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 […]
Edging when you don’t have a lab
The most profitable and effective way to manage an edging-only lab is to partner with an edging company that is knowledgeable and reasonable to do business with.
How to cut $500 each month from your optometry practice expenses
Successful businesses constantly evaluate systems. Recently, our optometry practice decided to eliminate our traditional telephone system. We realized every doctor and staff person already had a phone in front of them that they were not using—their computers. We were able to eliminate the cost of a telephone system and monthly per line rates by switching […]
Good investments result in high profits
Sometimes deciding what areas to invest in feels as random as a game of spin the bottle. While there is an element of chance in any new business improvement or expansion, finding out what has worked for others can give valuable insight. Here are the top three recent investments that have given us the greatest […]
2 ratios all optometry business owners should know
Whether you own five percent of an optometry practice or 100 percent, running a small business does not have to be overwhelming or difficult to know if it is successful. To help determine the business’ level of success—or if your efforts are even worth it, use these two essential ratios. After all, the last thing […]
Appalled – The state of unfairly compensating an employed optometrist
Through Partners in Profit, I have had the privilege of coaching hundreds of optometrists in their careers. The most common request for advice comes from employed optometrists looking to buy into or purchase a practice. They want my unbiased opinion of their situation. They have nothing to lose with my opinion and I have nothing […]
Should you remodel your optical?
Over the past decade, remodeling has become entertainment. Shows on HGTV and other networks show dramatic transformations, and may make you think it might be time for your optical to get a face-lift. However, the improved space always comes at a price. For example, if I was remodeling my home, HGTV would probably set my […]
What the experts don’t say about Managed Vision Care Plans
As a practicing OD who sees patients 3.5 days a week and manages a large multi-location practice with one other owner, I find my primary job is making decisions. As owners, my partner and I have the responsibility to make key decisions that will impact the health of the practice immediately and for years to […]
Vision or Medical?
“I just want to see patients and not worry about what vision coverage or medical insurance they have.” Many doctors have expressed this desire to focus on their patients and not be concerned about the financial side of things. However, if those same doctors would also like to thrive in their private practice, they will […]
What should a CEO know about contact lenses and UPP?
The buzz acronym these days is UPP. With the Unilateral Pricing Policy, businesses must charge a minimum price for a product. This UPP was introduced for the newest and most innovative brands of contact lens, so eye care professionals could take the time to educate, fit, and prescribe these breakthrough lenses for their patients without […]
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