Eye Care is in Unprecedented Growth
Many surgeons and administrators have heard the term “organic growth” thrown around and indeed it sounds good. But what exactly is organic growth? Further, how does it apply to the busy ophthalmology practice?
Put simply, organic growth results from a change in current business operations that end up generating greater revenue and (hopefully!) greater net income.
The cataract surgery market is growing at a rate of 3% per year based solely on the increase in the Medicare-eligible population, providing meaningful opportunity for organic growth for the cataract practice willing to seize it and ride this wave.
Companies with more organic growth generated higher shareholder returns
A recent article by McKinsey & Company highlights the benefit of “thinking organically” as a means of mitigating risk while improving profitability. Their research yielded a very important finding: “Companies with more organic growth generated higher shareholder returns than those whose growth relied more heavily on acquisitions”
Of the 3 key takeaways provided in the article, the most relevant to ophthalmic practices is the following:
“3…performing better by constantly optimizing their core commercial capabilities, such as sales, pricing, and marketing.”
We interpret this to mean a practice should strive for “continuous improvement,” enabling the practice to extract greater value for the same amount of resources utilized.
This is not wishful thinking but rather a business imperative for the cataract practice that wants to perform better as it gets busier. Surgiorithm was created with this express purpose in mind and is available to help you incorporate a better way of handling the cataract consultation. Here are some of the performance improvements our customers are already seeing, each of which can be measured:
- Minimize the time the patient is in the practice: Patient education, preparation and form completion are done on the patient’s time, not the practice’s,
- Optimize chair time as the surgeons knows ahead of time what to expect from the patient, eliminating frustration.
- Plan the time per patient based on patient preference
- Assign a counselor only to those who really need the extra time.
You are not alone, as this is part of a trend that everyone must address: working smarter not just harder. Don’t wait when there are simple levers available to you now.