Finances

PPP Loan Forgiveness Calculator & Reopening Action Plan

By Steve Sunder

May 6, 2020

As you prepare to reopen your practice, there are actions you should take to get on the right financial footing. Here are key steps to take to ready your practice for reopening, along with a Paycheck Protection Program (PPP) loan forgiveness calculator, sample practice action plan and COVID-19 financial impact forecast.

PPP Loan Forgiveness Calculator

Click HERE to download a complimentary PPP loan forgiveness calculator

Action Plan – Still Closed with PPP Loan Secured
• Reduce practice expenses
• Create new practice financial budget
• Commitment to a monthly review of Profit & Loss vs Budget
• Create practice key performance indicators and measure monthly including staff/opticians
• Review current practice policies and procedures
Create new policies and distribute to staff
–Sign confidentiality agreement (all staff should have signed a confidentiality agreement after being hired and reading the practices Policies and Procedure handbook).
–Retain in staff personnel files

HIPAA
–Invest in a service like Abyde or Practice Compliance Solutions.

Creating Your Own Action Plan

Click HERE  to download a complimentary spreadsheet example of a practice action plan, including staff assignments

OSHA
• Review and amend current patient workflows:
o Check-in
o Authentications and approvals
o Documents required at check-in
o Tech handoff
o Doctor handoff to optical

Inventory of all frame products
Return old or discontinued products for credit or exchange

Implement Patient Recalls
o Not scheduled
o Past due for annual comprehensive exam

COVID-19 Financial Impact

Click HERE to download a complimentary COVID-19 practice finances impact forecast.

Online learning for staff and doctors
Research the online continuing education for doctors and staff that can serve as substitute for in-person meetings.

Set Up Online Practice Systems
• Set up telehealth
• Set up online ordering
o CL Yourlens.com or Lensferry
o Eyewear GSRx
o VisionWeb, or another practice management system that includes an ordering portal integrated in most practice management systems for ordering glasses and contacts.

Create Marketing calendar
o Facebook
o Instagram
o Practice web site
o Solutionreach, Demandforce or another automated recall technology.
–Market online ordering portals
–Services like myopia management

Action Plan: Already Open with PPP Loan Secured
• Create a new budget
• Commitment to monthly review of Profit & Loss vs Budget
• Create practice key performance indicators and measure monthly including staff/opticians
• Review current practice policies and procedures
o Create new and distribute to staff
–Sign confidentiality agreement
–Retain in staff personnel files

HIPAA
Invest in a technology to support compliance.

OSHA
• Review and amend current patient workflows:
o Check-in
o Authentications and approvals
o Documents required at check-in
o Tech handoff
o Doctor handoff to optical
o Optical ordering processes

Set Up Telehealth
Investigate
in ongoing telehealth services to reduce the number of patients in the office at the same time.

Inventory
Return old or discontinued product to vendors for credit or exchange.

Online learning for staff and doctors
Research the online continuing education for doctors and staff that can serve as substitute for in-person meetings.

Marketing
• Solutionreach, demandforce or another automated recall technology.
• Recalls current, past due and not assigned
• Facebook
• Instagram
•Practice web site
• SEO improvement

Online ordering portals
•Telehealth
• Patient Recalls
–No recall set
–Past due recalls

 

Steve Sunder is a health-care consultant with over 20 years of experience in the eyecare industry at a multi-location practice, and as a consultant to other practices. To contact him: steve@sundervisionsolutions.com

 

 

To Top
  
Subscribe Today Free...
And join more than 25,000 optometric colleagues who have made Review of Optometric Business their daily business advisor.
YOUR EMAIL
FIRST NAME
LAST NAME
  
Subscribe Today Free...
And join more than 25,000 optometric colleagues who have made Review of Optometric Business their daily business advisor.
YOUR EMAIL
FIRST NAME
LAST NAME
Subscribe Today for Free...
And join more than 35,000 optometric colleagues who have made Review of Optometric Business their daily business advisor.
Subscribe Today for Free...
And join more than 35,000 optometric colleagues who have made Review of Optometric Business their daily business advisor.