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 […]
Patients need confident optometrists not conceited ones
Why do so many Americans watch sporting events when one team is favored highly over the other? We love the possibility of an upset. Upsets occur for many reasons including a highly favored team mentally believing they are “untouchable” and that winning is close to automatic. The same applies in optometry and can lead to […]
Associate Optometrist and non-OD Staff incentives based on value
As an optometric practice owner, do you find the amount of compensation you are paying out is pushing the high end of absurd? In his book Good Profits, billionaire businessman Charles Koch writes that incentives should be solely centered on the value an individual adds to the company as a whole. He critiques companies that […]
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 […]
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 […]