There is no doubt Eyeplan generates revenue for a business. Here are some numbers that prove it.
Through the new value exchange with patients Eyeplan brings financial rewards for the practice. These rewards do not come in the form of ‘discount repayment’ or as a ‘savings scheme’ but as a type of capitation plan – that is, payments are received when services are not necessarily used in a given monthly period.
Capitated Fee Income
Thus, as a simple example, if a practice had 100 members paying £10 per month, this would create a fee income of £1000. If five of those members visited the practice in a given month, this would equate to £200 per eye examination.
Conversion Rates and Values
In addition to fee income, Eyeplan has the effect of increasing dispense values and rates as members take advantage of the value on offer.
Over the period 2021-2023 Eyeplan monitored the performance of three practices. each of which is based on a market town in North Somerset. Each town has a very mixed demographic and each practice has a high number of NHS patients. Competition in each town is from the usual mix of high street multiples and other independent practices. The practices stock a variety of frames at low, middle, and aspirational price points. Lenses dispensed follow the same profile. The practices are equipped with OCT and the private charge of an eye examination including OCT is circa £75.
The results are:
In 2021-2022
The Dispense Rate was 103% for Eyeplan members compared with 63% for non Eyeplan patients.
The Average Revenue per test was £377 for Eyeplan members compared with £156 for non Eyeplan patients.
In 2022-2023 (8 Months May to Dec)
The Dispense Rate was 94% for Eyeplan members compared with 53% for non Eyeplan patients.
The Average Revenue per test was £353 for Eyeplan members compared with £139 for non Eyeplan patients
It is clear that practices that adopt the Eyeplan Business Model effectively and take advantage of the training, marketing and support services on offer, will generate significant revenues and secure their businesses.
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