TAKE A SELFIE—See what it reveals about you as a leader

Human Resources, Managing Others, Practice, Resources

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One of the most commonly asked questions of people in my position is “what is your top practice management advice or tips”?

Appraisers and brokers are obviously aware of very successful business practices as it is our responsibility to uncover them on a daily basis when we are performing appraisals and selling practices. We also uncover some inefficiencies and, quite frankly, bad practices that we make recommendations about to our clients.

It’s Up to You.
These management “issues” might be a quick fix and something that will not take long but others may take months or years to modify and while doing so, it could be detrimental to a successful sale. We make recommendations to fix these concerns if time and willpower to get it done are available. If not, it may impact the eventual sale price but not be worth the time, money and energy for the current owner to invest in before selling.

We are not practice management consultants. There is a plethora of people that do that for a living and most have worked in a professional office at one time or another and offer their services through a multitude of social mediums, mostly focusing on efficiencies and staff training. Despite what these management gurus might tell you, tread this path with caution. There is no silver bullet to eradicate practice management issues. If you have dug yourself a hole, you will need to pick up a shovel and dig yourself out.

Are You A Good Leader?
I am a firm believer in the theory that good practice management is really a top down principle and is explicitly linked to effective leadership skills. You need to take a selfie. Are you a good leader? There are many books out there on great leadership that are readily available for all of us want-to-be or current leaders and most of the research on the topic would suggest that inefficiencies, low morale, or a toxic culture is probably created and/or permitted by the leader/owner of the business.

“Success is never owned, it is rented, and the rent is due every day.” This quote by Rory Vaden emphasizes the need to be and continue to be a leader daily.

Many business owners have big egos. That is what causes us to take risks and become business owners.

Taking a regular selfie of ourselves as business owners is an important exercise. We need to see how the world views us and be brutally honest in our assessment of the culture we have built and how we have allowed it to shape not only the environment of our business, but also ourselves to some extent. This is not an easy task. When culture is eroded through a lack of leadership, tired leadership or amateur leadership, no systems can save you. Have a good look at yourself. Only you as the figurehead can rewrite the systems that you have allowed to be laid down. Maybe go over to the mirror right now and take a picture.

What kind of leader are you?

TIMOTHY BROWN

is Chief Executive Office of ROI Corporation Canada’s national professional practice and brokerage firm.

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Positive Trends Coming Out of COVID Shut Down

Marketing, Practice, Resources

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As offices returned to seeing patients, I started noticing some trends.  Higher eyeglass capture rates, higher diagnostic capture rates and fewer patients per day are some of the most notable.

For years, SIMI has advocated for a “work smarter not harder” philosophy that recommended seeing between 8-10 patients for every 7 hours of chair time.  Our data analytics showed us that this formula consistently led to more diagnostics being offered and more glasses being sold.

COVID offered offices an opportunity to put this theory to the test.  As they returned, doctor’s schedules were close to half of what they were pre-COVID.  The result?  In every office, gross revenue went up over last year, though they saw significantly fewer patients.  Offices have made more money by seeing fewer patients.

Prior to COVID, eyeglass capture rates were trending around 40% on average through SIMI Analytics.  In the past two months, that average has increased to 78%.  Diagnostic testing has also increased.  When not included in a full eye exam, the average capture rate changed from 20% to over 80%.

I am also cognizant of the fact that there are other factors that have contributed to these results.  After 4 months, my own family has started to mistake blowing leaves for squirrels and are taking wild guesses at the ingredients listed on food packages.  We ALL need our eyes checked, new prescriptions and glasses!  So certainly, there is some pent up business that is being realized.  Savvy receptionists are ensuring that patients with the greatest need are getting in first.  Patients are less likely to leave with their prescriptions to “shop”, as they avoid too many unnecessary stops.

But I don’t think that’s the complete story.  With more time allocated for each patient, doctors are able to spend longer with each patient, in a more focussed manner.  It has become necessary to anticipate how much time each patient will spend in the office.  This includes in the dispensary.  Suddenly, the entire office is anticipating and prepared for patients to be assisted in the gallery.  Is this is self-fulfilling prophecy?

As part of my consulting advice, I have often suggested that practices make a “plan” for each patient that day.  Do we anticipate that they will do additional diagnostic testing?  When did they purchase glasses last?  Are they due to reorder contact lenses or drops?  This plan becomes the goal for each patient.  As well as ensuring that every solution is considered for and by the patient, the “plan” also helps everyone stay focussed.

