Congratulations! You've been working for a good amount of years and have treated some pretty exciting pathologies along the way…but there's one thing that hasn't been on your mind until just lately. It's retirement.
Things sure have changed in optometry over the years, and one of those changes isn't necessarily a good one. Optometrists used to be able to fund their retirement on the sale of their practice, but those days are pretty much gone. But there is a way to fight back.
Lenders and practice appraisers typically utilize the profit and loss statements for the last three years to help determine the value of your practice.
Simply put, if you're gearing towards retirement and your practice has been trending downwards or flat-lining over the past three years, your practice won't appraise as high as it would otherwise, and it will also scare off a lot of potential buyers and associates.
However, a practice that is netting well and trending upward will automatically demand a higher price. That's GREAT news for you when retirement is in the near future!
We work with practice owners to turn the trend around to insure they will get the highest possible price for your practice while speeding up the sales process.
Here's how we'll get it done;
Planning for retirement should be given the same amount of consideration that you gave when you opened or purchased your practice years ago, and here's how Practice Mentors can help you achieve a smooth retirement process;
Selling a 'Turn‐key' practice; The term 'turnkey' relates to the ability for a buyer to purchase a practice that is set, ready to go and they become immediately profitable. Buyers aren't interested in buying 'potential'…they want to be assured that the practice is 'cranking some good numbers' so they can walk right in and enjoy practicing optometry.
Warren Buffet and Berkshire Hathaway Inc. is a classic example. They only buy business that are doing well. They never buy businesses with 'potential', and that's one of the reasons that they do so well.
Benchmarking; This is where it all starts. We'll investigate what areas in your practice need ramping up, and we'll lay out a game‐plan to get the job done. There needs to be a balance between business growth and being within industry benchmarks in order for your practice to sell for top‐dollar. We'll plan the work, then we'll work the plan.
Building Patient Loyalty; Patient 'satisfaction' and patient 'loyalty' are two totally different things! Loyal patients would never go anywhere else, they refer most everyone they know, they accept your recommendations, and they help your practice grow exponentially! A great way to see where your practice stands here is to randomly pull up 10 eyewear patient records and see how many patients purchased more than one pair of eyewear during their last visit. If your number is less than 25%‐30%, chances are that your patients aren't necessarily considered 'loyal'… they're just average. We'll put processes into your practice to insure patient loyalty in the highest degree!
Marketing; I can honestly say that most existing practices waste between 40 – 60% of their hard earned dollars on typical marketing efforts that simply don't work. Most practices utilize what I like to call 'Me‐ Too' marketing…meaning that "I perform eye examinations too", and "I sell eyewear and contact lenses too". You'll never get the lion's share with marketing like that. We will help you customize a plan built on 'Trust' while lowering your overall marketing costs in the process, and we won't use deep discount gimmicks either. We'll also create a customized Marketing Calendar of Events to keep you right on track.
Staff Training; Just imagine if your staff knew more about the business‐side of operating a great optometric practice and actually gave input on how to make things even better! Starting them with the basics is the key here. As your practice continues to grow, your staff will become even more valuable in the business‐decision making process. Enjoy!
Referrals; I like to call them 'Comfortable Referrals', as most doctors feel uncomfortable in asking for referrals, however, it is a great practice‐builder. We'll show you easy and a very effective ways without you feeling uncomfortable at all or by giving rewards or financial 'kick‐backs' to patients that refer others to you, which in some states are actually either illegal, or unethical.
Multiple‐Pair Sales; Notice I didn't say 'second‐pair sales'. We'll teach you and your staff the strategies to make this happen in your practice. Did you know that offering discounts on multiple pairs can actually hinder your ability to sell more product? Imagine your multiple‐pair sales increasing to 25%… 30%… HOW ABOUT 40%? We'll base it all on the 'quality of life' for the patients and we'll show you how to do it without 'selling' a thing!
Staff Management; "Do I have enough staff? Do I have the proper mix of staff? Do I have the proper Employee Manual to help the practice run smoothly?" These concerns, along with many more will be solved so you can concentrate on your patient care instead of always putting out fires!
