Nathan Hayes, the director of financial services at IDOC, discusses the importance of comparing practice financials to other practices. He explains how IDOC’s Books and Benchmarks service can provide accurate and reliable data to help practice owners make informed decisions about their business.

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.   Learn more about MARLO: https://home.meetmarlo.com/

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.

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.

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/

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/

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/

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/

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.

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.  More about Matt at Mattabrahams.com

The best practices are NOT constantly trying to motivate people, they just have better systems in place, and they manage the systems. That's much easier than constantly managing (and motivating) people.  Do you agree or disagree with the above? In this episode, I take on the interviewee role as Erich Mattei, President of Akrinos, interviews me on this topic for his podcast. We attempt to answer the question, “Which is more effective when it comes to managing employees, motivation or systems?”

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

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.

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

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.

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.

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.

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.

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.

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.