My hope is that offices will take this opportunity to made a lighter schedule and “pre-planning” permanent routines in their office. There are benefits for everyone, patients, staff and doctors alike.

KELLY HRYCUSKO

is the co-founder and managing partner of Simple Innovative Management Ideas (SIMI) Inc. and expert Practice Management contributor for Optik magazine. She can be reached at info@simiinc.com.

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3 Ways Eye Care Professionals Can Recover Revenue

Marketing, Practice, Resources

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The last 4 months have been tough for small business owners across the country and extra difficult for hyper-personalized industries such as eye care. Clinic owners now have to deal with two massive elephants in the room:

  • 3 months of lost revenue
  • Increased costs (cleaning, PPE, etc.)

How to get revenue back to normal and decrease costs?

The answer to this question is not straightforward, and there is no one size fits all approach. However, clinic owners are using technology now more than ever to build a foundation which helps them keep a constant flow of new customers and automate a lot of manual work.

Below are the top three strategies that you can use to attract new patients, convert searchers into paying patients, and to automate front desk work.

1. AUTOMATE REVIEWS AND REFERRAL GENERATION

More than ever, prospective patients will do a thorough search on Google before choosing a clinic, and if they don’t look online, it is because they heard about a business through a friend or family. Luckily, clinic owners can use technology to stand out online and tap into current customers for high-quality referrals. Here is how:

  • Set up automated review generation software. This software will allow clinic owners to collect positive reviews from every new patient. Once these reviews start to pile up in a couple of months, your clinic will rank higher for their solutions and appear much more attractive online.
  • Clinics can easily tap into their customer base and set up a referral system that prompts patients to refer anyone they might know who needs services clinics offer. In order to streamline this process, invest in automated referral software.

A prospective patient can find a clinic because of their great online standing or because they have been referred by a friend or family member. Regardless, they need a way to easily book an appointment or else they will look for someone else.

2. GIVE PATIENTS THE OPTION TO TEXT

 The truth is, more and more patients are looking for an easy way to book an appointment or inquire without picking up the phone. Each clinic needs to be able to support text messaging as an option for patients, or they will simply find someone who does.

Clinics should consider implementing chat widgets on their website so that a prospective patient can text in with any questions and end with a booked appointment. A clinic must have the backend technology in place to respond to these inquiries and convert prospects to patients.

Some patients still prefer to pick up the phone, which is perfect because that is what receptionists are paid for… But what happens when they miss a call or call after hours?  Is the patient gone forever? Not if a clinic has an AI-powered answering software to pick up the slack.

This type of software has voice recognition embedded in it to ensure that a patient can have a natural conversation. In this conversation, the patient will have the ability to ask questions and even book an appointment. This way, no call, and no prospective patient will ever be missed again.

3. MAKE INTAKE AND PAYMENTS CONTACTLESS AND AUTOMATED

Clinics need to ensure they are keeping their staff safe in this new normal. If they can ensure that the front desk staff never has to be in contact with a patient all the way from intake to payment, why not do it?

With social distancing software, a clinic can send check-in links via SMS before appointments, notify patients when it is time to enter the clinic via SMS, and manage the entire patient queue via virtual waiting rooms. When the appointment is over, send a link via SMS or email to collect payment. This will reduce the risk for front line staff and reduce manual work coordinating appointments.

Find social distancing software that integrates with your EMR or current payment software.

WHAT’S NEXT?

A lot of this new information and technology can be daunting for a clinic owner to learn about and manage. This is why OneLocal is here to help. If you simply want to learn whether this technology is a good fit for your practice, click here to learn more.

About OneLocal

OneLocal helps thousands of small businesses across North America get more customers with a series of best-in-class and affordable marketing automation tools. As part of an effort to help restart the economy, OneLocal is currently offering many of their tools for a fraction of the price and creating new tools to help clinic owners operate more efficiently. They are a Toronto-based tech company that has been around for over 5 years and is backed by the same company that backs Airbnb.

MATTHEW CARNEVALE

Matthew Carnevale is the VP, client relations for OneLocal, based in Toronto.

