You can buy your glasses online.
You can buy contacts online.
You can get an exam online.
Large chains are gobbling up local eye doctors and not paying top dollar.
And now, Aier, one China’s largest eye doctor chains, is setting up shop in the US. And…their focus is going to be providing out of pocket procedures for private pray patients. Basically, they want to make it easy for people to pay out of pocket and get top notch eye care and frame wear.
Uh-oh. There goes more market share.
Heading up Aier’s U.S. expansion is Ming Wang. In a recent Forbes article, he said this about their approach.
The Aier eye clinics that we build in the U.S. will have significant elective out of pocket paying procedures. More and more physicians recognize that we don’t want to be subjected to insurance rules and want to maintain autonomy. Doctors want to keep care between doctor and patient. Right now there is a third party – insurance – intervening and dictating care. That’s significantly affected the quality of care in the U.S. and reduced doctors’ income. There is a healthcare trend in the U.S. shifting to patients paying more in private care. Aier’s strategy fits with this general trend toward more cash payment.
Local eye care provider, now is the time. Much of your market share has been lost to online providers. Large chains can offer nicer facilities than yours and products cheaper than yours. And now, China’s largest eye care provider just dropped over $50 million dollars as an initial investment to take away even more of your market share. Now is the time for action. Here are 3 quick steps:
One: Invest in your own economic education. Take on mentors and advisors, read books, join programs that will give you the tools to be the best businessperson in addition to the best clinician.
Two: Demand excellence in your staff. Be relentless in expectation and generous in pay. Train constantly, and don’t except mediocrity.
Three: Establish economic goals, and bonus your staff when they meet them. Let them know how many frames you expect sold a day, and give them bonuses when they hit them. Do the same with scheduling, photos, year supplies’ of contact, etc. Give your staff motivation to work hard and make more money.
Either way, no action is a choice to lose more and more market share. Prepare yourself now because the competition is coming.
Gordon Duncan is the CEO/Consultant of ProSight Success. He has written 5 optometric bestsellers charting in 5 countries. His ProSight Success System is a 7 step guide to help you increase profits, manage staff, and even maximize tax deductions…just what you need right now. You can find the ProSight Success in 3 formats.
$169 Digital PSS plus One-Hour Consult
$199 Paperback PSS, Digital Copy, plus the One-Hour Consult
$229 Workbook PSS, Digital Copy, plus One-Hour Consult
Gordon Duncan is an award-winning educator, salesman, teacher, manager, and writer. He has taught in the public school system, lobbied for school's accreditation, managed eye clinics, led sales' teams, and also publishes books on theology, church, and culture.