By Steve Sunder
May 6, 2020
As you prepare to reopen your practice, there are actions you should take to get on the right financial footing. Here are key steps to take to ready your practice for reopening, along with a Paycheck Protection Program (PPP) loan forgiveness calculator, sample practice action plan and COVID-19 financial impact forecast.
PPP Loan Forgiveness Calculator
Action Plan – Still Closed with PPP Loan Secured
• Reduce practice expenses
• Create new practice financial budget
• Commitment to a monthly review of Profit & Loss vs Budget
• Create practice key performance indicators and measure monthly including staff/opticians
• Review current practice policies and procedures
Create new policies and distribute to staff
–Sign confidentiality agreement (all staff should have signed a confidentiality agreement after being hired and reading the practices Policies and Procedure handbook).
–Retain in staff personnel files
HIPAA
–Invest in a service like Abyde or Practice Compliance Solutions.
Creating Your Own Action Plan
OSHA
• Review and amend current patient workflows:
o Check-in
o Authentications and approvals
o Documents required at check-in
o Tech handoff
o Doctor handoff to optical
Inventory of all frame products
Return old or discontinued products for credit or exchange
Implement Patient Recalls
o Not scheduled
o Past due for annual comprehensive exam
COVID-19 Financial Impact
Online learning for staff and doctors
Research the online continuing education for doctors and staff that can serve as substitute for in-person meetings.
Set Up Online Practice Systems
• Set up telehealth
• Set up online ordering
o CL Yourlens.com or Lensferry
o Eyewear GSRx
o VisionWeb, or another practice management system that includes an ordering portal integrated in most practice management systems for ordering glasses and contacts.
Create Marketing calendar
o Facebook
o Instagram
o Practice web site
o Solutionreach, Demandforce or another automated recall technology.
–Market online ordering portals
–Services like myopia management
Other Articles to Explore
Action Plan: Already Open with PPP Loan Secured
• Create a new budget
• Commitment to monthly review of Profit & Loss vs Budget
• Create practice key performance indicators and measure monthly including staff/opticians
• Review current practice policies and procedures
o Create new and distribute to staff
–Sign confidentiality agreement
–Retain in staff personnel files
HIPAA
Invest in a technology to support compliance.
OSHA
• Review and amend current patient workflows:
o Check-in
o Authentications and approvals
o Documents required at check-in
o Tech handoff
o Doctor handoff to optical
o Optical ordering processes
Set Up Telehealth
Investigate in ongoing telehealth services to reduce the number of patients in the office at the same time.
Inventory
Return old or discontinued product to vendors for credit or exchange.
Online learning for staff and doctors
Research the online continuing education for doctors and staff that can serve as substitute for in-person meetings.
Marketing
• Solutionreach, demandforce or another automated recall technology.
• Recalls current, past due and not assigned
• Facebook
• Instagram
•Practice web site
• SEO improvement
Online ordering portals
•Telehealth
• Patient Recalls
–No recall set
–Past due recalls
Steve Sunder is a health-care consultant with over 20 years of experience in the eyecare industry at a multi-location practice, and as a consultant to other practices. To contact him: steve@sundervisionsolutions.com
