Covid-19 Strategies
According to the latest numbers from industry data company GPN Technologies, eyecare businesses have certainly experienced some declines—but it’s not all doom and gloom on the financial front.
“Due to pent-up demand from closures earlier in the year, significant growth was observed in October of 2020 when compared with 2019,” says Evan Kestenbaum, co-founder and COO of GPN. “In October 2021, a decline was seen across the board in all categories when compared with both years prior. The good news is that despite exams being down by about 5% when compared with 2019, material sales have decreased at a slower rate, indicating either a higher capture rate or average selling price.”
Read on for the revealing real-time data from GPN covering more than 2,400 practice locations across the U.S., served up in partnership with Eyecare Business. We are tracking practice exams, patient payments, plus frame, lens, and contact lens sales from coast to coast on a biweekly and monthly basis.
» Industry data provided by GPN: gpntechnologies.com
METHODOLOGY UPDATE
Beginning in January 2021, the methodology of sampling has been updated to reflect traditional same-store sales year over year. As locations stop sending data throughout the year due to closures, sales, etc., they will either be replaced or removed completely from the sample for all prior years. Therefore, each month will have the same number of stores reporting. This is different from the 2020 methodology whereas locations that closed, merged, or stopped sending data were left in the sample as the Covid-19 crisis had an impact on them.
PRACTICE RESOURCES
GPN is using its eyeTHRIVE business solutions channel (eyeTHRIVE.net) to offer timely webinars and resources to ECPs. The open-forum webinars feature some of the industry’s most successful O.D.s, practice management consultants, and business owners. eyeTHRIVE members are invited to attend live webinars, view recorded presentations, download useful tools, and participate in live Q&A sessions with industry pros.
GET MORE INDUSTRY DATA TRACKING
Visit eyecarebusiness.com/optometric-business-tracker semimonthly as we reveal the real-time data on countrywide practice sales and exams—provided by GPN.
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