Evaluate and Grow Your Optometry Practice With These RevolutionEHR Reports

This is a sponsored post by RevolutionEHR, a supporter of NewGradOptometry & new graduate optometrists! 😎 

In order to successfully run and grow your optometry practice, it’s vital to have an understanding of numbers.

You should look to utilize Key Performance Indicators (KPIs) on a weekly or quarterly basis depending on what aspect of your practice you want to examine. It is vital that your electronic health record (EHR) can accurately maintain and report that information for you. This efficiency can save you both time and money.

RevolutionEHR provides the capability to create custom reports on precise information you need as well as view business data for practice analysis.

Here are the reports available within RevolutionEHR to help you evaluate and grow your optometry practice.

1) Pulse

What it is?

Pulse is a practice performance dashboard that helps you manage your eye care business – all from within RevolutionEHR.

Why is it important?

Pulse provides instant, robust views into your practice data to track overall business performance via specific, eye care practice KPIs such as production, optical, contact lens, services, schedule, accounts receivable, and demographics.

How Do I Run It?

Just click on the heart icon in the RevolutionEHR navigation bar and you can analyze and explore trends over any time period to understand and anticipate changes in your business and compare performance metrics between doctors, staff, and location to identify opportunites for improvement.

Here are just two of the many dashboard report views available:

Contact Lens – Capture Rates

Production – Receipts and Sales by Provider

Read more about how RevolutionEHR can be utilized within various practice modalities.

2) Capture Rate

Why Is It Important? 

Capture rate is one of the most important KPIs in today’s optometric environment. As reimbursement rates have decreased per patient, it’s vital to capture each sale. National reports conclude that while independent ECP’s perform more exams, patients purchase materials elsewhere. This report allows you to assess your practice’s performance compared to national averages.

It can also give you an opportunity to:

  • Evaluate how effective you are with doctor driven dispensing
  • Assess staff’s sales techniques
  • Evaluate the customer experience you are providing
  • Examine if you are providing the appropriate frame/lens solutions to meet patient need

How Do I Run It?

  1. Reports-> Accounting-> Services by provider-> CPT-> 92015
  2. Reports-> Accounting->Products by category->Eyeglasses lenses/2

To calculate: Total Number of exams/Total number of glasses sold

3) Gross Revenue per Exam

Why Is It Important? 

This KPI correlates directly to capture rate.

Not only is it important to capture those patients, but it is also important to evaluate how effective the office is at prescribing premium products and services, and capturing second pair sales. This report is the key to working smarter, not harder. Furthermore, it can be effective long-term in evaluating what vision plans are most profitable for your practice and can help evaluate your optical product offerings.

It can also give you an opportunity to:

  • Evaluate doctor driven dispensing
  • Evaluate staff’s ability to sell second pairs, year supply of contacts
  • Evaluate the staff’s sale of premium products
Learn how to leverage your EHR to strengthen your optical management skills in this article.

How Do I Run It?

  1. Gross Total: Reports->Accounting->Sales->Select Provider->Select Date Range-> Quarter to date->Service-> Gross Total
  2. Total Exams: Reports-> Accounting-> Sales->Services by Category

To calculate: Gross Total/ Total Exams performed during the date range

Make sure you are using the same time period to run both reports!

4)  Gross Revenue per OD hour

Why Is It Important? 

This KPI is important in evaluating doctor driven dispensing. Doctors may be able to learn from the prescribing methodology of their colleagues. This report can also be used to evaluate each doctor’s schedule. Should more appointments be added? Does the doctor have sufficient time with each patient to address concerns and prescribe products from the chair? This data is also important when considering adding an associate to your practice.

How Do I Run It?

Gross Total: Reports ->Accounting->Sales->Select Provider ->Select Date Range->Service-> Gross Total

To calculate: Gross Total/Number of Hours worked per OD during the date range

5) Inventory Turnover

Why Is It Important? 

Frame Inventory is a major factor in a practice’s cash flow.

The trick to inventory is having a sufficient amount to meet customer need, but not buy in excess. Total frame inventory should be based on the number of patients the practice sees per year.

Effective inventory is 3x per year in the optical industry.

If your inventory is not turning, your product mix needs to be re-evaluated. The results of this report directly correlate with capture rate.

How Do I Run It?

Reports-> Inventory->Sales-> Deselect “Sold Items Only” -> Eyeglass Frames-> Select a period of time (Full year most accurate)

To calculate: Cost of Goods Given by report/number of frames sold

6) Sales by Employee

Why Is It Important? screen-shot-2016-11-17-at-4-59-52-pm

This is important when evaluating staff goals, productivity, bonus structure, and the ability of a staff member to sell premium product. This is a direct indicator of an employee’s ability to sell and his or her motivation.

How Do I Run It?

Reports->Sales->Report Type: Sales by Employee

Read this article for more information on the top features of RevolutionEHR as a practice management solution.

7) End of Day Report

Why Is It Important? 

Daily reports ensure your accounting balances match your bank account balance.

This is important in ensuring all payments have been accounted for and have been accurately reported by employees.

How Do I Run It?

Reports-> Accounting->Deposits -> Select the desired day- > Multiple clicks drill down by number of patients, amount they paid and method of payment

8) Top Products

Why Is It Important? 

This knowledge is important to order the best product mix and evaluate the most efficient ways to spend cash. Reports should be run assessing both frame, lens, and contact lens sales. This saves staff time with ordering, and helps to manage cash flow when making purchases.

How Do I Run It?

Reports->Accounting->Products by Category->Drill Down by Product->Eyeglass Frames->List Brand and number sold-> Drill Down again by particular line to find best sellers 

All RevolutionEHR reports can be exported to Excel for analysis.

Having the ability to utilize your EHR to help manage your practice is a vital feature for any practice owner.

Learn more about our favorite features of RevolutionEHR.

About Courtney Dryer

Courtney Dryer
Courtney Dryer is a 2011 graduate of SCO. She opened 4 Eyes Optometry in her hometown of Charlotte, NC in February of 2013. After 5 years, the practice name was changed to Autarchic Spec Shop to renew the practice's commitment to independent optometry. In addition to consulting with new graduate optometrists on start-up practices, she contributes regularly to New Grad Optometry and has guest blogged for Invision Magazine. The unique design of her boutique practice was featured in Women in Optometry. In 2015, Vision Monday named her a Rising Star, and one of the most influential women in optical.

2 comments

  1. Caren Brill

    very helpful, would love to see something like this for officemate

  2. Lily Chen

    Great article explaining the importance of each report and the step-by-step of how to pull each report. Collecting data isn’t any good unless the numbers create a visualization. RevEHR makes it very easy.

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