All Posts
Independent Eyecare Practices Can Thrive: Top 5 Strategies to Excel in Today’s Competitive Market
Practice Management
July 26
8 min read
The independent eye care practice has faced increased competition in the last decade. Online retailers, private equity, and vision insurance plans have affected profits. Profitability has become increasingly difficult due to rises in the costs of both labor and goods, and flat insurance reimbursement rates. Despite the obstacles, it is possible for an independent eyecare practice to excel with the right strategy. Patient education, independent pr (...)
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4 Ways to Build a Rock-Solid Support System to Ensure the Profitability and Sustainability of your Private Optometry Practice
Practice Management
August 26
8 min read
Owning and managing an eyecare business can feel like living on an island of one. Physicians become a jack-of-all-trades in our practices from diagnosing internet routers problems to unclogging sinks. We often forget we don’t need to do it alone and are unable to succeed alone. Your optometric practice will remain sustainable and profitable if build with a solid support system of relationships. An optometric physician can guarantee a solid (...)
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Beyond Refraction: Eye Care Professionals Rebranding Themselves as Health & Wellness Experts
Practice Models
September 21
8 min read
In 1904, optometry was first defined as “the science of non-medical refraction.” The profession of optometry has evolved significantly from our origin as practicing jewelers. Optometrists are privileged to have expanded scope of practice from laser surgery in Oklahoma to the performance of surgical procedures using local anesthetic in Wyoming.
The advancement of our medical scope has allowed us to meet the needs of our pa (...)
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8 Important Considerations to Make Before Increasing Your Wages as the Practice Owner
Personal Finance/Wealth
December 02
8 min read
A practice owner is always reluctant to raise their own salary. We always come last. Deciding the amount and when to pay yourself more money may be one of the most difficult decisions to make as a business owner. If your business is in the black, paying yourself is crucial for business sustainability and for future evaluation and success in selling your practice. If you are not taking due compensation and an adequate owner’s salary is not i (...)
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4 Factors to Consider when Deciding on an Optometric Medical Specialty
Practice Models
January 12
8 min read
Most doctors pursued a career in optometry to improve patient lives by enhancing vision. Expansion of our scope of practice into medical optometry has gifted us with the ability to protect vision by treating sight-threatening pathologies. By providing specialty medical services, we distinguish our practices from corporate optometry refraction mills, provide our patients with all-inclusive care, and fulfill our career passions.
The most common sp (...)
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Is There a Perfect Time to Add an Associate Optometrist?
Human Resources
April 06
8 min read
It is difficult for a practice owner to assess the opportune time to hire an associate optometrist. There is not just one practice metric to consider. It must make sense both financially and personally. Assessing several key practice metrics and evaluating your personal practice motivations can be beneficial to the decision-making process.
“What are your primary goals in adding an associate doctor?”
When to Hire a New As (...)
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Maximizing Patient Volume without Reducing Quality of Care
Practice Management
June 17
8 min read
As rising inflation became a concern this past year, discussion amongst optometrists has centered around the rising cost of doing business and remaining profitable. Our cost for rent, optical products, and labor has risen significantly without an equivalent rise in vision care reimbursement rates. There are two solutions to this problem, increase patient volume or increase per-patient revenue. It can be difficult to find the right bal (...)
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Negotiate COGs to Boost Optometry Practice Profitability
Financial
October 05
8 min read
Most optometrists are aware of the current inflation problem. While the costs of goods and services continue to rise, our insurance reimbursements do not. It’s imperative to monitor and modify budgets and expenses to optometric industry standards.
COG (Cost of Goods) is the total of all costs used to create a product or service. In optometric practices, this would include frames, lenses, sunglasses, eyeglass accessories, contact lenses, an (...)
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