Resolving short-term barriers to eyecare

July 13, 2022 Campbell Wiltshire

Throughout discussions with the Independent Optometry Group’s (IOGroup) shareholders, one of the key topics has been how best to assist patients through what is a challenging time. How do they deliver the quality of eye health their patients need and deserve when their patients’ wallets are lighter and they are having to make some tough decisions?

 

Understandably, there is likely to be a group of patients who will delay their appointments if they feel like their vision is adequate. It’s a behaviour that some patients would use anyway during a contracted economic climate. So we should expect in the short to medium term that more patients are slower to return. This needs to be monitored for recall timing metrics and quickly addressed when necessary. However, if a patient’s vision has deteriorated, we don’t want them sitting on the sidelines. So the challenge is to reduce the barriers to their returning to the practice and mitigate the potential financial burden.

 

So how can we minimise the impact? Get out in front of it and let your patients know you have different ways you can help (but without using the word ‘help’).

 

Show me the money… later

A few months back, I was deep in discussion over a non-essential purchase of diving gear I’d been delaying for years. I walked away that day, but as I did so, I considered how I could make it happen while minimising the financial impact. I often use rational reasoning to make emotional decisions and opting for ‘buy now, pay later’ gave me sufficient justification for the purchase. Breaking down the more daunting sum into smaller ones made it seem less of a barrier. I went back the next day and bought the gear.

 

Most patients would be aware of ‘buy now, pay later’ (BNPL) services and many will already have an account with one, or multiple, providers and have used them before. IOG has strategic relationships with several BNPL companies, including Flexigroup, AfterPay and GenoaPay. Additionally, we work with HealthNow, which offers a health-focused payment system as a part of their model which caters to a different segment of the market. Having several options gives our practices the flexibility to choose one or many to accommodate their patients’ needs. IOGroup also has a preferential rate, which lowers the cost to the practice.

 

From the patient’s perspective, they enjoy fast purchase approvals and a convenient but disciplined way to pay over time. The ability to delay some payments without incurring any interest is also a distinct advantage over credit card and other hire-purchase scenarios. Overall, it’s an easier way to manage their finances and make purchases which may otherwise have seemed too big. As a commonplace payment method, it also avoids potential stigma.

 

Weighing up the pros

From a practice perspective, there are some elements to weigh up. Often, the sticking point for adoption of BNPL is slightly higher merchant fees than traditional payment methods. The argument can be made that they are more than offset by factors including an increased likelihood of a patient walking in the door; a higher conversion rate to a sale; and the greater likelihood of a patient choosing an entirely new set of glasses, rather than staying with their existing frames. It is also an improved customer experience, catering to their needs in a non-confrontational and effortless way.

 

It may also be worth considering leveraging a subscription payment method over an extended 12-month term; for larger purchases this can be a really useful option for all parties. Several IOGroup practices use this for contact lens patients and see great adoption, with subscription across the purchasing landscape becoming a far more commonplace model.

 

There is one element separating my scuba gear story from how it relates to optometry – as much as I’d like to convince myself otherwise, my purchase was not essential. Because eyecare should not be viewed as optional, we need to provide our patients with as many options as we can. Reducing any barrier between them and good vision is ideal for both customer and practice.

 

 

Campbell Wiltshire is the Independent Optometry Group’s business development and marketing manager. To find out more about how IOGroup can help your practice thrive, get in touch with Campbell at campbell@iogroup.co.nz or IOGroup’s CEO Neil Human at neil.human@iogroup.co.nz