Introducing Ancillary Services To Your Practice
In the article “Business Strategies In Hearing Healthcare, Synergistic Relationships” I talked about building relationships with associated service providers. In “Commercial Strategy In Healthcare, Ancillary Revenue Drivers” I talked about introducing ancillary services or product lines to your business. I structured those articles and introduced them in that manner because I was leading to an idea that perhaps may seem just a little mad to you.
I needed to butter you up, get you used to thinking about ancillary revenue from non core services. That is the core of this post, ancillary revenue from a non core source. We have seen large Optical chains even large supermarkets move into hearing care. The addition of Audiology to an Opticians chain makes perfect strategic sense. Capital costs are already undertaken, apart from some outlay for audiological equipment.
The bricks and mortar are in place, it is just really about utilising the space available fully. As I have said there is a synergy between optics and audiology, the provision of the combined services adds to the brand. It really is an excellent opportunity for these optical chains to leverage their existing customer base using an ancillary revenue driver. You with me so far? Have you been nodding in agreement? Excellent.
So what if we decided to offer optical services in our Practices?
Told you it was crazy, now you are thinking, right, the post traumatic finally got him. But let’s look at the concept a little closer
Do you have idle space in your Practice?
Do you have a secondary test room that is not necessarily used fully?
Do you have a relatively large spacious Practice?
If you have answered yes to the preceding three questions, you could deploy this concept in your Practice. All you need is wall space for display, equipment and an Optician. Legal requirements may differ from country to country, but I would say they are not insurmountable. I know in my country there are actually many locum or free-lance Opticians. These people are willing to work part-time in other Optical Practices, why would they not work in yours?
All of the arguments that work so well for adding Audiology to an Optical Practice work the same way in reverse. All of the benefits brought to an Optical Practice by the addition of Audiology are just as good if reversed. Okay, it is not necessarily a simple exercise, it needs research and capital outlay for equipment. But you were brave enough to undertake that to set up your Audiology Practice.
You could deploy Optical services in your Practice on a part-time basis initially. As the business builds you can move towards full-time provision. I think it’s a runner ladies and gentlemen, I really do.
Regards
Geoff
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