Dr. Scott Jens hosts a roundtable discussion on the profit you may be missing in your practice. In this video, three practice management experts review how to understand practice earnings in light of profitability, and how to maximize your cash flow, uncovering hidden opportunities to increase earnings.
Steve Vargo, OD, MBA. Optometric Practice Management Consultant at IDOC. In addition to lecturing nationally at industry conventions and writing for several eye care publications, Steve has also authored 4 books. Steve has a regular column in Optometric Management titled “The CEO Challenge” and he’s also a contributor to the widely read Optometric Management Tip of the Week series.
Nathan Hayes, CEPA. Practice Finance Consultant at IDOC. Nathan is a 10-year veteran of the eyecare industry, working at HMI Buying Group and Red Tray, Prima Eye Group from its inception and now IDOC. In his current role, Nathan helps OD practice owners manage their overhead, grow practice revenues and profits, and maximize their personal income, free time, and professional satisfaction.
Jay Binkowitz. Co-Founder, GPN Technologies, Co-Founder and EVP Professional Relations at Keplr Vision. Over the last 30+ years Jay has had extensive experience in retail operations, merchandising & marketing, manufacturing & distribution, technology development, national sales, and on-site interactive consulting.
- EBITDA – what is it and why do you need to understand it? When is it important. What’s the difference between EBITDA and adjusted EBITDA?
- Keeping your financials clean. Why does it matter and how do you do it?
- Benchmarking and scoring. Are you taking a fair salary? Should you?
- Should you add new profit centers or concentrate on optimizing your current revenue?
- Is there a magic bullet to help generate more revenue?
- Understanding your own business goals and fitting those into your practice
- Making outside resources work for your business
- The top things to look at when your revenue is “off”
- Understanding how expense management relates to your profitability
- Productivity ratios
- Benchmarking: what KPIs should you be most aware of?
- Choosing a good strategy for improving revenue
- Is your equipment profitable?
- Adding an associate and how that impacts your growth
- How to structure bonus plans that work
- Top “practice pearls” for improving your practice