For any well managed dispensary, tracking the capture rate is the key to really understanding performance. BUT!!!!!! Most optical consultants will stop right there…thinking they have provided their client with valuable insight into managing the dispensary. That is why most consultants are not worth their weight.
Capture rate is just one of the three key variable rates (Delivery Rate, Closing Rate and Capture Rate) to track in order to understand what is truly happening in the optical. Let me explain….
Delivery rate is the percentage of patients who are newly refracted that enter the optical dispensary
Closing rate is the percentage of patients who enter the optical that actually buy glasses.
Capture rate is the percentage of sales made in the dispensary relative to the number of patients who receive a new eyeglass prescription from the practice
Both the delivery rate and closing rate affect the overall capture rate. Capture rate alone is a really important data point to have and it gives you a sense of how well you are doing in the optical on the aggregate but it does not tell you what areas are performing well and what areas need your attention to improve. It just gives you the end results.
At MEC, we track multiple data points to give us insight into how we are performing and specifically what areas to correct to improve a deficient capture rate. We track the delivery rate and we track the closing rate.
Delivery rate provides us a sense of how well patients are being routed into the dispensary by the practice. A rate of less than 90% suggests the practice has a problem in their patient routing protocol. If more than 1 in 10 patients who received a new RX has not taken the doctor advice to visit the optical, then you know you need to revise your messaging. Working with MEC allows you multiple options to address this specific concern. We provide the messaging that works!
Additionally, if your optician is closing less than 60% of the “opportunities” that come into the optical, you have a problem there as well. Closing rates can be affected by poor inventory, pricing not hitting the mark (too high or too low), lack of acceptance of some key vision plans necessary to keep patients of the practice or perhaps a lousy optician. All of these factors are relevant and require a different response. So while tracking the closing rate of your office, you need to also track the reason patients do not buy. Have your optician write down each day what the reasons were that patients did not buy. Most patients share this information with the opticians readily so it is not difficult to gather.
Information and data points alone are meaningful but only if you use the information to respond in kind. So don’t just track the data, do something with it. Train the areas of weakness to turn them into areas of strength!
Happy selling everyone!