EYE OWN A BUSINESS

Fed Up with Your Lab? Make a Switch!

One of the biggest checks you write is to your lab, yet many practices seem to tolerate a lot of bad service from the labs they partner with. Dr. Barton Higley is one doctor who had enough, ultimately partnering with an independent lab out of Pittsburgh called Three Rivers Optical. 

In this episode Dr. Higley describes his struggles with the labs he used prior. Poor customer service, poor quality, and inexperienced reps led him to pursue alternatives. Based on prior experience he was understandably skeptical, but he explains how Three Rivers Optical surpassed all his expectations. 

Dr. Higley asked himself an important question, “Does their business model align with our practice model?” After partnering this Three Rivers his question was answered. They did! Does YOUR lab align with YOUR practice model?  

Find out more: https://3riversoptical.com/ 

Link to meet with Dr. Higley: https://go.oncehub.com/HigleyThreeRiversPeerConsulting 

Transforming Patient Care to Overcome Burnout

Approximately 50 percent of doctors are experiencing professional burnout. In this episode we explore the most common reasons for this and what you can do to overcome it. While much of the attention for reducing physician burnout has been focused on getting away from patient care, also called escapism, this isn’t a realistic option for all doctors and it’s also not always the most effective option. A more sustainable approach is not getting away from patient care, but rather changing how we provide patient care. The focus of this episode is on shifting from a transactional model back to a relational model. A more personalized approach to patient care combined with a greater sense of accomplishment can help restore the joy and satisfaction in the profession of eye care. 

Specialty Care: Solving the Marketing Problem

Are you struggling to make specialty care a meaningful part of your practice? Maybe you’re trying to solve a medical problem when you should be trying to solve a marketing problem. 

For many ODs, time is the biggest culprit when it comes to growing a specialty service. Doctors are trying to cram medical conversations into comp exams and failing to get the patient’s buy-in. In this episode with Bob Miglani, founder of Hoot, we explore some of the most common reasons for this and how Hoot provides a solution to these problems. 

Find out more at Gethoot.com  

What’s My Practice Worth?

In this podcast, Nathan Hayes, IDOC’s Director of Financial Services, highlights the essential factors involved in determining the value of a practice, including revenue, profitability, market conditions, and competition. The role of financial statements and historical performance metrics, such as EBITDA, is emphasized as critical tools in the valuation process. 

The conversation also explores the challenge of quantifying intangible assets like goodwill, reputation, and relationships, shedding light on their impact on a practice's overall value. The interview addresses whether formal valuations are necessary for all practices and how the presence of private equity has transformed the landscape of healthcare practice valuation and acquisition. 

Our discussion uncovers common mistakes and misconceptions held by practice owners about business valuation, helping them navigate the process more effectively. For potential sellers with exit plans, valuable insights are shared regarding benchmarks and strategies to boost their practice's value. Likewise, potential buyers receive guidance on avoiding overpayment, ensuring informed decisions when considering acquisitions.  

Unforgettable Patient Care: Influence Outcomes by Making a Lasting Impression

In this enlightening podcast episode with Dr. Carmen Simon, the renowned author of "Impossible to Ignore: Creating Memorable Content to Influence Decisions," we delve into the fascinating world of memory and message retention.  

Would it surprise you to know that people typically only remember about 10% of the messages they encounter, and most of this information is forgotten within the first 24 hours? Memory challenge not only affects what people remember, but also what they act on. 

As healthcare professionals, what if you could take charge of what patients remember and wield the power to shape their choices? Dr. Simon unveils the keys to controlling that pivotal 10% of information people retain. Without deliberate efforts, what sticks in their memory tends to be random and unpredictable. 

In this episode, Dr. Simon walks us through concepts such as deliberate messaging, cognitive ease, and pattern recognition. Understanding these concepts helps you better position your messaging to be remembered and acted upon. 

This podcast episode promises to reshape your approach to patient care by tapping into the enigmatic world of memory. Are you ready to become an unforgettable force in the eyes of your patients? Tune in to find out. 

Are My Vendors HIPAA Compliant? Here’s What to Ask

When physicians contemplate HIPAA compliance and the safeguarding of patients' protected health information (PHI), their primary focus typically centers on internal aspects. Questions such as, "Do our practice's written policies align with HIPAA requirements? Have we adequately trained our employees on HIPAA regulations? Is our computer infrastructure and software adequately secure?" often dominate their concerns. However, one crucial aspect that often goes unaddressed is whether the vendors who have access to our patients' PHI are also diligently taking steps to ensure the protection of this sensitive information. 

In this episode, we engage in a discussion with Christine Schneider, Vice President of Operations, and Jon Kettner, who oversees HIPAA compliance at RevCycle Partners. They provide insights into the comprehensive process RevCycle Partners follows to achieve HIPAA compliance and offer guidance on the essential inquiries you should be making of your vendors to fortify your defenses against potential data breaches. 

Negotiating a Lease or Purchase? Here’s What You Need to Know

In this episode with Colin Carr, founder of Carr Realty, we explore the intricacies of securing an optimal space for your practice. Our conversation begins by highlighting the significance of leaving room for growth over the coming years. To gain a tangible grasp of spatial dimensions, Colin recommends using tape to visualize and assess potential layouts. 

Delving into the realm of property procurement, our discussion underscores the advantages of collaborating with contractors attuned to the unique needs of optometrists. Colin advocates a structured three-step evaluation approach: analyzing your options comprehensively, assessing location compatibility, and then delving into the financial aspects. 

This episode places a spotlight on the importance of enlisting a seasoned broker. Recognizing that negotiations can often be skewed in favor of landlords, a skilled intermediary adds essential expertise to your side.  

Colin’s insights also touch on a key negotiation pitfall: prematurely indicating an unwillingness to consider alternate locations. This inadvertently shifts the balance of power to the other party. Emphasizing strategic negotiation tactics, he endorses meticulous research as a potent strategy. Creating a sense of uncertainty can potentially strengthen your bargaining position. 

Finally, Colin demystifies costs by clarifying that commissions are typically covered by the seller, thus incurring no direct expenses for the buyer. From making informed decisions about space to navigating negotiations, this episode equips you with versatile knowledge to approach real estate endeavors with confidence and strategic finesse. 

Increasing Revenue by Decreasing Payroll

In 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.