 The Soft Contact Lens Business Review is a free service from ABB CONCISE Optical Group LLC that provides hundreds of practices around the country with a quarterly review of their contact lens business, complete with charts and graphs that show lens usage, profitability, and industry benchmarks.
Data from 500 Accounts
The process is simple. Provide ABB CONCISE with all of the information about your contact lens business, and the company will provide you with a quarterly analysis of how your practice measures up against benchmark data from its top 500 accounts. The review alerts you to common practice red flags such as low annual supply sales, low direct-to-patient shipments, low usage of the yourlens.com Web store, low usage of abbconcise.com online ordering, product mix inefficiencies, and not using a distributor for 100% of your purchases.
Mark B. Boas, OD, MS, and Suzanne O. Boas, OD, of Exton, PA, said the business analysis is a valuable tool that “we wouldn’t necessarily take the time to produce for ourselves.” Their practice was profiled in a recent issue of Contact Lens Profit Advisor, ABB CONCISE’s quarterly, 12-page magazine.
Above Average on Key Indicators
ABB CONCISE provided additional data that helped the practice gauge where it fell in relation to other accounts. For example, since ABB CONCISE collected benchmarks from its top 500 accounts, the Drs. Boas were able to learn that they came in above average on many key indicators, a confirmation for them that they have a solid approach. 
“Our daily disposable spheres are above 20%, while the top 500 account average is 12.5%,” said Dr. Mark Boas. Multifocal soft contact lenses account for 8% of soft contact lens sales, compared to 3% to 4% for the top 500 ABB CONCISE accounts. “We’re also doing about twice as many gas perm lenses, and we’re lower than average on phone and fax orders, meaning we’re doing well in online orders,” he said.
The Drs. Boas also use another ABB CONCISE business tool to help them set their contact lens retail pricing. The Soft Lens Retail Price Monitor, which ABB CONCISE started publishing in 2006, tells them what the competition is doing. “We want to be able to honestly tell our patients that our prices are competitive. Thanks to the Soft Lens Retail Price Monitor, we can,” said Dr. Mark Boas.
Monitoring Multiple Locations
The Soft Contact Lens Business Review also helps practices with multiple locations get a better snapshot of how each location is performing. With three practice locations and six associate ODs, John Magalhaes, OD, FAAO, needed a system to manage it all. ABB CONCISE’s business tools have simplified the job of tracking contact lens activity at all three of his practices—two in North Attleboro, MA, and one in North Dartmouth, MA. “ABB CONCISE gives the big picture of everything going on,” he said.
ABB CONCISE representative Jan Lavoie adds a piece of the puzzle every month when she reviews the practice’s contact lens usage and points out which popular brands were not brought into inventory as well as the potential savings that could be achieved with an order. “It’s very helpful,” said Margalhaes. “A lot of the work we would need to do is already done for us.” Because these reviews are done routinely, Magalhaes can make quick decisions that immediately save him money. He also appreciates that the business review allows him to track what the other doctors are prescribing. “I see where I need to educate them,” said Magalhaes. “When we are promoting a certain type of lens, you can keep a close eye on who is fitting what.” That’s important in terms of providing patients with a consistent message and in building relationships with contact lens companies.
Monthly Business Review
John F. Simpson, OD, of Simpson Optical in Lexington, KY, counts on the monthly business review that his ABB CONCISE representative Joe Nahstoll presents. The monthly review provides Dr. Simpson with a look at how the practice’s two locations are doing in terms of products ordered. While this information can be gathered internally or from each vendor, Nahstoll’s presentation, with colored graphs illustrating trends, makes the data instantly accessible. Nahstoll advises the practice on any contact lens bank renewals or offers that could add to the savings.
ABB CONCISE serves over 15,000 independent eyecare professionals throughout the U.S. and accounts for over 40% of independents’ soft lens purchases through distributors, helping those practices succeed with its Contact Lens Business Review and Soft Lens Retail Price Monitor.
Gina Rosano is Marketing Manager for ABB CONCISE Optical Group LLC. Contact feedback@visioncareventure.com with comments and/or suggestions for future topics.
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