Thinking of a practice start up? Building a practice from scratch can be an overwhelming task. Fortunately, our start up plan has got you covered. Our services include local market analysis and location search, financing, lease negotiations, build out, asset purchasing, insurance credentialing, staff recruitment, building your patient schedule and more. We’re committed to help guide you to not only a successful grand opening, but a profitable long term practice.
Not enough time in the day to see patients and grow a profitable practice? It can be a real challenge to analyze your practice, develop new processes and implement change while seeing patients. With our growth consulting services, we will start by conducting an operational and financial analysis of your practice, evaluate your costs, staff, payroll percentage, fee schedule, current product mark-up, current software, vendors, insurance plans, insurance and patient receivables, etc. to discover areas of opportunity. improvement. We’ll then provide recommendations and support for best practices on how improve your bottom line and professional satisfaction.
As you grow, certain things must happen in the practice. To have rapid growth, things have to change in the practice. If you want a multi-million dollar practice you have to grow your leaders and process in accordance with that financial growth.
Professional partnership is like a marriage. You need to find the right person that compliments you in your practice with similar goals and visions. This can be as important as a marriage, because you don’t want to have to financial separate a successful practice in the future.
Should I add partners or sell outright? It’s never too early to planning the transition of your practice. We’ll help you plan a successful exit strategy and walk you through the purchase and sales process to bring you desired results.
We also help you find that partner that you feel comfortable with working with and transitioning with and assuming care of your patients when you walk away from the practice.
Long before the time comes to transition out of your practice and into retirement, there are many ways to increase the value of your practice to optimize the ultimate sale of the practice. Many optometrists scale down later in their career with increased time away from the practice, not investing in new technology, decreased marketing budget and brand awareness, etc. If the revenue and net income of your practice trend down as you near retirement, it can negatively affect the value and ultimate selling price of your optometry practice. We can help you with a plan to optimize your optometry practice now, thereby increasing your final selling price and ultimate financial freedom.
Who are you? What is special about you that patients need to know, to choose you for all their eye care needs, when there are so many choices out there? What are you doing to tell your story? We hope you choose the company that helps you tell your story and helps you create a brand that is as recognizable as your logo. Things that tell you story are your mission statement, core values and vision statement. We help you develop your own custom statements to tell your story, so that when you are bringing people on board as staff members, they understand who you are, why we’re here and their part in that. Without a brand, you’re just another eye care clinic.
You can make drama or you can make money, but you can’t make both.
The thing that Zig always said about building a team is that “together everyone achieves more”. I have found in my 25 plus years of consulting that this is the magic wand to creating a multi-million dollar practice. The team is everything.
Communication is the most important thing we do each day, whether we’re communicating with our patients or our team. The first step is knowing how people receive and process information based on personality type, so we start there with our staff. We help them identify the patients personality so we give them information in the best way possible. We help you create the words and message you want your patients to hear from you. How well we communicate is directly related to our success in the world of optometry.
To optimize sales your staff have to be on board that the quality of the products they are selling have to be equal to the pricing. We educate the staff on product knowledge based on benefits to the patients so they are not just selling a product but answering a need for the patients. We give them the wordage and information so they have the confidence to present premium products to patients with confidence. The optical is the place where there is unlimited sales potential and it is the retail business that provides passive income that doesn’t require a doctors time. It is the key to working smarter not harder.
Frame Board Management
Frame board management has to be managed at the highest level of efficiency. This is one of the biggest places that you can have operating capital tied up. We have a system that helps you analyze the correct amount of frames that your office needs on the board, based on projected sales for this year. If your inventory is out of line, we have processes to get back to the accurate number of frames needed. After we have acquired the correct amount of frames on the board, we have processes for keeping it under control ongoing. This avoids having money that could be used for operating and growth tied up with frames hanging on the board.
How you manage established patients will determine how fast your practice grows. We have systems that have been proven over time to create a 75-95% return rate on established patients when the doctor wants to see them back. By managing your established patients, it allows you to compound your growth and income each year. This is a multi-layer system including pre-appoints and recalls. Pre-appointing being the primary system we use and the recall system is the backup system so no patient is left behind.
There are two heartbeats in your practice, one of them is your schedule the other is your insurance receivable. Most practices hire my company because of uncollected insurance receivables. If that’s your practice, we will help you get the money that’s collectable, put systems in place to keep your money rolling over every seven to ten days, which keeps your net at the highest amount possible. There’s nothing worse than working for free, and that’s what happens when you have to write off unpaid insurance claims.
In addition, we evaluate your insurance plans to answer the following questions. What insurance plans should I accept? Should I accept vision plans? Is my practice collecting all that it’s owed? How will accepting these plans affect my reimbursements and bottom line? We will assess the plans you currently accept and provide answers to these and other questions you may have, to determine which plans are in best for your practice.
As we saw in 2021, coding and billing is constantly changing. If we want to maximize our income from insurance, we have to stay on top of what those changes are and what they mean to our practice. I teach coding and billing, not only at conferences, but also in the practices that I work with, to make sure that everyone in the office clearly understands how to code and bill. Not only to be as profitable as possible with the insurance companies, but to keep that money if we’re in an audit.