Eye Own a Business

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 Complaint? 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. 

A Patient-centric Approach to Boosting Daily Disposable Sales

In 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. 

From Chaos to Clarity: The Impact of More Staff Meetings

In 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

In 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

What 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.”