April 25, 2018
In this ROB Roundtable, three ODs share their experiences in purchasing a second practice—and tell how critical it is to have accurate and extensive data to make good purchasing and management decisions. Having a wealth of data enhances the process of projecting growth and profits, while a paucity of data, or poorly collected data, heightens the risk of becoming mired in debt. Peter Cass, OD, Michael Kling, OD, and Ali Khoshnevis, OD, share their insights.
APPLY PERFORMANCE DATA TO PROJECT ROI. Detailed data about practice performance and growth tells you how soon you will be able to pay off debt taken on in purchasing a new practice, or making another investment.
MARKET SMARTER. Use data to tell you the kinds of marketing investments that will most grow your practice, such as investing in search engine optimization or enhanced online booking capabilities.
TAKE JUDICIOUS RISKS. Take risks to grow your business, but calculated risks in which the chances for profitability are greater than the chances of failure. Use data to determine your risk vs.gain plan.
Peter J. Cass, OD, is the owner of Beaumont Family Eye Care in Beaumont, Texas, and president of the Texas Optometric Association. To contact: firstname.lastname@example.org
Michael A. Kling, OD, owns Invision Optometry in San Diego, Calif. To contact: email@example.com
Ali Khoshnevis OD, FAAO, is Manager, Consumer Facing Technologies, at Rev360. To contact: firstname.lastname@example.org