The amount of profit you can generate from investing in an optical coherence tomography (OCT) device for your practice will depend on a number of factors, including the cost of the OCT, the number of scans that you perform, and the fee that you charge for each scan.
It is estimated the average charge for an OCT scan in the UK is around £40. So, if you are able to perform 15 OCT scans per week, this can generate an additional £600 in revenue per week or £2,400 per month. This soon adds up to a significant amount of revenue over a year.
It is important to note that the cost of an OCT can vary depending on the type of device you purchase. However, I hope to demonstrate that the cost of the OCT is not the vital component here.
Example
Take the £2,400 per month income generation in the scenario above.
OCT 1 = £25,000 OCT 2 = £35,000
OCT 1
Five-year finance package at £541.67 per month.
- Profit per month = £1,858.33
- Profit per annum = £22,299.96
OCT 2
Five-year finance package at £758.33 per month.
- Profit per month = £1,641.66
- Profit per annum = £19,699.95
While OCT 1 obviously provides the better return, I believe that the difference is relatively small considering OCT 2 is 40% or £10,000 more expensive. In my opinion, the key issue for an OCT investment is not buying the cheapest but getting the optimum volume for the charge you make.
Once that is decided, the practice should look to purchase the OCT it feels best suits its needs, its patients, and its team. That is unlikely to always be the lowest cost and so, for example, if your team have a strong preference towards a specific model then you are more likely to enjoy improved volumes and consequently improve income with a device your team are happy with using.
Another factor to consider is the fee that you charge for each OCT scan. If you are able to perform a sensible number of OCT scans per day and charge a reasonable fee, you can generate a significant amount of profit.
A return on investment tool is a great way to compare possible prices and volumes for your practice to see which price point will best suit your practice.
There are a few factors to consider here:
- The volume of patients your practice examines.
- Your patient demographic.
- The local competition.
- Your clinical direction. Is this an uplift cost option for patients, or do you include a scan in all exams with an increased test fee for all?
These are all pertinent questions and no two practices are the same, so find your own path with your OCT and enjoy the clinical and financial rewards it brings.
- Stuart Burn is managing director of Performance Finance.