Finances

ROB Power Packs 2016: FINANCE

Dec. 21, 2016

Competent financial management is at the heart of practice profitability. Here are five ROB contributors who showed us how to take the next step in better handling the dollars coming into your practice.

Five Top Revenue-Builders–and the ROI

By Ken Krivacic, OD, MBA

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. >>READ MORE>>

11 Ways to Generate Income When You’re Not Working

By Peter Shaw-McMinn, OD

I noticed my two children, also ODs, are working hard to build their practices, but not taking advantage of passive income opportunities afforded in independent practice. When they were little, I had a severe car accident and nearly died. That prompted me to consider income opportunities that allowed me to be with them as they grew up. Are you taking advantage of passive income opportunities? >>READ MORE>>

Grow Revenues by 10 Percent by Using a Business Consultant

By Rachael Click, OD

A practice needs to develop and institute a growth plan, and hiring a consultant is one way to do it–if the numbers work for you. A consultant can help you set goals and guide you to achieve them. But first you must understand how to effectively work with a consultancy, including effectively communicating your practice vision to them, and what you expect from their assistance. >>READ MORE>>

Diversify Your Investments, Build Financial Security

By Chad Fleming, OD, FAAO

There are three pillars of financial wellness: health of the practice, owning practice real estate and outside investments or businesses. Diversifying your investments means also investing in assets outside of the practice, in addition to the practice itself. >>READ MORE>>

Build Profits with a Private-Pay Practice

By Mary Boname, OD, MS, FAAO

A practice that isn’t reliant on managed care reimbursement for profitability can give you greater flexibility in practice. I accept Horizon Blue Cross Blue Shield (BCBS) and Medicare, but the majority of my patients pay for my services out of pocket. About 40 percent of my patients have BCBS and Medicare, and the remaining 60 percent are fee-for-service patients. >>READ MORE>>

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