KINGWOOD, Texas—Vision Source
, a leading network of private practice optometrists, reported today that its member practices achieved a weighted-average revenue growth rate of 5.7 percent during 2017. This performance outpaced the overall eyecare sector in what was a relatively a flat year for optical retail, according to Vision Source.“Our members continue to show that independent, 100 percent doctor-owned practices can thrive even when the overall industry growth trend is relatively flat,” Vision Source president and chief executive officer Jim Greenwood said in the announcement.
Vision Source, a franchisor with more than 3,300 locations, ranked as the No. 1 optical retailer in the 2017 Vision Monday
Top 50 U.S. Optical Retailers report
Greenwood attributed 2017’s growth, in part, to member engagement in a number of initiatives, including the success of Vision Source’s Optical Dream program that helps doctors and their staff increase optical sales through the effective presentation and communication of options for second pairs, Rx sunglasses, and annual supplies of contact lenses; outreach to physician groups, health plans and managed care organizations; and a multichannel marketing effort that enables members to benefit from an industry-exclusive geospatial analysis platform to identify geographic areas of marketing opportunity, according to the announcement.
“The real driving factor in this growth,” Greenwood added, “is the entrepreneurial spirit of our 4,600 plus doctors who believe that eyecare is best delivered by a family eye doctor, caring for patients as he or she deems best.” Greenwood noted that more than 1,600 Vision Source practices are currently participating in The Optical Dream, which, he noted, is “one of the most innovative programs the industry has seen in years.”
Vision Source reported that it has benefited from a program that calls upon a staff of 175 administrators to help local practices build their outreach programs to physician groups, health plans and managed care organizations. In further support of innovative concepts to improve health, Vision Source said it will launch shortly “an exclusive network solution to monitor ocular side effects of medications used to treat chronic diseases in collaboration with the pharmaceutical industry.”
Greenwood also noted that one of Vision Source’s goals is to help “the next generation of optometrists gain access to the knowledge that comes with running a successful private practice.” As part of this effort, Vision Source developed the Mentor OD program as “a transformative offering for the world of independent optometry,” according to program lead Dr. Kristin O’Brien. “By sharing the value of experience, we can help mentees develop a clear path to private practice and financial success while growing within the profession.”
Mentor OD is part of a larger initiative by Vision Source to ensure the sustained success of private practice optometry. “Our latest initiative, to be introduced in May at The Exchange
, the annual meeting of Vision Source members, promises to address every stage of the independent optometrist’s journey,” Greenwood said. “For the new or recent graduate, we’ll offer programs for those seeking to start or acquire a practice. For those doctors looking to pass on their legacy of practice ownership, Vision Source we’ll help match them with qualified candidates who share their passion for independent optometry.”