Evan Kestenbaum, MBA, of GPN, creator of The Edge, says that three common mistakes lead to big losses of practice profits. Simple remedies can keep money in your pocket.
BUSINESS BLUNDERS IN THE EYECARE PRACTICE
BOTTLENECKS: When one person alone is responsible for a task like entering data into the practice management system, bottlenecks occur. When that person takes a vacation, office processes suffer. Cross-train to avoid this.
NOT SIGNING CHECKS PERSONALLY: Whether or not there is malicious intent, bad things happen when the owner is not the one signing the checks. Doing so keeps you in touch with costs—and excesses that an employee might not spot.
OVERTIME GOES OVER: If much of your staff is working overtime or taking work home to get it done, re-evaluate your staff levels. Paying out overtime is very costly, and you may not realize how much you are doing it.
Evan Kestenbaum, MBA, of Optix Family Eyecare in Plainview, NY, is chief technology officer for GPN, creator of The Edge. To reach him: Evan.firstname.lastname@example.org