Episode 3: Revenue Modeling
Part of the Planning phase of your optometry practice cold-start or purchase, The Financial Forecast & Feasibility Analysis answers all of your practice finance questions.
In this episode of The Cold Start Corner, we jump in to revenue modeling wherein we establish 1, 2, & 3-year targets, across 12 primary areas that drive revenue including: doctor coverage and exam volume, professional fees, and materials revenue & conversion rates. Remember, it's all about your practice vision-- scope of care and patient experience Revenue is a function of 3 variables: volume, fees, & conversions.
12-Point Revenue Modeling Checklist:
✅ Exam volume-- comprehensive & medical eye exams, per day
✅ Doctor coverage-- weekly doctor coverage
✅ Comp. Exam fee collected-- routine, comprehensive exam & refraction, fees collected
✅ Medical exam fee collected-- average medical exam fees collected
✅ Eyewear conversion-- % of comprehensive exam patients that purchase eyewear
✅ Eyewear unit revenue-- average eyewear unit sale, revenue collected
✅ CL Exam conversion-- % of routine exams that include contact lens evaluation (“fit”)
✅ CL Exam fee collected-- average contact lens evaluation (“fit”) fees collected
✅ CL Materials conversions-- % of CL patients that purchase contact lenses
✅ CL Materials unit revenue-- average contact lens materials revenue collected
✅ Specialty volume-- specialty patient engagements, per day
✅ Specialty fee collected-- specialty patient engagement, fees collected
Complete your Revenue Modeling Checklist at 4 time points:
1) Grand Opening
2) End of Year 1
3) End of Year 2
4) End of Year 3
🔥These will later serve to establish SMART goals for your marketing strategy! (Much later!)
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A key piece of The Financial Forecast & Feasibility Analysis, Revenue Modeling establishes your 1, 2, & 3-year targets. Remember, it's all about your practice vision-- scope of care and goals!
Create your Revenue Model…
These will later serve to establish SMART goals for your marketing strategy! (Much later!)
