Build an optometry practice and life you love! Eye Own a Business teaches independent ODs how to grow a thriving practice while wearing the hats of both a doctor and a business owner. Tune in as Dr. Steve Vargo and his guests guide you with the tools and strategies you need to build the practice of your dreams, one step at a time. Eye Own a Business is brought to you by IDOC. Learn more at IDOC.net
Increasing Revenue by Decreasing Payroll
32:46In this episode with Ankit Patel, founder of My Business Care Team, we delve into a transformative approach that Ankit implemented in his practice. By leveraging a remote workforce in the Philippines, Ankit's practice achieved remarkable results. Most notably a 33% increase in revenue per patient and a 28% reduction in payroll. Previously, distractions and administrative tasks limited the support on-site employees could provide. However, by delegating calls and administrative responsibilities to remote staff, valuable time was freed up. This additional time spent with patients translated into a noteworthy increase in average revenue per patient. Interestingly, this shift in staffing also opened doors to a more skilled and diverse pool of candidates due to the ability to pay above market rates. Ankit operates a Business Processing Outsourcing service, which provides comprehensive oversight for the remote workforce. This approach differs from employing Virtual Assistants, where the practice takes on the responsibility of training, managing, and supervising the VA. Ankit's experience serves as a valuable example of how reimagining staffing strategies can lead to substantial enhancements in both patient care and financial outcomes.
A Patient-centric Approach to Boosting Daily Disposable Sales
34:18In this episode with Dr. Kerry Giedd, we uncover a wealth of actionable tips to enhance your practice's success in boosting the sale of daily disposable contact lenses. Dr. Giedd stresses the importance of keeping your patients informed about the latest advancements and unique features in the world of daily disposable contact lenses. Did you know that a staggering 70% of patients express a strong desire for their optometrists to offer new technology? Stay ahead of the curve by embracing innovation and sharing these exciting developments with your patients. Being easy to do business with is a crucial aspect of driving sales. Our conversation delves into practical ways to streamline your practice's operations, ensuring you have ample time to educate patients thoroughly about the various contact lens options, particularly the convenience and benefits of daily disposables. Simplifying the process of ordering and purchasing contact lenses is a game-changer. Learn how to create a seamless experience for your patients, removing any obstacles that might hinder their decision to opt for daily disposables. Trust is the cornerstone of patient relationships. Discover strategies to build a strong foundation of trust, ensuring that your recommendations hold weight in your patients' eyes. This trust, in turn, translates into increased sales of daily disposable contact lenses. Our episode unveils an intriguing perspective to enhance annual supply sales. Rather than asking patients how many boxes they wish to purchase, consider operating under the assumption that they'll be ordering a year's supply. Dr. Giedd provides valuable insights on implementing this approach effectively. Join us in this dynamic episode as we equip you with a toolkit of strategies to skyrocket your sales of daily disposable contact lenses.
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From Chaos to Clarity: The Impact of More Staff Meetings
31:09In this episode with Dr. Kristina Pusz, we delve into the transformative impact of scheduling more staff meetings. While many practices struggle to carve out adequate time for meetings, Dr. Pusz schedules 1.5 hour leadership meetings and 1 hour departmental meetings every week! We discuss the impact this has had on critical areas such as staff turnover and communication challenges. Dr. Pusz shares personal insights on transitioning from a boss to a leader, fostering trust among team members, and why accountability and feedback play pivotal roles. Discover how tracking key performance indicators (KPIs) can boost revenue and overall practice culture. The podcast unveils the positive outcomes: improved work-life balance, a more cohesive team, and a thriving optometry practice.
