Podcast Title: Power Hour Optometry
Host: Eugene Schottzman
Guest: Dr. Todd Cohen
Episode Title: Driving Record Revenue Per Patient While Economy-Proofing Your Practice
Release Date: December 4, 2024

Introduction

In this enlightening episode of Power Hour Optometry, host Eugene Schottzman welcomes Dr. Todd Cohen, a distinguished optometrist known for his exceptional ability to drive high revenue per patient without relying heavily on high-end optical sales. Together, they delve into innovative strategies that not only enhance patient revenue but also safeguard practices against economic fluctuations.

Economy-Proofing Through Maximizing Revenue Per Patient

Eugene Schottzman initiates the discussion by highlighting the shifting consumer behaviors influenced by economic pressures. He observes a decline in searches for luxury eyewear in favor of more affordable options, underscoring the necessity for practices to adapt their revenue strategies accordingly.

Dr. Todd Cohen responds by emphasizing the importance of viewing vision plans as marketing tools that drive patient influx. Instead of relying solely on optical sales, Dr. Cohen advocates for maximizing reimbursement through comprehensive services.

"These vision plans are the two main vision plans we take as a marketing expense. It drives people in the door."
— Dr. Todd Cohen [04:51]

Innovative Pretesting Process

A cornerstone of Dr. Cohen's revenue strategy is his unique pretesting process, which requires patients to pay out-of-pocket before their comprehensive exams. This approach not only enhances revenue but also ensures that patients are committed to their eye health journey from the outset.

• Out-of-Pocket Fees:

  • Adults (40+): $150 for comprehensive pretesting, including retinal photos, OCT scans, and myopia management assessments.
  • Younger Patients: Approximately $45 for retinal screenings.

• High Acceptance Rates:

  • Adults: 88% acceptance of the $150 pretesting fee.

"For 40 year olds and over, we're about 88%."
— Dr. Todd Cohen [07:23]

Key Strategies:

1. Staff Scripting:
   Implementing scripted dialogues ensures consistent communication about the value of pretesting.

2. Use of Advanced Technology:
   Utilizing state-of-the-art equipment makes the testing process engaging and informative for patients.

3. Educative Presentation:
   During the exam, Dr. Cohen educates patients on the significance of each test, effectively reducing buyer's remorse and reinforcing the necessity of the procedures.

"When the patient sits down, it really affirms... It kind of like reaffirms and gets rid of the buyer's remorse."
— Dr. Todd Cohen [08:00]

Conversion of Comprehensive Exams into Revenue Generating Activities

Dr. Cohen excels in converting comprehensive eye exams into additional revenue streams through various medical services:

1. Dry Eye Management:

   • Ocular Surface Exams:
     Over 60% of adult patients are referred for ocular surface exams, leading to treatments for conditions like meibomian gland dysfunction.

   • High Acceptance Rates:
     More than 80% of patients agree to schedule these exams upon recommendation.

   "Over 80% they're booking it right there."
   — Dr. Todd Cohen [23:58]

2. Myopia Management:

   • Educational Approach:
     Dr. Cohen educates parents about the myopia epidemic, linking it to increased screen time and reduced outdoor activities.

   • Treatment Plans:
     Utilizing options like ortho K lenses and atropine drops, Dr. Cohen achieves approximately 40-50% acceptance on the day of the exam, with an additional 20-25% following up later.

   "Over 40%, maybe 50% the day of the comp exam. And maybe we pick up another 20%, 25%, like a month later."
   — Dr. Todd Cohen [48:36]

3. Premium Intraocular Lenses (IOLs):

   • High Uptake Rates:
     Collaborating with ophthalmologists, Dr. Cohen's practice achieves a 70% acceptance rate for premium IOLs, significantly higher than the national average of 12-15%.

Staff Training and Implementation

A pivotal element of Dr. Cohen's success is his commitment to staff education and consistent implementation of protocols:

• Comprehensive Training:
  Staff undergo rigorous training sessions, including shadowing and script memorization, to ensure uniformity in patient interactions.

• Regular Review Meetings:
  Bi-monthly dinners and meetings are held to review individual metrics, share best practices, and foster a collaborative environment.

"I take my staff, all my associates out to dinner every two months... We talk about conversion rates and optical conversion and pre testing and medical testing."
— Dr. Todd Cohen [35:14]

• Continuous Reinforcement:
  Regular reminders and goal-setting help maintain high standards and prevent the loss of newly acquired habits.

Enhancing Patient Experience and Trust

Dr. Cohen places a strong emphasis on patient education and trust-building, ensuring that patients feel valued and informed throughout their journey:

• Visual Aids:
  Using second monitors to display enlarged images of test results aids in patient understanding and engagement.

• Analogies and Clear Communication:
  Employing relatable analogies helps demystify complex medical information, making it accessible to patients.

"These are like the piano keys. They should be long piano keys... that's what's happening in your glands."
— Dr. Todd Cohen [21:30]

• Personalized Follow-Ups:
  Offering timely follow-up appointments and maintaining open lines of communication reinforce patient commitment to treatments.

Effective Sales Strategies

Dr. Cohen integrates ethical sales techniques into his practice to seamlessly offer additional services without compromising patient trust:

• Foot-in-the-Door Technique:
  Providing complimentary training sessions or initial treatments encourages patients to commit to further care.

• Handling Objections:
  Addressing patient hesitations with empathy and clear explanations ensures higher acceptance rates.

• Financing Options:
  Offering flexible payment plans accommodates patients' financial situations, increasing the likelihood of accepting high-ticket treatments.

"We try to really look at your practice in terms of how to... As much as we don't want to say it, but that's what you're recommending."
— Dr. Todd Cohen [31:22]

Final Insights and Takeaways

Dr. Todd Cohen concludes with a powerful affirmation:

"Invest in technology, have an implementation plan. The rewards will follow. Train your staff, get your staff buy-in, and really, choose the path you want to."
— Dr. Todd Cohen [53:36]

Key Takeaways:

1. Comprehensive Services Over Optical Sales:
   Diversifying revenue streams through medical services ensures sustained income regardless of economic conditions.

2. Patient-Centric Approach:
   Prioritizing patient education and experience fosters long-term loyalty and high acceptance rates for additional services.

3. Consistent Staff Training:
   Regular training and reinforcement of protocols maintain high standards and drive practice profitability.

4. Ethical Sales Integration:
   Seamlessly incorporating sales techniques into patient care enhances revenue without compromising trust.

Conclusion

This episode of Power Hour Optometry offers invaluable strategies for optometric practices aiming to boost revenue per patient while ensuring stability in uncertain economic times. Dr. Todd Cohen's innovative approaches, from comprehensive pretesting to ethical sales techniques, provide a roadmap for practices to thrive by prioritizing quality care and patient engagement.

Notable Quotes:

• "These vision plans are the two main vision plans we take as a marketing expense. It drives people in the door."
  — Dr. Todd Cohen [04:51]

• "When the patient sits down, it really affirms... It kind of like reaffirms and gets rid of the buyer's remorse."
  — Dr. Todd Cohen [08:00]

• "Over 80% they're booking it right there."
  — Dr. Todd Cohen [23:58]

• "Invest in technology, have an implementation plan. The rewards will follow."
  — Dr. Todd Cohen [53:36]

This detailed summary encapsulates the essence of Dr. Todd Cohen's strategies for driving revenue per patient while securing the practice against economic downturns. By focusing on comprehensive care, staff training, and ethical sales integration, optometrists can adopt these practices to enhance their profitability and patient satisfaction.