Vision Expo West 2024: PiP’s Post-Event Recap
The Partners in Profit (PiP) team recently returned from a successful and inspiring trip to Vision Expo West 2024. With a packed schedule of meetings, presentations, and member engagement, we’re thrilled to share the key takeaways and exciting developments on the horizon for our members and the industry as a whole. Setting the Stage: A […]
Preparing for Vision Expo West 2024: A CEO’s Guide to Maximizing Innovation and Networking
As the CEO of a practice with five locations and nine doctors, attending Vision Expo has become a pivotal part of my year. With the event just over a week away, I’m gearing up for what is always a highlight in my professional calendar. Here’s how I prepare for it, focusing on innovation, efficiency, and […]
Busy-ness: The Enemy of Finding a Better Way
“How are things going for you?” is a question we often hear in the hallways of professional gatherings, and more often than not, the response is a resigned, “Busy.” For owner optometrists managing multiple facets of a practice, this busy-ness becomes a default state, not just an occasional phase. The whirlwind of patient care, employee […]
Drilling Down on Cost of Goods: Key Strategies for Optometry Practices
Profitability within the optometric profession is more challenging than ever. As independent owner O.D.s, we find ourselves in a deflationary period due to decreasing reimbursements from insurance companies and increasing competition within the optical marketplace. Simultaneously, we’re experiencing the most significant inflationary period in the last three decades, with rising costs of utilities, rent, goods, […]
Keeping Vendor and Product Flexibility Within Your Practice
Keeping Vendor and Product Flexibility Within Your Practice In the business world, one of the greatest strengths is the flexibility and maneuverability among vendor suppliers. Balancing product quality with vendor relationships is not always easy, but it is attainable. Historically, independent optometrists have sought single vendor relationships to minimize change management and reduce the overall […]
Maximizing Your PiP Membership to Slash Shipping Costs
As a valued member of the Partners in Profit (PiP) community, you’re already ahead of the curve in revolutionizing your practice’s operations and profitability. But are you leveraging every facet of your membership to its fullest potential, especially when it comes to minimizing shipping costs? The Consignment Model Advantage: Transitioning from traditional frame buying to […]
Overcoming One of Owner ODs’ Biggest Barriers to Increasing Their Practice’s Net Income
Overcoming One of Owner ODs’ Biggest Barriers to Increasing Their Practice’s Net Income “It’s how we’ve always done it.” “That feels like it’s going to take a lot of time.” “My staff aren’t going to like it.” The Dual Role of the OD Owner Private practice owner ODs carry a heavy load, constantly balancing the […]
70 pairs sold: An optical success story
In one month, our optical department sold 70 pairs of glasses to cash-paying customers. This success story isn’t a fairy tale, it’s fact. Like a lot of small optometric offices, we believed we couldn’t make much of a profit on optical. We assumed that most patients who have managed vision plans would shop around and […]
Frame Board Management: A New Normal
The optical industry flourishes because it dictates the rules of how frames are sold. Opticians purchase large inventories of product and hope to sell it. If the product does not sell, then it is returned for other product. This method greatly favors the eyeglass vendor. The optical owner, whether optometrist or optician, bears the risk […]
Innovation Fueling 18% COGS
Innovators love ideas and innovative optometrist love metrics, especially metrics that prove creative endeavors rewarding. One doctor, a fellow member of Partners In Profit (PIP), recently said: “I looked at our numbers and I was shocked. Our COGS were at 18%. 18%! We’ve never seen those kinds of numbers.” Those kinds of numbers are only possible […]