With safety now being top of mind for clinic owners, employees, and patients, it is important that you provide an experience that makes your customers feel safe. Find out how OneLocal has been helping clinic owners implement digital check-in, contactless payment, and virtual waiting rooms through LocalVisits by filling out this form:  https://info.onelocal.com/ECP

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Insight with Dr. Kerry Salsberg

Insights

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Dr. Kerry Salsberg followed in his fathers footsteps in private practice

Shared his interests in science, technology, healthcare and business

Recently teamed up with Frank Carpino of Urban Spaces to reimagine and build the practice of the future today

R. Kerry Salsberg

Dr. Kerry Salsberg

Doctorate of Optometry from the University Of Waterloo.

Awarded the T.T. Beattie Award for Orthoptics and Visual Training

General Optometry and multi-specialty independent practice owner and entrepreneur

 

What business book would you recommend other ECPs read?

Re-Engineering Retail by Doug Stephens: Retail is not dead in Optometry so long as you understand the shifting needs and expectations of a new consumer. This book provides a roadmap to successful retailing with an emphasis on memorable consumer experiences.

Where do you see your practice/ eye care in 10 years?

I think we will see further consolidation of smaller practices into larger group practices with the goal of providing economies of scale, best-in-class instrumentation, specialty services and one-stop shopping. The patient experience will be paramount to the financial success of the practice.

What is something you have done in your practice to set you apart.

Look at current trends in retail and mirror them in your practice. Offer your patients something new every year whether that be new instrumentation, frame lines, services, experiences and most importantly, LET THEM KNOW. Think outside the box in terms of product and service offerings.

What is currently the most exciting thing in your field to help patients.

Dry eye therapy and facial aesthetics.  We recently invested in Radio Frequency technology that not only treats Meibomian Gland Disorder/ Dry eye but also tightens skin and reduces fine lines and wrinkles around the face. A more youthful appearance is a big driver in our practice for this treatment.

Favourite 80’s Jam.

A combination of Steely Dan, Yes, Van Halen, and Tears for Fears. I know, a weird combination

Tell me something few people know about you?

I was once a magician and I love to bowl. Please don’t print this 🙂

You can listen to Dr. Salsberg discuss the major office renovation undertaken on our Eyes Wide Open Podcast 

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Life After COVID-19

Practice, Resources

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Before offices were able to re-open, many speculated how things would be. While some health care professionals (e.g. veterinarians) were able to remain open under restrictions, they experienced lower revenues. Most health care professionals could only guess at how to be prepared for their patients’ return.

Conjecture ran wild with all the uncertainties. Banks stiffened lending policies but if consistent revenues return, the reins will loosen again. Buyers who were skeptical, will re-enter the practice sales market once patients return and providers learn to manage despite restrictions. However, this forced sabbatical left some mature owners realizing they may be ready to sell.

Major cities have been the epicentres of infectious disease, and have always bounced back—often stronger than before. After a pandemic, people moved to cities because of job opportunities and potentially better wages. The three previous world pandemics were devastating for people and animals world-wide. They certainly changed the social and economic fabric of society. The Black Death and other plagues decimated cities in Europe and in Asia until the 20th century. The Spanish Flu killed as many as 50 million people worldwide, and yet New York, London, and Paris all boomed in its wake.

Our generation can only compare COVID-19 to major crises like World Wars and The Great Depression because of its global impact. These crises lasted years, including the pandemic of 1884, which only ended in 1959, having caused over 15 million deaths.

COVID-19 changed the way we live and do business. We’ve become diligent about washing our hands, using sanitizers, cleaning surfaces and social distancing. We stay home when sick. The pandemic is a technological equalizer making people use tech tools in the workplace and become more efficient. Most health care professionals are using some form tele-medical advice for consults and remote monitoring. Tele-medicine of all kinds (optometry, dental, veterinary etc.) is positioned to transform access to health care services for children and seniors, for remote communities and those who face travel, physical mobility, and other barriers.

For health care practitioners, despite the financial hardships endured by practice owners, COVID-19 created a few positive outcomes. They are taking increased precautions to control cross-infection and understand that any patient has the potential for disease transmission. Patients appreciate the extra precautions now necessary to ensure their safety. Practitioners will continue to protect patients and their staff by using personal protective equipment as prescribed. The use of disinfectants, up-to-date sterilization practices, dedicated hand washing, and one-time-use disposable materials facilitate safe medical visits for patients.

Other positives are the critical communication changes. The first is that the number one practice consideration is the safety of the patient and staff alike. Now more than ever, all precautions are to be taken. The second change is the documentation and consistent review of Standard Precautions guidelines with staff to ensure they are followed. Finally, the communication that these precautions are routine in the practice and are in compliance with Public Health and the regulatory guidelines.

