Nov. 9, 2022
IDOC has launched a new and exclusive feature of IDOC Books & Benchmarks service: benchmarking charts on practice metrics designed to help ODs understand their business performance versus other independent practices.
IDOC describes its comprehensive benchmarking service as “the first program in the industry to integrate full-service bookkeeping, QuickBooks, and payroll into its benchmarks, empowering ODs with data-driven metrics to help sharpen their competitive edge.”
The Benchmarks component of IDOC Books & Benchmarks is a live, data-based tool that allows practices to see performance metrics across many aspects of the practice compared to other practices that utilize the service.
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Provided in graphical formats that are intended to be easy to read, Benchmarks offers ODs a look at how their practice compares to others in the industry in profit and loss, balance sheet metrics, overhead, profitability and cash management. Additional metrics are being built as IDOC continues gathering data from program members. Benchmarks gives business owners a new ability to synthesize financial data for insight into business performance.
“IDOC Books & Benchmarks has been a great asset for us to see where we are as a business and where we have opportunities,” says program member Matt Taylor, OD, owner of Ideal Eyecare in Council Bluffs, Iowa. “I can’t spend time gathering all the data needed to evaluate where we are, so I have to delegate those tasks to someone otherwise I’d spend 70-80 hours per week between patient care and business operations. IDOC has helped make my life easier by taking over bookkeeping and benchmarking.”
IDOC Books & Benchmarks is available to all independent optometry practices for a fee, with IDOC members receiving preferred pricing. You can learn more about IDOC’s financial management solutions at IDOC.net/finance.
