The Optometric Minute

COVID-19: Financial Survival Tips

April 1, 2020

Like most ODs, you probably have scaled back staff and are only taking emergency appointments. This scaled back office time will have a tremendous impact on practices. Many offices can expect to see a 75 percent reduction in revenue if they only see emergency patients. Peter J. Cass, OD, offers points to keep in mind to move forward and stay financially solvent.

Review Insurance Policies. Practice insurance policies usually cover actual loss of business income sustained during suspension of operations – which must be proved after the fact. So, money for recovery will not be available immediately. And proving it can be difficult. The payment is made during the “period of restoration,” which will not occur until things normalize again.

Contact Business & Industry Partners. Contact lenders to ask for a deferment on loans and contact vendors to ask for extra time to pay and for suspension of late fees.

Optimize Telehealth. Telehealth is an excellent way to provide care and reduce exposure. Practice Compliance Solutions has a guide on it. There are also good solutions like EyecareLive that are ready to go.

 

Peter J. Cass, OD, is the owner of Beaumont Family Eye Care, a Vision Source practice in Beaumont, Texas, and past-president of the Texas Optometric Association. To contact: pcassod@gmail.com

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