News Briefs Archive

Prima Eye Group Offers “Formula for Practice Success”

In their book Switch: How to Change Things When Change is Hard, Dan and Chip Heath explain why people who have the motivation to change sometimes don’t. Or can’t, Jerry Hayes, OD, co-founder of optometric alliance Prima Eye Group, points out in a recent Prima Eye Group news bulletin. “Often the problem is not a lack of motivation,” says Hayes. “The problem is that people don’t know how to achieve the change they want.”

Here is more from Dr. Hayes:

I think this is true for the majority of independent optometrists–many ODs are very motivated to grow their practices. What’s missing is a true understanding of how to apply the business building principles needed to grow a practice. There is power in knowing how success is achieved. In many ways, the secret to greater success is not to work harder. It’s to work smarter. Are you are putting in a lot of effort, but still unsatisfied with the growth of your practice?
 
Let me share a true story about how learning from others led to breaking through personal barriers. In 1945, the world record for running the mile was 4:01.3 minutes. That time was hardly challenged for nine years. Why? All the distance runners and medical experts of the day truly believed that the human body was not physically capable of running a sub four-minute mile. Just like many private practice ODs have convinced themselves they can’t excel financially in today’s competitive environment.
 
The world of track changed on May 6, 1954, when Roger Bannister, a young British medical student, ran the mile in a record-breaking time of 3:59.4. It was a historic feat to be sure. But what followed was equally remarkable. The four-minute threshold, a barrier that was once considered unattainable, was suddenly broken numerous times in a matter of months by a variety of runners. The secret? All it took was for one person to show the way. Once that happened, dozens of other equally capable runners were able to succeed at the same level.  Very inspiring, but how does this true story apply to you and your practice?
 
Any OD can learn how to grow their practice. Fortunately, learning how to grow a practice is not rocket science. Yes, corporate competition, a bad economy and low paying third-party plans are genuine challenges to financial success in private practice.   
 
So are staffing issues and low patient demand. Not to mention a possible lack of business acumen. But it’s my experience that any OD who is willing to accept input and try new things can learn the basic principles of practice success and begin to apply them over time.
 
Figuring out how to grow your practice to the next level–whether your goal is $500,000 or $1,500,000–is a lot like those runners breaking the four-minute mile.
 
The barriers become much less imposing once you develop a true understanding of how other successful colleagues are doing it. You absolutely, positively, can learn how to grow your practice revenues and profits past wherever they are now. Sometimes you just need someone who has already done it to show you the way.
 
There are at least 3,000 optometric practices in the US producing well over $1 million and netting 30 percent ($300,000) or more per year.
 
One of these is Gailmard Eye Center, in Munster, Ind. Founded by Prima’s president, Neil Gailmard, OD, in 1976, GEC has grown from a start up in 560 square feet to a 10,000 square foot. practice producing over $4 million per year. As a member of Prima Eye Group, you’ll have the opportunity to learn Dr. Gailmard’s business building philosophy first hand. You’ll also get to hear how many other success-minded ODs in Prima grew their practices.
 
Membership in Prima Eye Group includes:
•    Exclusive discounts and rebates from an A-list of optical vendors
•    Business-building education from Dr. Gailmard and Dr. Hayes
•    Networking with like-sized practice owners in Prima Peer Groups
•    The Prima Center for Staff Training.

To join or for more information call Elise or Nathan at 800-668-0599, or click here to e-mail us: info@primaeyegroup.com

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