![]() ![]() ![]() They may throw you a small bone for a non-essential marketing study. If you have a strong contact lens practice and do a significant amount of business with a particular contact lens company, let the sales rep know you’d be interested in participating in one of their future clinical evaluations. Try reaching out to manufacturers based on your practice’s specialties. The cost of participation becomes the amount of doctor time and staff time to manage the administrative aspects of participation. ![]() There typically are no direct fixed costs for participation, since most optometric practices are already paying for their facility, licenses and existing instrumentation. Participation requires an invitation from one of the manufacturers. It can also be a nice change of pace from your normal practice routine. Finally, administering a clinical study for a product that has not yet been commercially launched gives you an inside track for becoming the local expert. It’s much better if compensation to subjects is in the form of money or a gift card to a restaurant. Most of the established study sponsors know this, but some of the start-ups do not. A word of caution–I discourage sponsors from offering free products such as contact lens supplies and eyeglasses because that can undermine your practice’s ability to sell product. Additionally, subjects typically receive compensation for their participation. Study subjects often like participating in studies, especially if they have unmet needs that existing product cannot fulfill. Collateral new patients generate derivative revenue unrelated to the study. Subjects will often tell their family, friends and co-workers that they’re participating in a study at your practice, which can lead to word-of-mouth referrals. From a marketing angle, it can elevate the stature of the practice, make patients aware that the practice has access to new technology, and increase patient loyalty to the practice. There are other advantages to administering clinical studies. Otherwise, you can displace revenue from your regular patient visits. However, in these cases take care not to schedule clinical study patients during prime appointment times, such as weekday evening or weekend appointments. ![]() This is analogous to a hotel accepting reduced room-rates to fill up rooms that would otherwise go un-booked. When payment is sub-par, administrating a study is still financially beneficial to the extent that you’ve got unfilled appointment slots. Participating in such studies gives patients the opportunity to experience the latest treatments and gives you the opportunity to engage patients and enhance your practice brand.īusiness Opportunity Beyond Generating Revenueįrom a business perspective, the revenue generated from administrating a clinical study is usually on-par with a poorly reimbursing vision plan,but some study sponsors pay generously and compensation is sometimes negotiable. While some of the studies can be done in-house by the manufacturer, others must be done in real-life practices since that’s where the products will be put to use. Optometric practices are frequently invited to administer these studies. Manufacturers of contact lenses, lens solution, pharmaceuticals, ophthalmic instruments and spectacle lenses administer clinical studies for product development, FDA clearance and marketing. You already offer them the latest and greatest treatments and products, so why go anywhere else? Greater patient loyalty as patients see that there is no need to look elsewhere.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |