Power Hour Optometry: How The Vision Council is Redefining Optometry

Episode: How The Vision Council is Redefining Optometry: Vision Expo East & 2025 Industry Data
Release Date: January 17, 2025
Host: Eugene Shotsman
Guests: Ashley Mills (CEO, Vision Council), Elise Hinkle (VP of Research and Insights, Vision Council)

Introduction

In this episode of Power Hour Optometry, host Eugene Shotsman engages in a comprehensive discussion with Ashley Mills and Elise Hinkle from the Vision Council. The conversation primarily revolves around the upcoming Vision Expo East 2025 and the latest industry data that is set to influence optometric practices in the coming year.

Vision Expo East 2025

Event Details and Enhancements

Ashley Mills provides an in-depth overview of the Vision Expo East 2025, highlighting significant upgrades and new features aimed at enhancing the attendee experience.

Key Points:

• Location & Date: Orlando, Florida, February 19th-22nd.
• Registration: Complimentary registration available via vee2025.com/TVC.
• Accommodation: Main hotel blocks sold out, but rooms remain at Rosen Inner Point Orlando, Hyatt Regency Orlando, and True by Hilton with shuttle services.
• Transportation: 50% discount available on the Bright Line train from Miami to Orlando using the code VISION.

Notable Quote:

"Vision Expo East has moved. It will be in Orlando, Florida, February 19th through the 22nd." — Ashley Mills [04:27]

New Features and Attractions

Ashley elaborates on the new additions to the expo, emphasizing the focus on practice growth, networking, and innovative technologies.

Highlights:

• Networking Opportunities: Dedicated networking for healthcare and fashion sectors.
• New Pavilions: Over-the-counter (OTC) pavilion and Indee Lab Speakeasy for strategic partnerships.
• Continuing Education: 240 hours of CE available, including a new Myopia Control Symposium.
• Technology Showcase: Featuring emerging technologies like Aptero for low vision management and AI applications in eye care.
• Experiential Enhancements: Improved layout, pool parties, themed cafes, daily happy hours, and diverse entertainment options.

Notable Quote:

"This isn't, I think it will feel much more experiential than transactional. And there are, there are multiple ways for people to meet people, see people connect and also just engage." — Ashley Mills [13:29]

Keynote Speaker

The expo will feature Venus Williams as the keynote speaker, who will discuss the intersection of innovation, performance, fashion, and vision in the industry.

Notable Quote:

"We are thrilled to welcome Venus Williams as our keynote on Friday afternoon... she really embodies the spirit of our industry." — Ashley Mills [17:09]

Industry Data Overview

Data Sources and Scope

Elise Hinkle details the extensive data resources utilized by the Vision Council to generate industry insights.

Data Sources:

• Transactional Data: Approximately 60 million records from 2,700 U.S. practices.
• Credit Card Data: Over 20 million records capturing consumer spending.
• Location Data: Comprehensive data on optical retail and independent practices.
• Surveys: Monthly consumer tracker surveys with 4,000 U.S. respondents and 500 in Canada, along with biannual surveys of practice providers.

Notable Quote:

"We have a ton of data... probably pretty clearly in the like 60 million records somewhere along the way of transactions." — Elise Hinkle [20:36]

Key Findings from 2024 Data

Elise presents the 2024 Market Insights Report, revealing mixed growth patterns within the optometric industry.

Highlights:

• Overall Market Growth: +2.7%, reaching a $68.3 billion industry.
• Prescription Products Decline:
  • Frames: -5% in value, -4% in units.
  • Lenses: -1% in value, -3% in units.
  • Contact Lenses: -2% in value, -5% in units (notably worst Q4 in three years).
• Non-Prescription Products: Significant growth in Plano sunglasses.

Notable Quote:

"We are seeing like a 2.7% growth for the whole market combined together going up to $68.3 billion industry in 2024." — Elise Hinkle [28:32]

Exam Data Insights

Contrary to declines in product sales, eye exams experienced a slight increase.

Key Points:

• Exam Revenue: +3% year-over-year.
• Number of Exams: +1% year-over-year.
• Implication: More patients are getting exams, but spending per exam has increased, possibly due to advanced services.