Telephone Management; Did you know that proper marketing doesn't necessarily direct patients through your door? Proper marketing actually makes the telephone ring in order for your future patients to learn more about you. If your staff is unable to convert a telephone shopper into a scheduled patient, then your marketing dollars will probably go right down the tubes! We'll show you great ways to convert upwards to 85% or more of your incoming queries! This ability is grossly overlooked in most optometric practices.
Dispensary Management; "Do I have too many frames? Too few? The right mix of fashion and function?" Most existing practices I have worked with between $10,000.00 and $15,000.00 in excess inventory. Imagine having that money in the bank account working for you to pay your vendor accounts early in order to achieve their maximum discounts, updating the practice, purchasing that new retinal camera you've had your eye on, or maybe better yet… taking home a bigger paycheck!
Vendor Management; With our Vendor Agreement Form, your vendors will be working in your best interest instead of theirs while saving you well over $2,000.00 per year. This will also free up your staff for better patient care! Sounds great, doesn't it?
Proper Product Pricing; Most practices have a tough time pricing products for maximum profitability. We'll do a customized analysis that will add much more profitability to the practice while helping you stop giving things away! As we edge ourselves out of our current recession, we are seeing consumer trends seeking 'value' for their money…not seeking lower prices!
Billing & Coding; "How do I know that I am producing the maximum income for my level of expertise?" We have one of the industry's best coding & billing 'gurus' at our disposal, and you'll have the opportunity to utilize them for your needs as well as helping you price your medical procedures for maximum productivity. You won't be 'flying by the seat of your pants' ever again!
Pre‐Appointing; If all patients came back to their eye doctor on a yearly basis, Glaucoma would not be the second leading cause of blindness today! It's important to get your patients back, but many methods of pre‐appointing only fill your schedule with no‐shows for next year. Our fool‐proof method guarantees this not to happen! You'll love this!
Practice Statistics; Imagine each staff member dedicating less than 1% of their time to help you manage, monitor and grow your practice! Yes it can happen and it's easier than you think. We'll have you and your team focus only on the statistics that will help turn your practice into a gold‐mine! And best of all, it only takes minutes to do! If it's out of sight, it's out of mind!
Accounts Receivables; Turn your aged accounts receivables into cash in the bank! We'll teach you the proper methods in order to get the job done. Many practice management 'gurus' state that your accounts‐receivables should be equal to one‐month's gross revenue. That's absurd! The true key to managing your accounts receivables properly is to insure that very little (if any) goes past the 90‐day mark, and it's easier than you think! Prove it to yourself by generating an Aged Accounts Receivables report to see where you stand past the 90‐day mark, and to witness how much money that you may never see end up in your bank account. A potential buyer will look at this as 'bad management'.
Scheduling for Profitability; Per‐patient revenue can vary dramatically throughout every hour of every day, thus reducing your overall profitability. Our method keeps the per‐patient revenue strong all day long, and these are results that you can take to the bank! Proper scheduling also helps to reduce the 'feast or famine' scenario, so you may not need that extra staff person after all! This is just another method of working smarter…not harder!
Website Requirements; Should I have a new website? Does my website work well with today's smartphone technology? Would there be extra profitability? Should I sell contact lenses? Should I include Social Media? We'll step you through the process to turn your website into a marketing powerhouse for your practice.
Profit & Loss Analysis; It's not uncommon to receive your P&L statements, and not fully understand what to do with them. Many of your colleagues have no idea what the numbers really mean either. We'll teach you how to benchmark your practice properly, as some currently used benchmarks will actually lead you down the wrong path. Our new P&L format utilizes a totally unique method of showing just what's happening in your practice so there's no confusion whatsoever and is already receiving rave reviews from many of your colleagues.
Time Management; "These are all great ideas, but how are we ever going to have the time to get them implemented?" Proper time management is essential when going through a consulting program. Remember the last great idea you had, but nobody had the time to implement it? Say "Goodbye" to this problem forever!
Did you also know that a certain 4‐second question addressed to someone who just scheduled an appointment can easily add an additional 12% of patients to your schedule book? You will soon!
Looking for ways to get top‐dollar for your practice while easing the burden of managing your practice? How about a better quality of life? More time off? More profitability, along with methods that help you run your practice instead of your practice running you?