Mastering Difficult Patients: Proven Strategies that Promote Positive Patient Interactions
47:52In this episode with Lynn Lawrence, we delve into the art of handling challenging patients with grace and professionalism. Discover effective techniques to meet negativity with positivity, swiftly uncover the underlying issues, and maintain control in the face of difficult encounters. Learn how to train your staff in conflict resolution using real-life situations, and shift towards a preventative approach that emphasizes proactive training. Explore the importance of effective communication to avoid misunderstandings with patients, empowering your team to uphold a standard of unwavering professional behavior. Tune in to gain valuable insights and strategies for navigating challenging patient interactions.
Becoming a Multi-Million Dollar Practice in 5 Years
42:42What would it take to open a practice cold and within 5 years achieve a level of financial success that many practices never reach… becoming a multi-million-dollar practice? In this episode, Dr. Joel Tuite takes us through his 5-year journey, year-by-year. Some of the topics we cover are how he attracted patients in the lean years, the importance of putting staff first and treating patients like family, and how having a vision of success keeps you motivated and optimistic even during challenging times. According to Dr. Tuite, “If you can envision it, it will happen.”
Digital Eye Strain: New Treatment Options and Business Opportunities
27:31Digital eye strain, while frustrating for your patients, presents a tremendous opportunity for your practice. In the past, contact lenses often had less than stellar outcomes for patients experiencing eyestrain on digital devices. Many of these patients ultimately dropped out of contact lenses. This was not good for the patient or the practice. Advancements in contact lens technology have created a new option that’s getting raving reviews from both patients and doctors. Patients love the visual comfort and symptomatic relief the lens provides, and doctors love the ease of fitting (98 percent of patients found their final lens with 2 pairs of lenses or less). In this episode with Dr. Michele Andrews, we discuss a lens with potential to create a lot of happy patients (and doctors): MyDay Energys.
Structure Your Optical so the Selling is Done for You
53:32Is it possible to set up your optical so most of the selling is done for you without having to speak to the patient? Where you get the patient 80% of the way there and then you close the last 20% When the patient walks into your optical, there are a lot of factors that can encourage or discourage a sale. Many of these operate on a subconscious level. Things like the number of decisions the consumer is forced to make, where frames are placed relative to eye level, and even the cleanliness of the frames can impact sales. In this episode with Susan Daly, Director of Optical Strategy and Development for IDOC, we cover 10 tips for boosting sales and several of these tips challenge conventional thinking.
I Found You Online! Online Marketing that Gets Results
31:29When people search for an eye doctor (or related service) in your area, are you the one who shows up? If not, you’re losing patients and money! While word-of-mouth marketing may still be king for many practices, online marketing is not far behind. In this episode with Wayne Street, SEO Manager at IDOC, we discuss the most effective online marketing strategies, how to position your website and content to rank high when people in your area search for eye care services, and reasons your marketing is not working (wasting money). For those who lack the time or expertise to manage their own marketing successfully (probably most of you), Wayne also discusses how IDOC can do it for you. As Wayne states, “It’s easy to do, but involves a lot of work!”
Staff Training: A Recipe for Success
37:58One of the most important responsibilities of private practice ownership, and perhaps one of the most neglected, is staff training. Some of the most common reasons for inadequate training are lack of time, poor training systems, and poor follow-up. Kayla Ashlee has built a wonderful training platform at Bespexy.com. In this episode, we take a deep dive into some of the most common mistakes with staff training, the role of leadership in executing a training program, building a training structure, and how to continue developing employees beyond the onboarding stage. If your practice struggles with staff training, this episode is a must-listen! Click here to access Kayla’s New Hire Training Checklist
Transition From Patient Care to Practice Development
34:41Do you aspire to spend less time seeing patients are more time developing your practice? If you’re not developing and growing your practice, then who is? Early in his career, Dr. Larry Golson was somewhat dismissive of the term “leadership,” but came to realize how important it was to the growth of his practice. To be a better leader, he needed to get out of the exam room! Dr. Golson adopted an entrepreneurial operating system called Traction, which allowed him to create a practice with more clarity, greater organization, increased accountability and sustained growth. He now teaches this system to other ODs.