Improve the quality of your business decisions with the help of an expert navigator.
Optometry practices don’t underperform because of the quality of patient care. Most optometrists are good at what they do. Rather, optometric practice owners struggle because of the quality of their business decisions.
With personalized guidance and mentorship from myself, William K. Vincett, O.D., principal consultant, you will gain the ability and confidence to make highly informed, quality business decisions that will grow and prosper your practice, and plan for its eventual transition. It begins by addressing together the essential questions you should be asking in the key practice areas listed below.
- What key activities should my performance dashboard include to measure, monitor, and manage my practice?
- What items should be listed on my chart of accounts – a digestible breakdown of financial transactions for a snapshot of financial status and urgencies for attention?
- Does my cost-of-goods demonstrate I am fully leveraging my buying power?
- Is my frame and lens inventory being efficiently managed?
- Should I buy or lease new equipment?
- Are my staffing levels and labor costs appropriate for my volume of business?
- What percentage of my expenses should be allocated for wages?
- What job functions should I consider outsourcing?
- How well is my practice performing in comparison to other practices of my size or market area?
- What is the lifetime value (LTV) of a patient in my practice?
- How much time in my schedule should I allocate to managing my practice?
- What management tasks should I be delegating?
- Can I afford to decrease my patient hours?
- What differentiates my optometry practice from other eye care providers in my market area?
- Besides recalls, am I regularly communicating with my patients?
- Am I taking advantage of free marketing tools, such as my Google listing, patient reviews, and social media?
- What percentage of my budget should I spend on marketing?
- Is the patient experience (care, service, facility) consistently delivered, and how do I know?
- Does my staff reflect my core values as a practitioner?
- Do I have a pulse on patient satisfaction?
- Am I managing my online reputation? How do I respond to negative patient reviews?
- How do I know when it is the right time to add an associate?
- How do I find and attract the best candidates?
- How can I structure an associate contract that will incentivize production and performance, while mitigating my financial risk?
- Does it make sense to merge with another practice or to fully acquire it?
- What economies of scale can I achieve by acquiring an existing office?
- How do I determine the value of a practice I want to purchase?
- What contract terms should be in an employment agreement with a retiring practice owner?
- My practice has outgrown its physical space. Should I expand or move to a new location?
- Is it time for an office refresh (paint, carpet, signage), or a complete remodel (fixtures, structural reconfigurations)?
- How do I determine if I can afford what I’d like to do, and how do I structure the financing for it?
- What is my practice worth if I were to sell it today?
- What are the steps I should take to transition my practice to an outside buyer, associate, or family member?
- How do I negotiate with private equity groups to get the highest value for my practice?
If you desire to intentionally manage your practice, maximize your potential, and set the steps in motion to achieve your professional and personal goals, let’s connect.