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Some early signs indicate a potential uptick in LASIK surgeries T he fate of laser vision correction surgery is heavily associated with the U.S. Consumer Confidence Index, and many refractive surgeons (myself included) were somewhat surprised that when the Index rose last year with the economic recovery, LASIK surgeries did not increase concurrently. For the first time in the past 5 years, however, we are starting to see some growth. It's too early to say whether this is a true uptick or just an anomaly, as TLC The Laser Eye Centers only noticed this growth in the first quarter of 2014. Our loca- tions are predominantly in the midwest, and we've been able to follow the economic recovery. Different parts of the U.S. have recovered at different rates. For example, our centers in Wisconsin were barely affected by the economic downturn, but mainly because that area has a high preva- lence of high tech business and is predominantly white-collar indus- tries. Illinois, however, is still slowly recovering. The housing market remains flat. In our Tampa centers, the economy is still depressed, but the housing market is starting to see an increase with smaller numbers of foreclosures. Millennials, Yummies, and more Today's laser vision correction market comprises three types of potential candidates: The Millennials (the people who are now in their 20s and early 30s, also sometimes referred to as "Generation Y") are a unique dynamic—their numbers surpass those of the Baby Boomer genera- tion, and they are well-educated people who want LASIK. In some cases, their parents had LASIK. A recent article in Time said 62% of Millennials consider themselves disciplined or highly disciplined financial planners, and 84% con- sider themselves "passionate" about creating financial security. 1 This almost obsessive interest in money is rooted in the generation's lack of it—this group was graduating col- lege with enormous debt and few job prospects. They're typically underemployed and living with their parents; they've witnessed their parents lose jobs or struggle through pay cuts. So, what money Millennials do have, they're reluc- tant to spend. Certainly, they're reluctant to spend it on LASIK, regardless of how much they may desire it. Yet this group remains optimistic about their financial future, and we should not discount this potential revenue base. What's more encouraging for our practices, however, is a subset of the Millennials. Financial planning firm HSBC released a report last month titled "The Rise of the Yummy: Young, Urban, Male: three reasons to rejoice." 2 The Yummies graduated college with high-paying jobs in hand. High-end retailers (including Michael Kors, Burberry, and Coach) are actively pursuing this subset. Psychologically, these consumers want to display social status early on, and customized laser vision correction easily falls into that category. The final group comprises those whose parents have the disposable income and are willing to spend it on their children. The parents typically had LASIK and are the instigators with their children. They view it as the last major financial responsibility—they've paid for braces, for college, and now for LASIK. This group already knows the benefits laser vision surgery can offer—and their surgery was long before the days of wavefront- guided lasers, or even femtosecond lasers in some cases. Patient expectations With the latter of the three Millennial groups, parents expect the child to do at least as well postoperatively as the parent did. These are a thoroughly unique set of potential patients. They're typically in their last year of college and have a laissez-faire attitude. There's a youthful confidence in this group, a very relaxed view of life. While we expect patients to get nervous about the procedure, this group is almost the exact opposite. They're indifferent, as though LASIK was something they were always going to get. They know what it is from their parents; they understand its benefits. This group may need a bit more chair time to thoroughly review potential complications simply because they don't believe any negatives about LASIK exist. They continually view LASIK as just another step in their life plan, as common as graduating high school or college. Today's patient generator In the heyday of LASIK, hanging out a shingle was probably enough to drive business through the doors. Today's much more cautious economic environment means expansion must become multifactor- ial—direct marketing, OD referrals, by Lou Probst, MD On the path to recovery? "In the heyday of LASIK, hanging out a shingle was probably enough to drive business through the doors. Today's much more cautious economic environment means expansion must become multifactorial." Lou Probst, MD 10 Figure 1. Three months post-LASIK results Source: Lou Probst, MD, TLC Laser Eye Centers continued on page 15 May 2014

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