Adding A Sub-Specialty In Your Practice

It seems that not a day goes by without hearing about the latest in dry eye, myopia or other eye care specialties.  The addition of a sub-specialty to your practice not only provides expanded services to your patients, it also creates a healthier business as you diversify your revenue stream.  Whether your demographics are younger or older, patients need certain services — marketing your practice as a provider of these specialty services benefits  your existing patients and helps bring in new patients.  In addition, new patients who seek you out for specialty care are very likely to return to your practice for routine care as well.

The most common specialties that practices consider are:  

• Dry Eye
• Myopia Management
• Aesthetics
• Specialty Contacts
• Vision Therapy
• Pediatrics
• Ocular Disease

Plan Ahead

Before investing in any sub-specialty, it’s important to understand both the financial and operational impact to your practice. This maximizes your likelihood of ensuring a positive return on investment (ROI) and having your entire team on board, sharing the same vision and goals. Here are some key components to developing your plan:

• Effect on patient flow:  
  • What does the check-in process look like? 
  • How will this fit into your current appointment schedule?
• Additional staff needs: 
  • How is the staff utilized and is training needed for this new service? 
  • Does the current staff have capacity?  
• Equipment needed and associated cost:
  • Make a list of all equipment and supplies that will be needed.
  • Determine if you are financing or paying in full.
• Additional office space: 
  • Does the new specialty require additional space for equipment or a dedicated room for the actual procedure(s)?
• Marketing plan: 
  • What patient demographics does this specialty impact most?  
  • What is the best messaging for that demographic?
  • What channels will be used to reach the target audience?
• Now…the ROI:
  • Estimate how many patients would you gain.
  • Are the services reimbursable by insurance?
  • If not, is your patient base likely to be willing/able to self-pay?
  • Calculate possible revenue vs. expenses.

Having a plan to implement any specialty is critical.  For example, buying an Intense Pulsed Light (IPL) device doesn’t make you a Dry Eye practice — a more complete plan would be to attend PECAA’s 90 Day to Dry Eye Program to help with education and implementation of dry eye into the practice and to work with Dry Eye vendors to ensure you have a full suite of services beyond just IPL treatment.  An example for a myopia control specialty would be to utilize vendor training certifications for specific products, to kickstart fitting myopia control lenses in your practice.

Implementing The Specialty

You’ve identified the needs and determined to move forward – congratulations! Your next steps should include:

• Put together a timeline of what is needed, and when.
• Meet with staff to explain your vision and the why.  
• Review all areas that will be impacted and consult your staff for feedback.
• If any challenges arise, talk through them. 
• Schedule education and training for staff and associates.
• Set your marketing plan in motion, including how you promote services within the office.

This should help you have a successful plan of action for incorporating a new sub-specialty within your practice.

If you need help deciding if adding a sub-specialty is right for your practice, or which sub-specialty would be best to add, PECAA’s Business Operations Advisor, Kathy Long, is here to help. As a PECAA Max member, you can receive expert advice from PECAA’s Member Business Advisors at no additional cost! Already a member? Book a meeting with Kathy here to get started. Not a PECAA Member? Contact us to learn how PECAA can help your practice thrive.