Change in the eyecare industry is nothing new, but the past few years have seen more change than normal. Having a solid understanding of your practice financials is important to help you navigate changes and strategize for the road ahead. 

IDOC’s Associate Director of Financial Services, Nathan Hayes, shines a light on what metrics are most important and how to use those metrics in your business planning and decision-making. We also discuss IDOC’s Books and Benchmarks service that takes the burden of bookkeeping off your plate… and makes sure it’s done right!

Eye Own a Business Episode 11 - Rethinking Practice Metrics: Do the Old Rules Still Apply?

In this episode, Stanford lecturer Matt Abrahams shares valuable insights about listening and communication from his book, Think Faster, Talk Smarter: How to Speak Successfully When You’re Put on the Spot  

Doctors are tasked with solving problems for their patients, but as Matt points out, it’s not hard to solve problems, it’s hard to find the right problems to solve.  

In this interview, we focus on asking better questions and sharpening our listening skills. Matt says that questions get the other person more invested in the problem itself and the desire to solve it. “When it comes to communication, we over index on the speaking part and we need to balance that out with the listening part,” he says. When it comes to establishing connections, building trust, and uncovering problems (all vital to patient care), we need to do more listening than talking.

Eye Own a Business Episode 42: Stop Talking So Much! Listening is the Key to Better Outcomes

In this episode, Dr. Aaron Neufeld shares his strategies for leveraging referrals from other doctors to grow his practice.  

When it comes to marketing your practice, many ODs think of traditional marketing strategies such as social media, online or print marketing, and having a great website. These are all important to grow a practice, but in this technological world we often marginalize face to face marketing. 

In this interview, we focus on Dr. Neufeld’s strategies for securing more referrals, what to expect when you begin this process, which doctors to target, how to sustain a very productive relationship, and how to overcome some of the obstacles you will likely face.

Eye Own a Business Episode 43: Get More Patient Referrals from Local Physicians

In this episode, we explore the key elements of a successful staff meeting that leaves a lasting impact. The planning phase takes center stage, emphasizing the importance of identifying the need, purpose, and intention of the meeting. The episode highlights the perpetual nature of issues to address and emphasizes the value of delivering a clear and focused message, recognizing that less is more when it comes to information absorption. 

Collaboration is introduced as a powerful tool during staff meetings, illustrating how discussions among attendees can enhance information retention. The "So what?" test is discussed as a practical tool for filtering information, ensuring that only essential and impactful content is included in meetings. Authenticity in delivery is emphasized, covering gestures, tone, and conviction. Tune in to discover actionable insights for transforming your staff meetings into engaging and effective sessions. 

More about Erin at https://erinmomalley.com/

Eye Own a Business Episode 44: From Mundane to Meaningful: A Blueprint for Productive Staff Meetings

In this episode, Dr. Mike Neal shares how he transformed his practice by removing many of the obstacles that prevent practice owners from building a great team.  

A few things we discuss are taking emotion out of the interview process, the importance of focusing on talents and strengths rather than just experience, what we can learn from companies like Disney to ensure better hires, and how to get clear on which applicants to reject and which to call in for an interview. 

If you're ready to change the game and set yourself up for hiring success, you’ll love this episode! 

Dr. Mike Neal is the owner and CEO of Build My Team. Learn more about his company here: https://www.buildmyteam.com/

Eye Own a Business Episode 45- Hiring for Success: A Systematic Approach to Building Your Team

In this episode, Sharon Carter shares her strategies for getting “unstuck” and taking your practice to the next level.  

We cover a lot of reasons practices fail to reach their full potential and how to put strategies in place to maintain growth. Spoiler alert! You can’t do this alone. After a certain point, designating a leadership team is necessary. However, those efforts can be sabotaged by putting the wrong people in these roles. It’s also possible that you have the right people with the right attributes, but your approach to promotion and development sets them up for failure. 

What’s the best way to track success? Numbers! In Sharon’s words, “The numbers don’t lie.” In this interview we cover the importance of KPI’s (key performance indicators), which KPI’s to track, and how to hold employees accountable for outcomes. 

Sharon is the owner of ECOC Optometric Consulting. Learn more about her company here: https://ecoc.biz/

Eye Own a Business Episode 46: Take Your Practice to the Next Level

In this episode, Selin Olmsted (founder of Selin Olmsted Studio) shares her expertise on a topic many ODs marginalize. Eyewear fashion and design! 

A few things we discuss are insights on the latest eyewear trends, factors to consider when selecting frames, options for implementing private label, and adapting to future trends. 

Doctors know a lot about the clinical side of eye care. Patients want great vision and healthy eyes, but don’t neglect something that is also very important to your patients… Looking good! 

More about Selin and her company https://www.selinolmsted.com/

Eye Own a Business Episode 47: Current Trends in Eyewear Fashion and Design

Resistance to a sale is often countered with additional patient education, assuming that more information will lower the barrier to a sale. In reality, many of our purchase decisions are not driven by what we KNOW about something, they’re driven by what we FEEL about something.  

Fear, excitement, anticipation, trust, safety, confusion, curiosity, and certainty are some examples of emotions that influence our purchase decisions. Research shows the overwhelming majority of our decisions are primarily driven by emotions, not logic. 

In this episode we explore some of the not so obvious reasons people resist making a purchase, along with strategies to counter these situations.

Eye Own a Business Episode 48: 3 Surprising Reasons Patients Don’t Buy from You

Managing billing operations has historically been one of the most challenging tasks of practice ownership. In this episode we explore the reasons for this, how practices are handling (or not handling) these challenges, and the evolving role of technology in billing. One of the more exciting platforms to hit the market is OneSpot, a centralized digital hub to streamline billing processes. OneSpot is productivity software for your insurance biller. The tool helps billers organize, manage, track, and resolve outstanding insurance claims. OneSpot also gives eyecare practice owners and managers visibility into their insurance billing operations, something that the PMS/EHR has not been able to do. Tune in to gain insights into the future of billing and the role OneSpot plays in shaping it.

Eye Own a Business Episode 49: Reimagining Your Insurance Billing Operations

Technology will continue to disrupt the eye care profession. This poses both opportunities and threats for ECPs. In this episode with Travis Beaven, Alcon’s Global Vice President of Vision Care Digital Health, we discuss the role technology will play in the future of eye care. 

A few things we discuss are which technologies will have the greatest impact on the eye care profession, artificial intelligence, adapting to change, privacy issues, and much more!   

While change and disruption can be unsettling, it also opens the door for innovation and new opportunities that improve the experience for both provider and patient.

Eye Own a Business Episode 50-Disruption: Technology and the Future of Eye Care

Behind the Benchmarks: Insights for Managing Overhead and Profitability
Nathan Hayes, the director of financial services at IDOC, discusses the importance of comparing practice financials to other practices. He explains how Books & Benchmarks service can provide accurate and reliable data to help practice owners make informed decisions about their business. 

Download the report here: https://bit.ly/44HRX0V
Learn more about Books & Benchmarks: https://booksandbenchmarks.com/

Eye Own a Business Episode 51-Behind the Benchmarks

At IDOC, we talk with experts in optometry and business to empower independent optometry practices owners to create the practice of their dreams.

Eye Own a Business Episode 11 - Rethinking Practice Metrics: Do the Old Rules Still Apply?

IDOC

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