Untitled design (2)

Practice Management and Profitablity

Owning a practice gives you the rare opportunity to truly control your career and financial destiny.  The path certainly isn't easy and there are multiple ways to both success and failure.  Learn some tips on how to make your practice thrive and become more profitable below:


Related Articles

10 Things Your Optometry Lawyer Wants You to Know About

10 Things Your Optometry Lawyer Wants You to Know About

Putting yourself in the best position possible to be successful involves getting professional help, and an optometry attorney can be a vital part of your team of professionals.

Optometry AlliancesBuying Groups - Who to Choose and Why

Optometry Alliances/Buying Groups – Who to Choose and Why?

Dear ODs on Finance Members, Last week the OD community got some shocking news in their inboxes.  One of the major players in the OD Alliance/Buying Group space – PECAA/HEA, was acquired by a large vision care plan  which had recently rebranded.   The acquisition was, well, met with extreme negativity.  Doctors expressed chagrin that a company that…

The Optometrist’s Guide To Health Insurance

Health Insurance Basic 101 That Every Optometrist Should Know

Whether you are a New O.D or Seasoned O.D ….healthcare is changing every year. Working in the medical field, I thought I understood how health insurance worked, until I ended up in the emergency room for two hours earlier this year. We will teach how to understand 6 key terms and how they apply to your health insurance (Premium, Deductible, Co-insurance/Co-pays, Maximum out of pocket, Benefit caps & understand network options (HMO, EPO, POS, PPO).

5 Tips for Growing a New Sublease Office

5 Tips for Growing a New Sublease Office

Building a new sublease office inside a retail store brings some unique challenges, but can be even more rewarding when you see your office thrive after years of hard work. Like any new business, attracting new patients may be a struggle at first. However, by engaging in a number of creative practices, I was able to grow this office from a patient base of zero to a thriving optometry office! Below, I will share the five strategies that formed the core of my success plan:

6 Tips for Utilizing Cost Benefit Analysis on a New Piece of Equipment

6 Tips for Utilizing Cost Benefit Analysis on a New Piece of Equipment

New equipment is always a temptation for practice owners, and for good reason. A cost-benefit analysis (or CBA for short) is a term derived from Lean theory and is an analysis of the expected balance of benefits and costs, including an account of any alternatives and the status quo. CBA takes into account your overall return on investment (ROI), however the approach is a little less black and white than might be expected. Let’s go through 6 important tips on utilizing CBA to its full extent in order to find whether that new piece of equipment should find its way through your practice doors.

3 Important Steps to do Due Diligence For a Successful OD Practice Purchase

3 Important Steps to Do Due Diligence For a Successful OD Practice Purchase

Purchasing a practice is an exciting yet daunting process for both new grad and seasoned optometrists alike. One of the reasons purchasing a practice is so daunting is due to the uncertainty that comes with becoming the new owner of an existing business….Due diligence methodology for purchasing an optometric practice has been nearly universally defined by prominent valuation experts in the field. This is the 3 methodology that we will be discussing.

8 Dos and Don'ts When Purchasing an Optometry Practice

8 Dos and Don’ts When Purchasing an Optometry Practice

Practice ownership is often heralded as one of the pinnacles of an optometric career. Having ownership of a practice often allows for higher income, and more importantly: freedom and autonomy to practice as one sees fit. In my career, I have had the privilege of buying my own practice as well as helping others through the buying process… So whether you are a newly minted graduate looking to begin your legacy, or you are a seasoned veteran looking to acquire another piece of your empire – use these points to help guide you towards your next big purchase.

5 Tips for Avoiding an IRS Audit

5 Tips for Avoiding an IRS Audit For Optometrists

While an IRS audit can happen via random selection, in many cases, it’s the actions of the taxpayer that trigger the audit process. And that’s why we put together this helpful guide—outlining five common red flags. Understanding these triggers can save you a lot of potential trouble and anxiety.

Boosting In-Office Revenue (2)

Boosting In-Office Revenue (Virtual Webinar)

Growing a practice and keeping it profitable requires an ever evolving mindset that embraces both technology and creativity. In this panel discussion with industry experts Dr. Ryan Gustus, Perry Brill and Steve Alexander; we discuss implementation and execution of strategies ranging from materials sales to insurance. The following key questions and points are covered: Speakers…