Health care offices must provide calming information and reassurance to both staff and patients. There is conflicting information or even a lack of basic information about infection control and standard precautions. Now is the time for all health care practitioners to take their place as essential and valuable health care educator and provider.

Despite COVID-19, people need access to care. Once the vaccine is found, things will normalize but with some added positives. Hopefully, we will not forget the important lessons learned during these very challenging times.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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EPISODE 14: Creating the Future of Optometry Today

Eyes Wide Open, Podcasts

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Dr. Kerry Salsberg and Dr. Glen Chiasson share a few memories while Kerry explains how Eyes on Sheppard became one of the largest optometric practices in Toronto and how a re-imagined practice of the future took shape in partnership with Urban Spaces.

Dr. Kerry Salsberg

About the Guest

Dr. Kerry Salsberg was born and raised into an Optometry family,  following in the footsteps his father, Dr. Stan Satlsberg and sharing in his passion for technology, healthcare and business.

Over the last four decades, Eyes On Sheppard has become one of the biggest optometric practices in Toronto, with over 20 staff, 8 doctors, and serving over 60,000 patients in a multi-specialty and general optometry practice.

 

Episode Notes

In conversation with Dr. Glen Chiasson, Dr. Kerry Salsberg talks about the history of Eyes on Sheppard. Kerry relates the lessons learned from his father, Dr. Stan Salsberg, a forward-thinking innovator in Optometry.

Kerry relates how the organic growth of the practice necessitated a move of premises, not once, but twice  and how the COVID pandemic provided unexpected challenges, but ironically also dealt a twist of fate that led Eyes on Sheppard to its ideal 11, 000 sq. ft new location.

Kerry engaged general contractor Frank Carpino of Urban Spaces for the design and build out after gaining confidence that Frank shared Kerry’s vision for the reimagined practice.   Frank’s commitment and passion  for the task, were instrumental in bringing in the project on time and on budget, even while handling major course corrections, including numerous health protection adaptations dealt by COVID,

Kerry provides his thoughts of the future of optometric practice, using the term “retailing” unapologetically. He thinks of the new  practice as a “high-tech magic show with really cool technology” and a delightful assault of all the senses.

Best Quote:
“Retail is not dead. We need to create emotional connections with our clients and dazzle them. If we do, the future is ours.”

Resources

 

 

Dr. Glen Chiasson

Dr. Glen Chiasson

Dr. Glen Chiasson is a 1995 graduate of the University of Waterloo School of Optometry. He owns and manages two practices in Toronto. In 2009, he co-hosted a podcast produced for colleagues in eye care, the “International Optometry Podcast”. He is a moderator of the Canadian Optometry Group, an email forum for Canadian optometrists. As  a host of  “Eyes Wide Open”, Glenn  looks forward to exploring new new technologies and services for eye care professionals.

Dr. Chiasson enjoys tennis, hockey, and reading. He lives in Toronto with his wife and two sons.

Dr. Chiasson splits EWO podcast hosting duties with Roxanne Arnal.

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Is Virtual Dispensing a Possibility for Your Practice?

Differentiation | Business Strategy, Digital Marketing, Marketing, Practice, Products | Services | Industry News, Technology

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Virtual dispensing on ZOOM

Tele-optometry was thrust into the spotlight by COVID-19 social distancing directives. Can the underlying principles of telehealth be adapted to eyewear dispensing?

An enterprising optician in Toronto believes they can, has the experience to prove it, and the training program to make it happen.

Wendy Buchanan, RO

Wendy Buchanan, Registered Optician and Image Consultant, runs a successful mobile dispensing business in the Greater Toronto Area. She combines her passion for fashion and her optical background into a unique business that relies upon personal in-home or office eyewear style consulting.

Wendy built her successful and unique approach over a number of years, but in March 2020, like all other eyecare professional practices, her business came to a sudden halt. After a few weeks of idle time, the reality of COVID began to sink in and her entrepreneurial instincts drove her to act.

Listen to Wendy Buchanan, Toronto-based Optician, explain how virtual eyestyling evolved as a COVID-driven imperative.

Leveraging her well-established relationships, Wendy connected with clients to set up ZOOM meetings. Undaunted by COVID  constraints, she began virtual eyestyle consulting appointments. She presents eyewear options online,  sends curated high fashion frames to her clients’ homes and closes the sale, often for multiple pairs, with a follow-up virtual appointment.  She has even started generating client referrals.

