How do I check an optometry practice’s revenue per patient before buying?

Revenue per patient looks simple, yet two practices can report it very differently without anyone being careless. The result depends on which patients are counted and which revenue is included. Before you rely on the figure, ask the seller to show both the numerator and the denominator, and where each came from. Then rebuild it yourself from the practice’s own records.

Choose the right denominator

Patients of record include people who have not been in for years. Active patients, meaning those seen in the period you are measuring, give a truer picture. Ask how the booking system defines active and whether the seller can run a report of unique patients seen. Be careful that a patient who came twice in one year is counted once. A bigger denominator makes the per-patient figure look smaller.

Split exam fees from dispensary sales

Exam fees and dispensary sales come from different habits. Show them side by side for each patient, not blended into one number. A practice with strong exam income and weak dispensary sales tells a different story from the reverse, and the fix is different too. Read the optometry due diligence guide beside this one.

Compare years and doctors

One year tells you little. Look at several years and ask what changed: a new doctor, a new line of frames, a change in hours. Compare doctors within the practice too. If the owner’s patients spend differently from an associate’s, the figure may change when the owner leaves. Ask what the seller thinks explains each difference, and then test that explanation against the records.

What a high or low figure suggests

A figure that is high or low is a prompt for questions, not a verdict. A high one might reflect loyal patients or a few large orders, and a low one might reflect a lean recall list or low dispensary conversion. Ask which, and what evidence supports it.