes when each metric is adjusted incrementally.
“For instance, adding just one consultation per day could boost a practice’s annual revenue by approximately $120,000, based on an average revenue of $399 per consultation over 300 working days,” Colley said.
A ProVision Business Coach then collaborates with the practice owner to implement strategies to realise this goal.
“Strategies might include enhancing marketing efforts, optimising appointment scheduling, expanding consultation hours, or refining procedures – all aimed at securing that one additional daily consultation.”
Colley explains he has been leveraging different iterations of a calculator that predicts business outcomes to motivate ProVision members to adopt business growth strategies.
“The calculator acts as a catalyst for business owners by illustrating how focused, incremental changes can significantly enhance their operations,” Colley said.
“Once a practice owner visualises the potential impact of these adjustments, it becomes much easier to refine their strategies and devise concrete action plans.”
He said business transformation begins once practices can leverage the expertise of ProVision Business Coaches. Colley and eight other Business Coaches across Australia then offer personalised guidance and ongoing support to ensure these strategies are effectively implemented.
Colley described the tool as a way for practices to take the next step in their business strategy and initiate important conversations with their Business Coach.
“The response has been overwhelming, sparking interest and conversations with prospective members from every state, all eager to engage with a ProVision Business Coach,” he said.
Recently, Colley utilised the calculator with a practice which revealed an opportunity where increasing the revenue per patient by $20, resulted in an additional $60,000 annually.
To achieve this, Colley and the practice team reassessed technological fees, standardised charges for various services, and revamped the lens dispensing approach.
“We set this as a tangible target and developed a comprehensive strategy to achieve it,” he said.
“By aligning and training the entire team towards this goal, we’re on track to not only meet but exceed our target, potentially increasing revenue by $35 per patient.”
He adds: “The ProVision practice growth calculator is more than just a tool – it’s a gateway to strategic growth and enhanced profitability, facilitated by expert coaching and robust, actionable insights.”
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