Success is not accidental!
Buchanan’s success did not come without years of experience and preparation.

Leveraging her image consulting training and optical experience, Wendy had developed a proven process for eyestyling clients, called SpecStyles. She has taken her original platform further through the development of an ECP training program for motivated fashion oriented eyewear professionals to help them stand apart.

While the “Be Spectacular™  Image and Eyewear Styling for Optical Fashionistas” was nurtured by Wendy’s unique background, she believes the techniques are fully portable to professionals with a passion for eyewear.  “The program will help boost confidence in styling clients with eyewear they love and an experience that has them referring their friends. The image consulting component can be taught,” said Buchanan

Notwithstanding the trend to medical specialization in Optometry, the typical OD practice still relies upon dispensary eyewear sales for a substantial proportion of their revenue.

Optometric practices with a predisposition to high-end fashion eyewear might well benefit from a proven methodology to close the revenue gap by incorporating virtual eyestyle dispensing.

Learn more about the Be Spectacular Advantage Program.

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Three Common Hiring Practices that are Completely, Utterly Wrong

Human Resources, Talent Acquisition

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These three commonly-held beliefs about hiring have been around for a long time. They might have been good advice to someone, at some point in time… but if they are part of your unconscious belief systems, you’d best revisit your assumptions.

The thing about ‘conventional wisdom’, is that all too often it relates to things we’ve been doing a certain way for so long we don’t even remember the original assumptions any longer. It’s kinda like autopilot – you set it and forget it. There’s an awful lot of ‘autopilot’ in our lives. Sometimes that’s OK – and sometimes it can hurt you.

Here are three areas where you may be on autopilot without realizing it… and where you may want to consider taking back the controls and charting a different course:

1. The ideal candidate will possess X years’ experience in the job/function/industry.
How often, in your advertising and in your mindset, to you impose the ‘experience required’ rule? How critical is that previous experience, really, or would you be better off to hire someone with a great attitude, a diversity of experience they can bring to bear in a creative way, and a track record of learning quickly and figuring things out? In many cases, that experience that people bring to the table may actually be a liability, in the form of bad habits and narrow beliefs.

2. Hire the very best you can afford at all times.
This may seem like sacrilege, but think carefully for a moment. You have a certain amount you can afford. Stretching financially to hire a rock star can sometimes backfire on you in a couple of ways – one, it can starve you of talent in other areas (think baseball – are you better off hiring an expensive home run hitter, or three far less expensive players who consistently get on base?) – and two, they can sometimes be high maintenance. Are you and the rest of the team up for the challenge of managing the chemistry?

3. Referrals from your existing employees is your best source of quality candidates
Again, there is a nugget of truth here. Yes, referrals can be your cheapest source, and they can yield some of the very best candidates. Generally speaking, though, the very best referrals will only come from your very best employees. That’s because of the old birds of a feather thing – we all tend to surround ourselves with people who share our standards, attitudes and values. Top performers tend to hang out with others who share that standard, and poor performers – well, you get it. So be careful whose network you ask to tap.

There you go – a little unconventional wisdom for a change. It can be fun and useful to flick off autopilot once in a while to take a closer look at the terrain.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.

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Contactless Intake, Payment, and Reputation Management for ECPs

Digital Marketing, Marketing, Practice, The Patient Journey

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With the economy reopening, one of the biggest questions for clinics looking to ramp up their business again is: how do I keep my customers and employees safe? And how can I get my revenue back to what it was pre-COVID? With safety being top of mind for customers now, clinic owners can remove fears entirely with physical distancing measures and hygienic practices, while simultaneously attracting new customers and boosting revenue.

A recent survey of over 1000 consumers was conducted by OneLocal and results indicated that 63% of people said they felt unsafe sitting in a waiting room with other people. What this necessitates is letting customers in one at a time. Significant costs are added to the business from having to spend salary on staff checking in clients manually and ensuring that everyone is kept safe.

In the same survey OneLocal conducted, 89% of people said they prefer checking in over their phones versus having to stay in a waiting room. So by sending out check-in forms via text message, clinic owners are able to eliminate the physical waiting room and efficiently take in customers, without having dedicated staff to manually manage how people check-in.

 

 

 

LocalVisits manages the check-in and payment process digitally, so face-to-face contact is minimized and customers can come to your business efficiently.

 

The check-in link contains customizable Surveys that can screen users for COVID-19 symptoms and can even be tailored to your health forms. When it’s safe to do so, you can let your customers know when to come in without having to clutter waiting rooms.

