Finances

Five Top Revenue Builders–and the ROI

By Ken Krivacic, OD, MBA

Nov. 16, 2016

SYNOPSIS

A successful practice shares its top five revenue generators–and the ROI on each step taken.

ACTION POINTS  

PROJECT FINANCIAL RATE OF RETURN. Need to be able to invest without compromising ability to pay rent, cost of goods and your own and your staff’s salaries.

HOW WILL PATIENT EXPERIENCE BE IMPACTED? Determine whether the investment will improve the experience patients have with your office from the time they book their appointment to when they check out and purchase eyewear or contact lenses.

WILL CARE BE IMPROVED? Evaluate whether the investment will allow you to expand your ability to provide full-scope medical eyecare.

The lifeblood of profitability is revenue-generating investments. My practice takes the search and implementation for these investments seriously. Here are five from the last decade that have proven highly profitable.

In asking the question, “What is the best investment you have made in your practice?” we study several factors. Obviously, a financial rate of return needs to be evaluated. It would be nice to have every piece of equipment you wanted, but, if in doing so, you risk not being able to pay rent or cost of goods, or your own salary, then how good of an investment is it?

We also always ask how the investment will impact the experience our patients receive during their contact with our practice. Will the investment help us make a better and faster diagnosis? Will the investment enable the patient to receive better care more efficiently?

Finally, will the investment enable both our doctors and staff to find our work more enjoyable and satisfying?