How Not To Be A Practice Fatality

Yesterday, I had to run a few errands.  Along the way, I wanted to step into a local eye doctor’s office to get my glasses adjusted.  As I walked up to the door, the reality was clear:  Another eye care provider had closed its doors.
 
Sadly, I was not surprised.  I had never worked with this office, but I had visited them a few times.  Their location was weak.  Their service was weaker, and their promised delivery of frame orders was ridiculously long (2 weeks).  Unfortunately, the writing was on the wall.
 
What can a practice do when they are struggling?  What hope is there to reverse the downward spiral?  I would offer at least one answer:  Get training that leads to impactful change.  Let me tell you a story.
 
10 years ago, an optometrist reached out to me.  He wanted to leave his lease and build his own office.  The major challenge was that the bank turned him down for the loan.  Why?  The problem was cash flow.  He just didn’t produce enough revenue to justify the loan he needed to take on that much debt.  The OD wanted me to help him reach his goal.  So, we put a plan in place.
 
The first thing we did was run a full diagnostic of his reports for the past 3 years.  We looked at the number of patients, the % of new to old, the average frame sell, the % of patients who buy materials, and a host of other key indicators.
 
Secondly, we put plans in place in light of all those numbers.  We created improvement contracts for employees whose areas were underperforming.  For example, the fame sellers were encouraged, spiffed, and trained on selling more frames and at a higher frame average.  The front desk was encouraged, spiffed and trained on selling contacts and keeping the schedule more full.
 
Third, I worked with the doctor on time management, tax deductions, and staffing (choosing and reviewing staff).
 
What happened?  6 months later, the practice’s revenue grew, expenses dropped, and they qualified for a loan.  Less than a year later, that OD opened up in a brand new space.  These are the steps necessary to not only prevent being another practice fatality, but being a practice that is flourishing. 
 
So, what steps are you taking today to be the latter and not the former?  Do the diagnostic work, take action on those numbers, and then address your own strengths and weaknesses.  Get training that leads to impactful change.
 
ProSight Success has a 7 volume playbook to put all of these things in place.  In fact, we recently published this system in paperback.  It has been called the “Optometric Textbook for the 21st Century”.  Typically, this resource costs $199, but in light of seeing another practice fatality, I have cut its cost 50%.  
 
From now until the end of the year, you can purchase the ProSight Success System in paperback for $100.  This 2 lb. (over 300 pages of resources) playbook has been #1 in 7 different countries, and it’s the step by step process that the doctor above walked through. 
 
As always, I will be glad to help you towards your goals in any way I can.
 
Gordon Duncan is the CEO/Consultant of ProSight Success.  He has worked in the eye care industry for nearly 20 years.  He has consulted in the medical field, manufacturing, accounting, and many other disciplines.  You can contact him at [email protected]
 
ProSight offers a host of resources for the optometric and small business field.  You can find front desk training at our Front Desk Academy.  Additional resources can be found below:
 
Digital ProSight Success System
Paperback ProSight Success System
 
And our best value:  the ProSight Success Workbook that includes a digital copy and a free hour of consulting.

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