Finances

Big Plans for 2013? Turn Them Into Reality!

By Laurie L. Sorrenson, OD, FAAO

Like most busy people, successful optometrists often come up with impressive, on-target plans, but fail in the implementation phase. As practice leaders, we need to be visionaries. In order to ensure that those visions don’t get relegated to fantasies, we have to decide which plans, specifically, we will tackle this year and how we will do it.

With that in mind, I thought I would share some of the major goals I will not only plan—but implement!—in 2013. The goals may be longer-term than just what can be accomplished in one year, or will be ongoing in nature, but the important point is my staff and I will plot out and begin to take action to achieve them.

We’re moving: After careful analysis of our finances and the growth of our patient base and what our patients need to be well served, I have decided it’s time for a move to a new facility. In addition to greater exam room space, we will have more space for our instrumentation and a larger reception area. Wait times are under control right now, but the office “feels” too busy and hectic a lot of the time–and we just need more space.

Increase patients-per-month: I look at both the number of patients who come in daily and our patient volume on a month-by-month basis. Most optometrists want to see more patients and there are many areas for us to evaluate. We will look at all of our current internal and external marketing efforts and do some testing.

Increase per-patient revenue: Seeing a greater number of patients won’t do your practice much good if the patients don’t also spend a greater amount of money on products during each visit. That means even more prescriptions of eyewear from the exam room based on lifestyle needs. We also need to take another look at how our frame and sunwear inventory needs to change to entice more patients to make an investment.

Increase our eyeglasses capture rate: Our capture rate is less than stellar. We plan to do a brainstorming session to figure out ways to increase our capture rate. That may translate into a more refined hand-off from doctor to optician, as well as looking at our inventory and pricing. We may add special events like trunk shows and additional special promotions like reduced rates on frames with the purchase of high-quality lenses such as progressives.

Streamline and otherwise improve the patient experience: We want patients to receive high-quality eyecare in our office and also to be comfortable in the process. As noted, the move to a new facility should help with that by reducing wait times and providing a more professional, relaxed atmosphere. I also will be consulting with my staff on patient feedback about how we can go a step further and make a visit to our office a “WOW” experience.

Cut expenses: With all these big plans including the greatest of all expenses—a move—it’s no surprise that we’re thinking hard about how to reduce our operating expenses. We’ll be looking at our relationships with vendors, how to reduce remakes, and how our instrumentation and exam chair time is best utilized.

Hiring third-party help: As much as I know about optometry, I realized a perspective from someone outside the practice who is an expert in our field and has business acumen, as well, would be helpful. For that reason, I have decided to enlist the services of The Power Practice consultancy, headed by Gary Gerber, OD. I expect him to help me with all of these goals.

What are your big—implement-able—plans for 2013? What concrete steps will you take to work toward your goals this year?

Laurie L. Sorrenson, OD, FAAO, is president of Lakeline Vision Source in Austin, Texas. To contact her: sorrenson@att.net.

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