Notable Quote:

"We saw a slight increase in exams this year. We're seeing a 3% growth year over year for exam revenue and a 1% growth in the number of exams." — Elise Hinkle [34:13]

Strategic Insights and Recommendations

Enhancing Capture Rates

The data underscores the importance of improving optical conversion rates—the ability to convert exam patients into product sales.

Key Insights:

• Potential Growth: A 5% increase in frames, lenses, and contact lens sales could add $1.4 billion to the market.
• Practice Impact: An average practice could see an additional $33,000-$34,000 annually, with two-thirds contributing directly to profitability.

Notable Quote:

"If you owned a practice and you could just increase your capture rate by 5%, that extra money, two thirds of that money drops right down to the bottom line, the profitability of the practice." — Elise Hinkle [39:59]

Consumer Behavior Trends

Elise Hinkle highlights shifting consumer preferences and budget sensitivities impacting purchasing decisions.

Key Findings:

• Insurance Importance: Increase in consumers prioritizing in-network providers (77% in 2024 vs. 70% in 2022).
• Online Purchases: Growth in reasons for buying eyewear online—speed of delivery (26% to 37%) and greater product selection (27% to 37%).
• Spending Patterns:
  • Decrease in consumers spending over $200 on eyewear.
  • Increase in budget buyers (<$100) from 35% to 40%.
  • Luxury buyers remain steady at ~26-31%.

Notable Quotes:

"We're seeing an increase from 35% to 40% of people buying products with less than $100 out of pocket." — Elise Hinkle [50:39]
"People are more budget sensitive, they think that they're going to maximize their budget by having an in network provider." — Elise Hinkle [46:34]

Adapting Practice Strategies

To align with consumer trends, practices should:

• Expand Frame Boards: Increase budget-friendly options.
• Enhance Presentation: Clearly communicate the value and benefits of higher-priced products.
• Leverage Data: Utilize Vision Council's insights to make informed decisions on inventory and marketing strategies.

Notable Quote:

"We have to be better at presenting options and making it easier for them. They're not going to beg us to spend the money." — Eugene Shotsman [51:18]

Conclusion

The episode concludes with a consensus on the critical need for optometric practices to adapt to changing consumer behaviors and leverage data-driven strategies to enhance profitability. The insights provided by Ashley Mills and Elise Hinkle offer a roadmap for practices to navigate the evolving landscape, emphasizing the importance of attending Vision Expo East 2025 for further learning and networking opportunities.

Final Thoughts:

"The data never lies. We have to listen to what our consumers are telling us and make informed decisions to grow our practices effectively." — Eugene Shotsman [52:19]

Notable Quotes Summary

• Eugene Shotsman [04:27]: "Vision Expo East has moved. It will be in Orlando, Florida, February 19th through the 22nd."

• Ashley Mills [13:29]: "This isn't, I think it will feel much more experiential than transactional... ways for people to meet people, see people connect and also just engage."

• Elise Hinkle [20:36]: "We have a ton of data... probably pretty clearly in the like 60 million records somewhere along the way of transactions."

• Elise Hinkle [28:32]: "We are seeing like a 2.7% growth for the whole market combined together going up to $68.3 billion industry in 2024."

• Elise Hinkle [34:13]: "We saw a slight increase in exams this year. We're seeing a 3% growth year-over-year for exam revenue and a 1% growth in the number of exams."

• Elise Hinkle [39:59]: "If you owned a practice and you could just increase your capture rate by 5%, that extra money, two-thirds of that money drops right down to the bottom line, the profitability of the practice."

• Elise Hinkle [46:34]: "People are more budget sensitive, they think that they're going to maximize their budget by having an in-network provider."

• Elise Hinkle [50:39]: "We're seeing an increase from 35% to 40% of people buying products with less than $100 out of pocket."

• Eugene Shotsman [51:18]: "We have to be better at presenting options and making it easier for them. They're not going to beg us to spend the money."

• Eugene Shotsman [52:19]: "The data never lies. We have to listen to what our consumers are telling us and make informed decisions to grow our practices effectively."

Final Remarks

This episode serves as a crucial touchpoint for optometric professionals aiming to stay ahead in a dynamic industry landscape. By attending events like Vision Expo East 2025 and leveraging comprehensive data insights from the Vision Council, practitioners can make informed decisions to enhance their practice's growth and profitability.

For more information on the topics discussed, visit Power Practice.