Sunbit, the preferred buy now, pay later (BNPL) technology of service providers and retailers, recently announced findings from a recent survey of 1,015 ECPs regarding patient financing and checkout options. Not surprisingly, cost is the most common reason patients opt out of eyewear or treatments. More than half of respondents said that “patients feel that the eyewear or recommended treatments are too expensive.” This coincides with an annual tracking survey of eye care patients conducted by Sunbit in January 2020 and February 2021 that found more than 65% of people who wear glasses, contacts, or both, spent an average of $100 or more in out-of-pocket expenses on their eyewear, which is up 4% from the previous year.
According to the findings, eye care professionals are well aware of the reasons patients walk out, but in order to do something about it, they must track business metrics to determine their biggest pain points.
“The findings of our survey reinforce what we know: consumers are cost-conscious during an unpredictable and financially stressful time in our world,” said Esti Ross, Sunbit’s healthcare marketing strategist. “With more consumers opting to reserve their cash on hand, and ECPs looking to help their patients get the necessary eyewear they need, Sunbit is leaning into the survey results to help create buy now, pay later (BNPL) options for optical retailers and their patients across the nation’s communities.”
The survey also finds that with competition from online retailers growing, more than half of ECPs feel business metrics directly related to revenue such as capture rate, average transaction value, gross-revenue-per-exam, and sales by employee, are the most critical indicators of success. These results demonstrate that ECPs value earning money and care about doing so in a way that puts the needs of their customers in their local communities first.
Other topics covered in the survey include:
- The most common reasons patients don’t purchase eyewear or treatments after an exam
- The business metrics that mean the most to respondents
- The financing options of which ECPs are aware for frames, lenses and contacts
- Understanding of and openness to offering BNPL technologies
A copy of the survey results is available for download at: https://optical.sunbit.com/captureratesmatter
The survey was conducted between November 12 and December 21, 2020, and included 1,015 eye care professionals. The respondents were adults age 18 or older based in the United States.
Sunbit is the preferred buy now, pay later technology of service providers and retailers fulfilling the needs of thousands of local communities. Sunbit eases the stress of buying everyday things by offering access to fast, fair and transparent payment options to people across the credit spectrum. Sunbit technology is offered in-store and online through more than 6,000 locations, including 1 in 5 auto dealership service centers, optical practices, dentist offices, and specialty health care services. Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit.