The frame total on my capture rate report is lower than the frame total on my billing code report. One problem I've identified is that the capture rate report is not catching multiple frame sales on the same invoice. Any ideas?
Post by friscoeyeassociates on Jun 13, 2018 14:59:27 GMT -6
Well, I think it depends on exactly how you want to track capture rate. The important thing from an analytical perspective is that you do it the same every time. Many practices track it quite differently, and choose to include outside Rx's even, or patients who come in to purchase glasses months after their original exam, or second pair sales as you mentioned... It's my opinion that those are all good numbers to track but that they, again just my opinion here, they artificially increase a capture rate to a more tenable number. It makes it easier to look at because the percentage will be higher but I don't know that it is effective in exposing the areas we need to most improve in order make a big "Capture Rate" impact. This is why at our practice we track Cap Rate by tracking how many invoices have an exam AND optical billing code on them vs how many only have an exam code on them, and the report in its current form works great for this. This will tell us what percentage of exam bought glasses on the same day as their exam... We know that although SOME patients do come back to shop at a later date for various reasons, MOST of the patients who leave without purchasing that day do not return to purchase. Doing the report in this way will give you a "Lower" capture rate most certainly, but in my opinion the whole reason for tracking this statistic is not to feel good about it. It is about identifying where and when most patient's choose to shop for materials elsewhere and that never feels good if your the owner of a practice even if it is just one percent LOL. In our experience, the fulcrum for effectiveness in increasing overall optical revenue is capturing patient on the day of their exam, and that is where we put our focus. I like to know the stats on second pairs and outside Rx's, but I don't want those to effect my critiques for what could be done better day of exam which is when the majority of people choose to shop with you or elsewhere. Hope it helps!
Thanks, I agree it would be a good idea to track capture rate in several different ways. But it would be nice to have the option of tracking all frame sales in a given time period as this would also allow for tracking multiple frame sales. Do you know of a way to have this report come up with the same number of frame sales as the billing code report?
Post by friscoeyeassociates on Jun 14, 2018 14:53:12 GMT -6
I don't know if you will be able to since the report references invoices as a whole to get the data. An invoice with two frame codes on it will only be counted once and I don't know of a way to fix that in its current form. There are some other reports that give you feedback on frame purchases like the Frames report, Sales report, and Billing code report as you mentioned. You may need to use some combination of these reports to get what you are looking for. You can export to excel and do custom sorts as well to widdle down the data. I do this often for different financial reporting etc..
The only other idea I have, which I just came up with while writing, is to potentially create a second billing code in the admin section for second pair orders. If you're frames page defaults are linked to billing codes you will need to create a new default for opticians to select as well. In this way, at least when you run a billing code report it will separate out initial and second pairs.