Accelerate the success of your practice with personalized guidance and proven steps.
The Total Practice Reset is a process I designed that caters to independent optometric practice owners who desire an objective, candid assessment of their practice, along with specific recommendations and one-on-one assistance to achieve sustainable improvements.
The reset is also an ideal solution for optometrists who have acquired (or plan to acquire) an existing practice and aim to optimize their investment, and for those who want to improve the value of their practice for eventual sale.
How it begins …
A Confidential Review of Financial Statements
Before commencing advisory services, a non-disclosure agreement for a confidential review of your practice’s financial statements will be signed. This review will allow myself (principal consultant William K. Vincett, O.D.) to evaluate if my services can best help you achieve your goals. If we mutually agree to move forward, a contract engaging my services is signed and the reset begins.
Performance Benchmarking Analysis
I start by using my experience of having analyzed and benchmarked more than 200 private practices to assess your practice. Through this exercise, the practice areas in need of attention will emerge.
Together, we will then discuss where your practice is now, where it should be, and how I can help you in getting there.
For example, if the benchmarking analysis reveals your cost of goods are too high for your volume, I will take a deeper dive into your operations and look for savings opportunities, which can include consolidating your purchasing, reviewing your equipment leases and fees, and leveraging my industry network and contacts to obtain better value for your purchasing power.
The standard financial spreadsheets you may be currently using are helpful, but often lack important financial indicators for an eye care office. As part of the reset, I will set up a tailored accounting system suitable for your single or multi-location practice.
Additionally, you will have the option to utilize the accounting and bookkeeping services recommended by me, or alternatively, receive customized spreadsheets designed specifically for your practice, which you can then share with your accountant and bookkeeper.
After completion of the first two steps – Performance Benchmarking Analysis and Accounting Setup – we will discover the areas that need attention to achieve your practice goals, and have the tools in place to monitor and measure your progress as we work together to achieve them.