Use It or Lose It: Tips to Encourage FSA Spending at Your PracticePosted: November 3, 2020 - By Melody Gandy-Bohr
COVID-19 has caused a decline in medical visits and overall less spending on healthcare services. Many of your patients likely have flexible spending or health savings accounts (FSA/HSA) funds that they need to spend before year-end. With a few well-timed promotions, you can encourage patients to spend their remaining FSA/HSA funds and earn additional revenue to make up for declines caused by the pandemic.
Here are four ways to encourage patients to use their FSA/HSA benefits.
#1 Use Email Marketing
Email is one of the cost-effective ways to reach patients. In fact, email can generate an astonishing return on investment (ROI) of $44 for every $1 spent on average. Send email reminders to motivate patients to use FSA/HSA dollars before they go to waste. You can highlight FSA/HSA deadlines in your email newsletter or run stand-alone promotions. With a customizable FSA template in Campaign Studio, you can quickly and easily set up an email. Be sure to personalize every email with information and photos on the products you offer to attract patients.
#2 Start Early
Late November and December always bring a rush of holiday activity. It’s easy for patients to get caught up in the hectic season and miss FSA/HSA deadlines. That’s a big reason why an estimated $400 million in benefits expire every year, according to the FSA Store. It’s important for your practice to begin promotions before the end-of-year season hits. Start promotions as soon as possible for maximum financial gain.
#3 Promote Gift-Giving
Most of your patients probably know that they can spend HSA/FSA dollars on prescription eyewear. Yet, many patients don’t realize that they can use their funds on non-prescription glasses as well. You can create an email campaign to highlight this opportunity for patients. Let them know that they can purchase non-prescription sunglasses for anyone on their shopping list. A stylish pair of quality sunglasses is always a welcome gift!
#4 Recommend Second Pairs
Anyone who wears glasses can benefit from a second pair—and can use FSA/HSA dollars to purchase them. Having a backup pair on hand is great in case patients lose or damage their primary glasses. Send out email promotions reminding patients that they can purchase prescription sunglasses or sports glasses with their remaining funds. Some patients also swap out glasses like any accessory, such as purses or shoes. With a second pair, fashion-lovers can coordinate with their favorite outfits and create on-trend looks with ease!
Boost Your Year-End Revenue
This year has been tumultuous for everyone–patients and optometry practices alike. Although you may have experienced some road bumps during the hardest-hit months of the pandemic, you can end 2020 on a high note. Strategize ways to remind patients to use FSA/HSA benefits before expiration deadlines. Some simple tactics, like suggesting that patients buy second pairs or gifts for loved ones, can make a significant impact on your bottom line. Through email marketing, you can reach your patients and help them maximize their health benefits.