Since myopia management services and materials are not covered by insurance or vision benefit plans, adding the service is an opportunity for growth. Step outside of the conventional thinking that covers your optical pricing, for example. This is a different model.
In this section, we’ll break down everything you need to consider when setting your fees.
DETERMINE YOUR FEE STRUCTURE
A global annual fee is often the most streamlined approach for charging for myopia management services. Sticking with one fee model is likely to be easiest to understand and adopt, as well as offer a more standardized way to grow your business.
However, Wes McCann, OD, the owner of a dozen practices in Ontario, Canada, has shared three ways practitioners can present their myopia management fees:
- Global Annual Fee Model: A more streamlined approach, the global annual fee, encompasses the majority of myopia management services for a flat yearly rate, providing families with predictable costs. However, higher annual fees can lead to sticker shock, especially if patients feel they are paying for services they may not use.
- Fee-for-Service Model: This model charges patients for each individual service, from consultations to biometry scans, contact lens fittings or atropine therapy. While transparent, this approach may lead to resistance, as families may feel burdened by each separate charge. Fee-for-service can work well for smaller or one-time visits. But they may deter patients needing consistent follow-up.
- Hybrid Model: A practical middle ground can be a hybrid approach, where an annual fee covers core management services. Certain treatments (e.g., OrthoK, contact lens fittings and teaches, or atropine therapy) are billed separately based on patient needs. This way, families benefit from cost certainty while maintaining flexibility in their treatment options.
CALCULATE YOUR CHAIR COSTS
Ariel Cerenzie, OD, FAAO, FSLS, opened her specialty practice, the Charlotte Contact Lens Institute, that focuses exclusively on specialty contact lenses and myopia management. At her office, she doesn’t accept medical or vision insurance for any services. She works with her patients to make sure payments are affordable—and that she receives appropriate compensation for her time and materials.
“We started by calculating my chair cost to determine how much it takes to break even when a patient comes to visit our office,” Dr. Cerenzie explains. “I took that number and thought about how many follow-ups that particular patient would have. Then that’s the minimal price to break even. Then, I thought about what I felt the service was worth above and beyond that breakeven price. I then added my material costs on top—just as I would price a premium soft contact lens.”
She says that this process helps her and her team have confidence in explaining the cost of treatments and services to patients. It also helps her avoid comparison to other ODs. On top of that, she knows she’s not losing money on regular follow-up visits or the cost of materials or treatments.
OFFER A PAYMENT PLAN
Dr. Cerenzie is also a proponent of payment plans. She created a subscription plan for her patients. They are contractually obligated to make monthly payments for a minimum of 12 months.
“I’ve found this payment structure to be advantageous over offering a global fee because it helps make it more accessible to patients,” she says. “Rather than paying a large sum, we’re breaking it down into smaller dollar amounts each month. That’s been effective for our patients. We also help cover a large portion of our costs in the first year by charging a consultation fee and then a dispense fee.”
ECPs should know that subscription plans can be outsourced to a third-party vendor. It can help handle all of the work associated with payment plans with minimal hassle—for you and your patients.
Related Articles
Presenting Myopia Management Fees for Multiple Children
The Economics of Myopia Management
Successfully Presenting Myopia Management Fees to Parents
What Should Be Covered in a Global Myopia Fee
How to Present Myopia Management Fees to Low-income Families
Read more articles in the Getting Started with Myopia Management series. Be sure to check back as the series will be updated regularly with more content.
