New This Week
Setting Competitive Compensation for Associates
Kirk Smick, OD, of Clayton Eye Center in Morrow and Griffin, Ga., bases compensation for new associates not on the gross sales they generate but on actual collected revenues. If a first-year associate generates (and the practice collects) $300,000, the doctor is reimbursed at 25 percent or $75,000. Dr. Smick believes you can offer new associates a competitive package with insurance coverage, a 401K plan, and an 18-25 percent reimbursement rate that will provide a six-figure income within three years. >>READ MORE>>
Finance
Four Steps to Take to Prepare Your Practice to Sell
By John R. Scibal, OD, AIBA
The market in practice sales is coming back–but a successful sale must work for both parties. Buying well means getting an informed appraisal from an objective source and making the numbers work. Selling well means planning in advance–and the bigger the practice the longer a sale takes. The steps you take to prepare for that sale are critical. >>READ MORE>>
Contact Lenses
Treating Keratoconus with Contact Lenses: Help Patients and Generate Referrals
By Brian Chou, OD, FAAO
Treating keratoconus with contact lenses can greatly improve lives and create strong bonds with patients who refer. Specializing in this area requires clinical skills, investment in instrumentation, and building a referral network. Here’s the how-to. >>READ MORE>>
Marketing
Use Optometric Alumni Networks as a Practice-Building Resource
By Thomas Wong, OD
Networking begins in optometry school–where you create bonds that help to build and guide your practice through your entire career. Here are practical steps to use an invaluable resource to help yourself and others.
>>READ MORE>>
Most Consumers Accept Wait Times of 5 to 10 Minutes
Some 38.2 percent of consumers say wait times of five to 10 minutes in the doctor’s waiting room are appropriate, while 35.2 percent think waiting up to 10 to 15 minutes is appropriate, according to Jobson Optical Research’s The Waiting Game survey. Twelve percent think it is appropriate to wait up to 15 to 30 minutes, while 10.5 percent think wait times are appropriate when they are under five minutes. Another 2.3 percent say it’s appropriate to wait 30 minutes to 1 hour in the waiting room while 1.7 percent feel it’s appropriate to have to wait more than an hour.
Click HERE to read more from Review of Optometric Business professional editors Carole Burns, OD, FCOVD, and Mark Wright, OD, FCOVD, on best practices on managing patient wait times before appointments.
Vision Source Launches Social Media Channels
Vision Source, a network of private practice optometrists, announced that it has launched social media channels of communication. Doctors, staff, members and employees can now follow the latest news for Vision Source by either receiving Tweets through Twitter, viewing videos on the official Vision Source YouTube Channel, and/or becoming a fan on the company’s Facebook page or connecting on Vision Source’s LinkedIn Pages. >>READ MORE>>
Transitions Centralizes Multicultural Efforts Under Cultural Connections Initiative
Transitions Optical, Inc., is centralizing its multicultural marketing efforts into a comprehensive Transitions Cultural Connections initiative, with the mission to raise awareness of the need for healthy sight among culturally diverse groups, and to support eyecare professionals in meeting the eye health and communications needs of their culturally diverse patients. Through the initiative, Transitions Optical will continue to offer eyecare professionals complimentary professional and patient education resources, and will continue to educate consumers directly through advertising, media outreach and community events – driving them to their eyecare professional to learn about their eye health risks and the benefits of sight-enhancing eyewear options, like Transitions lenses. >>READ MORE>>
ROB Poll Results
OCT and Retinal Camera Top the Wish List for New Instrumentation in 2012
Asked about their 2012 new instrumentation wish list, 35 percent of ROB readers said a retinal camera topped their list. Another 35 percent would most like to add an OCT to their office this year. Twelve percent are hoping to add a corneal topographer while another 12 percent would like to add an instrument for measuring macular pigment to their practice. Six percent would like an automated visual field machine.
