Finding your way forwards

The news never seems to get any better does it? With the ongoing war in Ukraine, the cost-of-living crisis and the growing pressures on the NHS, it looks like 2023 is going to be another difficult year for many people –both personally and in business. With the additional pressures that seem to befall independent practices, you might wonder why you bother at all?

But let’s look past all the doom and gloom and focus on the positives that come with being part of the independent sector – and what actions that can be taken to grow in challenging times. First of all, don’t bury your head in the sand thinking it will all go away. Instead, make an action plan to work around/offset any issues you’re having, or just tackle them head on.

Take, for instance, the increasing cost of gas and electricity: you might think there is little cost-difference between providers but there are savings to be gained. We recently came to the end of our utilities contract, and decided to shop around. Although our costs still tripled, if we hadn’t switched provider they would have been a staggering 25 per cent higher.

So if you are coming to the end of a utilities contract, do your homework and find the best deal. Get your staff involved too: see if they can come up with ways to save power, from fitting energy-saving light bulbs and turning lights off to maybe using remote edging rather than in-practice glazing. Or ask them to find ways to update equipment to be more efficient.

We know that costs are increasing across the board, so look at the prices you charge patients and bite the bullet. Increasing prices is always contentious, because it can drive patients into the arms of cheaper providers. But there will always be providers who are cheaper than you –so instead of focusing on cost, focus on offering value and ways to make paying for products and services as easy as possible.

As an independent practice, patients come to you for your excellent service and the wide array of products you offer – so why not make an even bigger point about these attributes. Make sure everyone gets the time they need and that you discuss all the options available. When people are engaged in the process, they respond positively and will remain loyal.

For some of your patients, cost pressures are particularly hard at the moment, so make it as easy as possible for them to pay. If you haven’t already introduced monthly direct debit options, make sure you do – not just for contact lenses but for professional fees and spreading the cost of purchases.

For instance, why not offer three or six-month interest-free options on frame purchases – providing you take a reasonably sized deposit. I recommend charging a 50 per cent deposit so your costs are covered. Enabling your patients to spread payments will make it easier for them to make those crucial purchasing decisions. You’ll be surprised how very few patients, if any, don’t pay or cancel their direct debit with you.

(and profit) will be worth it.

Offering this service also makes it easier to promote additional purchases when the patient comes to the end of their payment. This provides an opportunity to contact them to come in and look at your latest sunglasses collection, for example, or to consider a pair of frames for sports. Once again, allow them to spread their payments. This may affect your cash flow but once up and running, the overall increase in income

These are just a few ways to address specific areas of concern you may be facing at the moment, but by working through these issues you will find a way forwards. And always remember: you might be independent but you’re not on your own. There is lots of support out there – not only from us at NEG but from companies such as Citation, which helps with HR and health and safety, Bottomline, which runs our Optical Payment Services direct debit collection, and of course the Practice Building team, which runs the NEG Business Club offering a whole toolbox of help and support for practices just like yours. ■