March 11, 2021 — The Vision Council (TVC) has released the results of its February 2021 Eyecare Provider Insights Survey, which was fielded to the organization’s panel of more than 1,700 eyecare professionals during the last week of February. 

The survey was launched in March 2020 and is being conducted on an ongoing basis to track the state of the optical industry, asking respondents about business conditions (including number of eye exams and scheduling/follow-through, capture rate, revenue, and staffing) in comparison to a typical month before the Covid-19 pandemic.

The latest survey included a special section on issues specifically relating to Covid-19, including vaccinations, safety precautions, and business assistance.

“The February results closely follow what we saw in January, with over half of optometry practices and optical retailers reporting reductions in business compared to a typical month. While low patient volume has continued, the capture rate remains high. Practice owners report that they have sought and received support to supplement their lost business revenue, with 72% applying for some sort of assistance,” says Alysse Henkel, TVC’s director of research data and analytics. “The Paycheck Protection Program (PPP) was a common source of support, with nearly all owners reporting receiving PPP funds after they applied. Overall, government and private assistance programs have provided much-needed funds equal to about 10% of practices’ typical annual revenue. The most promising news in this report is about vaccinations: eyecare providers reported a very high vaccination rate (70%). However, most respondents said there was some hesitancy to receive the Covid vaccine among at least a few of their co-workers."

Source: The Vision Council Eyecare Providers Survey, February 2021, n = 320

As illustrated in TVC’s chart above, ECPs are getting vaccinated at a much higher rate than the general public. TVC has shared additional key insights from the latest report: 

• A full 58% of providers report the number of exams as below normal, which TVC finds consistent with the recent trends of the last three months.
• Capture rate continues to be strong: 58% of providers reported their capture rate is normal or better than a typical February.
• Practice owners have taken advantage of government assistance programs: 96% of owners who sought assistance reported applying for federal PPP funds.
• Finally, 59% of providers report revenue is down compared to a typical January and 23% of owners report a reduction in staff from last month, but respondents show signs of hope for the future with 47% of owners sharing they believe business conditions will get better in 3–6 months.

To download the full report, go to TVC’s member portal.