Running an eyecare practice is about more than just seeing patients. On top of patient care, you have a business to run!

1. 10 BUSINESS TERMS AND
PHRASES YOUR EYECARE
PRACTICE SHOULD KNOW
P R E S E N T I N G

2. When it comes to running your eyecare practice, there is more
to it than just seeing patients. You're also running a business.
Which means taking care of things like your financials, staffing,
and marketing. While Optometry school gave you everything
you need to know about patient care, you maybe didn't learn as
much as you needed to know about running a business.
Here are the terms and phrases we will define today:
Benchmarking
Optical Capture Rate
Chair Cost
Cash Flow
Burn Rate
Gross Profit Margin
Inventory Turn Over
SEO
Content Marketing
KPI

3. Benchmarking
Measuring the quality of your practice's
policies, products, programs, strategies,
or profits with standard measurements
or similar measurements of your
competition.

4. Optical Capture
Rate
Compares the number of patients
who receive their prescription with
the number of patients who fill their
prescription at your practice.

5. Chair Cost
Represents the costs associated with
providing care to each patient. To
calculate divide your fixed costs by
your revenue generating visits.

6. Cash Flow
The total amount of money being
transferred in and out of a business.
The difference in the amount of cash
at the beginning of a period and the
amount at the end of that period.

7. Burn Rate
The rate at which your practice
spends money, in excess of income.
Burn rate is typically quoted in cash
spent per month.

8. Gross Profit Margin
The difference between net revenue
and cost of goods sold. This margin
helps determine the value of sales,
and to guide pricing and promotion
decisions.

9. Inventory Turnover
Provides insight to whether or not
your frame inventory is keeping up
with frame sales. Calculate by dividing
number of frames sold each year by
the number of frames kept in
inventory.

10. SEO
Search Engine Optimization. The
process of getting traffic from the free,
organic, or natural search results on
search engines. Or, making sure your
practice shows up in google when
someone searches "eyecare practice in
Austin."

11. Content Marketing
Marketing and business process for
creating and distributing relevant and
valuable content to attract and
engage your target audience.

12. KPI (Key Performance
Indicators)
Metrics used to evaluate factors that
are crucial to the success of your
practice and help measure progress
towards goals.