Among ophthalmologists, there is heated ongoing competition for a rapidly diminishing pool of LASIK procedures. The current economic condition, with high unemployment and reduced spending on elective care, is a major reason for the decline. Practitioners who wish to keep their LASIK procedures at a steady pace have turned to aggressive advertising campaigns in order to maintain revenues.

 

There is also stiff competition for the cosmetic procedures you want, as well as declining reimbursements for cataracts, glaucoma, macular degeneration and other eye conditions. With declining reimbursements and increasing expenses, ophthalmologists are seeking new ways to expand their practices. One way to increase revenue is to increase the service volume and improve the efficiency of current service, e.g. see more patients. This is easy for an ophthalmologist working at less than capacity and ready to work longer hours; however, if an ophthalmologist is already working at capacity, he/she needs another strategy to increase profits.

 

Another way to increase revenue is to expand the practice into new ventures and incorporate nontraditional revenue sources. Some alternative revenue sources include ancillary services. For example, adding new business segments such as integrated services, joint ventures and hospital contracting are traditionally separated from an ophthalmologist’s practice. With these additional and integrated services, patients are able to receive different medical services without traveling to different facilities and hospitals.

 

Adding ancillary services to a traditional ophthalmology practice enables an ophthalmologist to provide more medical services to patients. Having an optical shop, natural eyecare supplements and nutrition, a hearing center and  cosmetic procedures available will benefit both the patient by convenience and much expertise and the practice by the addition of new revenue sources.

 

We are here to help define your current and future practice needs to ensure your success. For a complimentary consultation on how to increase the financial success of your ophthalmology practice, please provide the "Quick Contact" information on the sidebar, and we will contact you to schedule a free consultation. We serve the communities of Manhattan, New Hyde Park, Manhasset, Hauppauge, Syosset, New York and nearby areas.

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