Practice Mentors can get you there!
After a careful 'review of systems' for your practice, we'll lay out a complete game‐plan of what we'll implement and when we'll implement it while keeping the staff motivated and right on track.
We'll do it step‐by‐step, but still at a winning pace. In other words…a guarantee of no 'information overload'.
A 9‐month consulting program: It takes time to motivate and implement things the right way, and by pushing too much too fast, your staff will start to resist. By taking the time to do it right, you'll have a seamless retirement transition.
Visiting your office: Many doctors feel the only way to get a consultant to know their practice is by having them visit it. This sounds logical, but if you talk to any of your colleagues who have had a visit from a consultant, the vast majority will express their disappointment in disrupting the doctor, the staff, and the patient flow for several days.
Many OD's will even think that their practice will be somehow 'blessed' by such a visit. We're not stating that we won't visit your practice if you want us to, but what we are stating is that we would never automatically force you to pay the additional costs up‐front if you determine it may not be necessary.
For certain larger practices with large numbers of staff or multiple locations, a visit may have some value, but we promise to get to know you, your staff and your practice very well through the use of our up‐front questionnaire and the in‐depth discussions we would have before we get the staff involved. This method just makes more sense while saving you money and frustration.
Long‐lasting results: OK…you've turned your practice around and have it sold. Now…what's going to help the buyer continue the pattern of success?
To address this issue, we have developed a series of training DVD's in order to educate and motivate the buyer and any future new staff members and get them 'up to speed' on why you do things a certain way and then HOW to do them correctly, so they won't skip a beat in the future.
4‐Phase Program: Every practice is different, and we take each of our clients through 4 separate phases through our consulting program. The first is the information gathering process where we get to know your practice (as stated above), your particular trading area through a series of demographic reports, and your competition through Yellow Page, website, social media reviews and personal competition 'mystery‐shopping'. Like we mentioned earlier, we'll get to know you, your practice and your practice challenges very, very well.
The next phase is where we roll up the sleeves and create a strategic game‐plan for you and your practice. We'll 'plan the work', then we'll 'work the plan'!
The next phase is where we actually hammer on the implementation process of these strategies, and remember that we'll make sure to get the staff involved in this process. This is where some consulting companies drop the ball and leave it totally up to the doctor to accomplish. HUGE mistake in our opinion!
The final stage is where we monitor the results through a series of weekly statistics, and we'll actually watch the growth happen right before our eyes. We'll teach each of you how to monitor the results, and what to do in case any of the certain areas start to drop off.
You will be one of the elite 5% of optometric practice owners that actually analyze their numbers correctly in order to chart a course for their practice, and we promise not to turn you into an accountant in the process. You'll love this!
This is the key to practice ownership and being a great CEO of your practice.
This is also the key to sell your practice quickly and for top‐dollar so you can start enjoying your retirement.
Owning and selling a practice brings a ton of challenges along with it, and there's a lot to be said for reorganizing your practice in order to make things more simple, yet more financially productive in the process.
Practice Mentors can get you there!
We're so confident in our results, that we offer an exclusive '10‐Week Disappearing Ink Guarantee'! If within 10 weeks you feel that this just isn't a good fit and you don't like where the program is heading, it's like the contract never existed. The ink has disappeared where your signature was and any money sent to us goes right back from where it came from.
It helps us sleep better at night, and it should for you as well. We have yet to have a client utilize the guarantee, but be rest‐assured if you're the first, we'll make it right. I know of no other consulting company that backs up their results like we do with a no‐risk environment such as this. Both personally and professionally, we wouldn't have it any other way!
There are many investments that you will make in your practice from equipment to staff, but few investments will reap such a huge reward as you ease into retirement as our consulting program will. All of this for less than the price of a retinal camera! Gotta love that!
We even have a payment plan available that makes it affordable for most any practice. And with our exclusive '10‐Week Disappearing Ink Guarantee', you have absolutely nothing to risk. Don't you owe it to yourself, your family and to your dreams of retirement?
Hopefully this information answered a lot of your questions, and hopefully it sparked other questions that you may have as well, so contact us right away and let's chat about what Practice Mentors can do for you and your practice.