Most likely, you set a revenue goal for the new year, but do you have a strategic plan for meeting the goal? Remember: a goal without a plan is simply a wish. One area that must be included in your plan is capture rate. Here, I’ve provided some methods for calculating the capture rate in your optometric clinic or optical practice that will provide you with valuable insight into the effectiveness of your strategies. There are many definitions of “capture rate”. The industry commonly considers capture rate as the percentage of pairs of spectacle lenses sold against the number of refractions, but I am big fan of assessing complete eyewear sales (frame and spectacle lenses). I will tell you why in a moment. First, let’s look a bit deeper and review several examples.
1. Complete pair sales / # of refractions
EXAMPLE: 20 refractions completed and 10 complete pairs of eyewear sold = 50% capture rate.
2. Complete pair sales / # of patients with Rx that shop in the optical dispensary
EXAMPLE: 10 patients walk into the optical with an Rx and we sold 8 complete pairs of eyewear = 80% capture rate.
Note: this includes outside Rx’s. The reason why I like to track capture rate by complete pairs of eyewear is because you cannot operate a profitable optical without selling frames!
The sale of lenses alone will not get you to your goals and since most vision plans have a frame benefit, complete pairs should be the result. Your goal should be 65% sell-through on complete pairs of eyewear and 75% to 80% sell through on pairs of lenses. Achieve these numbers and you will be taking more vacations.
Now let’s jump over that imaginary line and talk about the clinic, which provides many opportunities to calculate and track capture rate. Let’s start with contact lenses.
1. # Contact lens exams/ Annual supply of contact lenses sold
EXAMPLE: 20 contact lens exams performed and 5 annual supplies sold = 25% capture rate.
2. # Contact lens exams/Any supply of contact lenses sold
EXAMPLE: 20 contact lens exams performed and 10 patients purchased contact lenses = 50% capture rate.
You can also track testing capture rate, such as the example below.
1. # Comprehensive exams/ # of Optos performed
EXAMPLE: 20 comprehensive exams performed and 10 Optos performed = 50% capture rate.
When you really think about capture rate is all about whether or not your patients are taking full advantage of all that you offer in products and services. After deciding on any one, two or three capture rates to track, share this information with your team.
Most importantly when you are assessing capture rate consider the relationships and logistics involved in providing opportunities to your patients. If you are a practice with multiple doctors and/ or multiple opticians and technicians, it is beneficial to break down the capture rate of each individual.
1. Patients that see Dr. A vs. Dr. B
2. Patients that see Dr. A and a specific optician vs. Dr. B and the same optician
3. Patients that are pretested by one technician vs. another technician
It is said that “knowledge is power. Knowing your capture rate gives you the knowledge and power to increase your revenue.