Aug. 22, 2024 — The Vision Council (TVC) has released its latest Provider inSights report, a semi-annual study that examines the perspectives of eyecare providers on their practice operations, the state of the eyecare industry, and the broader U.S. economy. The report indicates that ECPs are experiencing significant declines in key areas of practice performance, including revenue, staff retention, and patient acquisition.

“Performance of the economy, effects of inflation, and considerations about available jobs and workers remain top of mind for a majority of eyecare providers,” says TVC vice president of research and inSights Alysse Henkel. “Our report shows that most eyecare providers have felt the impacts of inflation during the first six months of this year, and they do not anticipate substantial improvements across other areas of business performance by the end of the year, such as hiring new staff or increased practice revenue.”

Data provided by The Vision Council, Provider inSights July 2024 Report

Inflation has been a particularly challenging issue in 2024, with 75% of providers reporting it has directly affected their operations. Rising wholesale prices for eyewear products have forced many practices to raise prices, leading to more price-sensitive patients who may delay or forgo purchases.

Here are some key findings from the report:

• Compared to 2023, there’s a 20-percentage-point drop in the number of providers reporting above-average revenue performance.
• This year, only 17% of providers reported above-average performance in hiring new staff.
• Consistent with 2023 levels, 85% of eyecare providers indicated their practices are either slightly understaffed or optimally staffed.
• 78% of providers do not offer telehealth services, with 70% indicating telehealth is not a priority for their practice.
• While most eyecare providers believe the U.S. economy performed worse in the first half of 2024 compared to 2023, 53% expect the economy to either stabilize or improve in the latter half of the year.

The full report is available here as a complimentary download for members and for nonmembers to purchase.