3 Tips for Optometry Practice’s on How to Maximize an IncentivEYES Rebate Check
By: Alan Madland, Business Development Analyst, PECAA
PECAA has paid out more than $8 million through the IncentivEYES® Rebate Program in 2017 alone. As the person responsible for collecting all of the data and processing the payments each quarter, I often get asked to share any insights into how PECAA Members can get the most benefit out of this rebate program. While every eye care practice is unique, I do have a few ideas to share with you for not only maximizing your rebates, but ensuring you are managing your vendor accounts to your advantage.
1) Review Your Discounts
The first step is to determine what your optometric practice is currently using. Do you (and your staff) know what your current discounts are with each PECAA vendor partner? Don’t worry, you don’t need to have it memorized! But it should all be recorded somewhere for easy reference as well as confirmed with your sales representatives during their visits. Invoices and statements should be regularly reviewed to confirm that you are receiving the correct discounts.
Programs vary by vendor, as some are simple discount and/or rebates based on a percentage of net sales, while others are more complex and include minimum purchase amounts and growth components. Your sales representatives should be able to explain their specific program to you, as well as provide an estimate of your savings and rebates based on your expected purchases. Programs based on growth should be monitored closely by your sales reps and they should be communicating your status to you near the end of each quarter to ensure you don’t miss out on any potential rebates.
2) Align Your Vendor Accounts with PECAA
Once you know where you stand with each vendor partner, the next step is ensuring you are set up to receive PECAA pricing with your vendors. By doing this, you’ll be getting some of the best discounts and rebates in the eye care industry, and you will also receive all of your rebates each quarter in one lump sum check to save you the time and hassle of monitoring them all individually!
To get your vendor accounts aligned with PECAA, you will need to let your vendors know you want to be receiving PECAA pricing, as they will not move you over without your permission. The details of each vendor program can be found on the PECAA website once logged in, and the vendor pages will let you know how to inform your vendor partners you want to be receiving PECAA pricing (whether they require you to fill out a form, let them know via a phone call, etc). Any questions on how to align yourself with a specific vendor partner can be directed to firstname.lastname@example.org.
3) Track Your Account History
I would recommend keeping a file (either paper or electronic) for each of your vendor partners. I suggest that the person working with that vendor be the one responsible for maintaining the file. It can be as simple or as detailed as you see fit. It should at least include your account #, the local sales representatives contact information and any current discounts and rebate information your practice is receiving. Additional information could include the date of your reps last visit, the date of their next visit, your average monthly purchases and any agreements you have signed with that vendor. Having
documentation when you meet with reps can be incredibly valuable and will help you stay on top of managing your accounts.
I suggest reviewing your vendor accounts at least annually, or whenever there is a significant change to their programs or policies. Discounts and rebates are an important criteria for evaluating a vendor, but by no means the only criteria… but that’s a subject for another newsletter!
If you have questions about the IncentivEYES® Rebate Program or how to align yourself with our vendor partners, please e-mail Incentiveyes@pecaa.com, or fill out a form here.