A Conversation with Bryan Hoban and Ryan Huffman, MS
PECAA’s dedication to protecting and promoting private practice is a commitment that endures across all market conditions, including times of uncertainty and particularly now as the impact of recent tariff actions is unknown.
We were pleased to have Senior Director of Underwriting for VSP Vision Ryan Huffman, MS, join us at this year’s PECAA Annual Meeting in April to share his observations on past economic challenges and how the eye care profession has historically fared in the face of adversity. He recently sat down with PECAA EVP & General Manager of Member Business Advisory Bryan Hoban to expand on his comments.
Hoban: Ryan, you and I spoke in April at this year’s Annual Meeting about how resilient the eye care profession has been. Since then, a lot has changed at the federal and international level.
Huffman: Yes, the landscape has certainly changed in terms of tariffs and our relationships with other countries. At this point, it’s hard to predict what’s going to happen in the months ahead and how eye care could be affected because the tariff policy is far reaching and changes so quickly.
Hoban: Let’s first set the stage – while tariffs are top of mind for many right now, in April we discussed how the eye care industry has witnessed its fair share of disruption over the years, both within optical and the economy at large, from the emergence of big box retail to recessions, proxy wars and COVID. However, our profession persists through these challenges.
Huffman: Absolutely, and that observation is backed up by data. From a high-level economic standpoint, during the period 2012 – 2021, real gross domestic product and real personal consumption expenditures were strong, and inflation and unemployment were down. Optometry performed very well during that time. While COVID was incredibly disruptive to businesses and presented many new challenges from a management perspective, most practices performed fairly well financially when looking at the year in totality.
Following the COVID crisis, practices were able to pass along most inflationary costs, and the increases just blended in with the rest of the economy.
From 2022 to 2023, despite volatility driven by inflation and the Federal Reserve’s response to that volatility, consumer spending, employment and the broader economy remained strong – and that strength was mirrored in eye care practices. Doctors experienced growth in both patient volume and revenue per patient, although cold start openings began to slow. As we closed out 2024, the economy achieved a soft landing with inflation held in check and overall stability maintained.
When we look at the impact to optometric practices, it is important to consider consumer behavior, which directly affects small businesses. From 2012 to 2021, consumers were spending steadily, supported by healthy savings, low credit card debt and modest credit utilization. But from 2022 to 2023, we began to see a shift – as expenses grew, many turned to credit cards and borrowing to maintain their spending habits.
Between the end of 2021 and the end of 2023 credit card debt increased by 32% while credit card limits increased by 18%. This was a clear sign of pressure on the economy. By 2024, inflation had waned, and people were focused on getting their credit under control. They were still being pinched but not as much.
Hoban: At that time, while the broader economic picture was beginning to stabilize, the rising debt burden on consumers still had an effect. Patient demographics may have factored into the financial performance of practices during that time as we began to see disparities with more affluent patients continuing to spend on healthcare while other patients pulled back. Can you please speak to the state of the consumer right now?
Huffman: Credit card limits and debt continued to climb in 2024, though at a slower pace than in previous years – with an additional $82 billion in credit card debt added. As we entered 2025, Q1 reflected a slight downturn in GDP. The Fed made no rate changes and entered Q2 with more conservatism. While we’re awaiting the data, if Q2 followed suit, we could officially enter a recession.
Hoban: What would a recession mean to our eye care practices?
Huffman: We could see upticks in unemployment and reduced aggregate spending, which could likely result in a short-term spike in managed care visits (as employees with coverage anticipate being laid off) offset by a reduction in private pay patient flow and out-of-pocket spending. Economic volatility tends to cause people to use their benefits due to uncertainty in the market, and to tighten up out-of-pocket expenses.
Looking at consumer behavior more broadly, tariff-related uncertainty and frequent shifts in economic headlines have made consumers hyper-aware aware of the news cycle – often prompting reactive behaviors like stockpiling essentials and cutting back on discretionary spending.
Hoban: Thanks for the insight, Ryan. While the future is uncertain, history tells us that vision care remains resilient. People continue to prioritize their eye health – and value their eye doctor – regardless of economic shifts and challenges within our industry. From Target Optical and Costco emerging as major players in the eyewear and healthcare space to 1-800-Contacts, telemedicine and private equity, these obstacles were thought to ruin eye care, and yet we continue to thrive.
PECAA understands that members may feel uneasy about what’s ahead. That’s why now is the time to focus on strengthening financial foundations with a solid business and marketing strategy – and PECAA’s Business Advisors are here to support our members every step of the way.
Equally important is maintaining strong patient relationships. It’s about creating a welcoming, personalized experience and emphasizing the value of care over just product sales. But when recommending frames and lenses, thoughtful product education goes a long way. That’s what sets independent eye care apart.
Invest In Your Practice During Times of Uncertainty
PECAA’s Business Advisors are available at no additional cost for PECAA Max members. Tap into expert advice tailored to your goals. Connect here.
- Align business decisions with practice goals
- Build your practice to patient relationship
- Use PECAA as a sounding board! We can help you launch your practice, grow strategically and navigate challenges with confidence.
Meet Bryan Hoban and Ryan Huffman, MS
Bryan Hoban helms PECAA’s Business Advisory Team, which guides PECAA Max members with expert advice on critical practice areas. His insights and experience gained as an analyst and loan officer at a community bank that nurtured small businesses now helps private practices maximize their potential to achieve optimal financial health.
Ryan Huffman, MS, currently leads pricing and underwriting strategies for commercial and government business at VSP Vision. He has more than 15 years of experience driving performance at the intersection of pricing strategy, financial modeling and organizational leadership.