Be a Better Business Owner
Satisfying Your Patients
Your Software Powers
Conclusion

Be a Better Business Owner

As with most businesses in healthcare, optometry practices prioritize providing the best patient care over everything else. However, at the same time, it is important not to lose sight of fulfilling the many administrative requirements for a successful practice. To that end, sometimes it’s important to take a step back and consider a more holistic view of a practice.

In order to be a better business owner in the optical space, we suggest focusing on improving operational efficiency and streamlining processes. Below we discuss ways in which this can be accomplished.

Inventory Management

A great place to start improving operational efficiency is inventory management. Many optical businesses do not have streamlined inventory processes, which could lead to a myriad of inefficiencies, like lower profitability. To help prevent this, it’s important to monitor things like the brands and number of frames available in stock and for sale, as well as the transactions with your vendors. If you do not have a nuanced understanding of your inventory, it can be extraordinarily difficult to run a profitable practice.

The Importance of Reporting

In addition to tracking inventory, the business’s financials should continually be analyzed. Consider things like where your money is being spent and what products have the best margins. Optical businesses that lack strong reporting capabilities can overlook growth opportunities for driving more revenue. Moreover, reporting is critical for understanding ancillary components of business operations, such as learning which marketing tactics will produce the highest return on investment (ROI). The access to high-quality data allows for more informed decision-making, which will drive your business forward. Whether you are researching your best-selling frames or how to attract and retain patients, any analysis not based on accurate, relevant data is ultimately non-productive.

Streamlining Accounts Receivable

Another important aspect to focus on is ensuring you have a concrete accounts receivable process to maximize revenue for your practice. If you are not processing claims effectively, your business will not be able to collect all of the revenue it is due, which in turn, could negatively impact your bottom line. You need an efficient system for collecting accurate remittances due from insurance companies and patients for care rendered. Integrated payment processing provides the ability to directly request payment from patients, which can improve your collections process, save you money, and make life easier for your patients. 

A business that is not maximizing its managed care revenue is likely underperforming and missing out on optimal ROI. Improving and establishing an efficient billing and collections process can ensure the accurate amount of revenue you are expecting.

Training Your Staff

Properly training your staff is critical to improve the productivity and financial efficiency of your practice. The ideal form of training would be expeditious, intuitive, and specifically focused on their particular job function. Each staff member should understand how they can contribute to generating revenue and operating an efficient, profitable business. Furthermore, continually assess training methods, and make the necessary adjustments that will produce the best business performance. 

We understand how challenging it can be to grasp the business side of running an optometric practice. Being a better business owner includes a willingness to learn as you go. Mastery involves learning from your mistakes and making the necessary adjustments. That is essential for building a continually expanding business. One way to do this is by keeping tabs on useful resources like Review of Optometric Business, where you can find articles and advice on how to better manage your practice. We hope some of these optometry practice management tips enable you to maximize the potential of your practice!

Satisfying Your Patients

As we touched on earlier, it is important to ensure that your practice is consistently satisfying your patients. Building genuine and lasting relationships with patients, while ensuring the best possible care experience will help reduce patient attrition and draw new patients to your practice. Regardless of how many satisfied patients you have, there are always improvements you can make to enhance their experience. Let’s dive into some ways your business can make life easier for your patients.

Streamlined Encounters

Your practice should strive for a smooth patient experience by sending patient reminders, ensuring a minimal waiting time, and by performing efficient yet thorough exams. This requires utilizing practice management tools that allow for customization of exam descriptions, quick charting, and direct communication with patients and other providers. Access to these tools helps streamline daily workflows and makes daily planning considerably easier for you and your patients.

Integrated Text and Email Messaging

Access to direct patient communication tools like text and email is great for contacting your patients to provide status updates on orders, sending appointment reminders, and confirming appointments. Your patients will appreciate succinct, streamlined communication.

The importance of maintaining open communication with your patients is crucial. Not only does open communication establish trust, it shows that your business is invested in its clients and cares about the quality of their experience. Furthermore, quality communication tools help save time by giving staff and patients the ability to easily track down information. Streamlining the communication process will make life easier for everyone involved.

Customizable Tracking System

Another important aspect of providing a great experience for your patients is ensuring order status updates for frames and contacts.  Optical software should be able to track orders in a detailed manner and send automated updates to patients. These communication tools should be customizable and allow for notifications to be sent at specific desired intervals to not become bothersome to patients. This is an excellent way to demonstrate transparency and build additional trust with your patients.

Your Software Powers Everything

The vast majority of these optometry practice management tips are all predicated on your software. The software you use to run your business serves as your engine. Without powerful software tools to fuel your operations, the success of your practice may be limited. 

The right software enables your practice to save time on manual tasks such as tracking down order statuses, communicating with patients, and performing reporting analysis. Instead of spending time focusing on repetitive tasks, your software should empower you to spend more time with patients and streamline business processes. 

Furthermore, if your business is not utilizing all the time-saving and operations-enhancing solutions a great optical practice management software provides, you are at risk of falling behind your competitors.

Conclusion

Let’s recap some of the optometry practice management tips we’ve shared. First, take a step back and understand that you are running a business. Many eye care professionals struggle to grow their practice because they do not place enough focus on the business side of their operations. It is important to ensure you have solutions in place to keep better track of inventory, generate useful reports, train your employees, and ensure you are getting paid. 

Next, keep investigating ways you can make your patients’ lives easier. From configuring automated updates and reminders to streamlining the in-office experience, leverage tools that will provide value to your patients.

Lastly, understand that your practice management software is the force powering all these initiatives. It should help you accomplish all of these goals, and if it doesn’t, consider making an upgrade.