 

 

 

 

 

 

 

Lastly, the software sends a text message to handle the whole payment process, so that instead of using a point-of-sale system which comes into frequent physical contact with staff, everyone is kept physically distant during this part of the process.

 

 

 

 

 

The whole process is managed simply in a virtual waiting room, so the staff knows where customers are in their journey, whether it’s checking-in, booking an appointment, or collecting payment. Staff can monitor cancellations and send check-in links when the clinic is ready to take in new customers.

After you leveraged physical distancing software to ensure everyone is kept safe, the next step is to make your safety processes visible to customers. There are a handful of marketing strategies that you can pursue, but it really boils down to gearing your online presence towards safety. You can add to your homepage exactly what physical distancing practices you are using during your processes. Use keywords like “safest work practices in Toronto”  and “COVID safe clinic in Toronto” to help you rank on Google when people look for the safest clinic in your area.

Last but not least, when the payment link is sent out, you can send automated Google review requests with reputation management software. Right after the payment, the customer experience is top of mind so if you’ve done your job right, the chance of them leaving a positive review is higher then ever. Automated software like LocalReviews can prime users on their experience and ask for testimonials via the same text messaging system. When new customers search for a clinic in your area, they will see testimonials from customers who can attest to your safety measures and overall good experience.

About OneLocal

OneLocal helps thousands of small businesses across North America get more customers with a series of best-in-class and affordable marketing automation tools. As part of an effort to help restart the economy, OneLocal is currently offering many of their tools for a fraction of the price and creating new tools to help clinic owners operate more efficiently. They are a Toronto-based tech company that has been around for over 5 years and is backed by the same company that backs Airbnb.

MATTHEW CARNEVALE

Matthew Carnevale is the VP, client relations for OneLocal, based in Toronto.

With safety now being top of mind for clinic owners, employees, and patients, it is important that you provide an experience that makes your customers feel safe. Find out how OneLocal has been helping clinic owners implement digital check-in, contactless payment, and virtual waiting rooms through LocalVisits by filling out this form:  https://info.onelocal.com/ECP

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Planning for the Unexpected

Practice, Resources

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I am an optimist. I have always had a positive attitude and I absolutely believe it is the best way to go through life. My goal is to live a healthy and active life until at least 102. However, at the same time, I have to be realistic about the situations that often arise in everyday life. We do not live in a perfect world. As a company, we have had to deal with unfortunate situations where an owner suddenly faced a crisis forcing him/her to sell.

The purpose of sharing my thoughts in this article is not to change from being an optimist to a pessimist. Quite the opposite. I will continue to choose not to focus on the negative aspects of life. However, I and by way of this article, encourage you not to ignore them.

When the owner of a practice suddenly takes ill or unexpectedly passes away, the people left behind should be able to grieve without having to worry about the office. They should not have to also determine how to handle the practice that you are no longer in. I am encouraging owners to be brave and plan for the worst. Think about this in the same way pilots and people who climb Mt. Everest do. In both cases, people must be trained in how to handle difficult and dangerous situations. Great pilots, as well as great mountain climbers, hope for the best but plan for the worst!

Our purpose at ROI Corporation is to assist practitioners in selling their practices when they are ready to exit ownership. It is a truly wonderful privilege to witness owners transitioning on their terms to pursue their dreams. Unfortunately, a terrible diagnosis or death can happen unexpectedly. Staff are completely overwhelmed and unprepared to manage the situation which will force the goodwill to erode very quickly. The tragic news of the recent plane crash in Iran showed us firsthand how offices and their staff react to horrifying news.

So, let’s be positive and optimistic and prepare for things that could happen. Every owner (and person quite frankly) needs to be proactive and put a plan in place that would protect them and their loved ones in the event of their death or severe disability. The following are simple things to implement which will help ensure some preparation, should the unthinkable occur:

1) A will and an estate plan. No further comment required.
2) Appropriate insurance that will cover practice and personal debts.
3) Owners, please appraise the practice. Knowing an accurate value is key particularly for potential insurance claims or for the sale of the office.
4) A Letter of Direction. This should be kept on file with your lawyer and practice broker. This document is usually a brief letter that states what steps need to be taken upon death or severe disability. It is fairly straightforward, and more importantly gives clear direction for who needs to do what to protect the goodwill. A broker can get started immediately and can minimize the loss of value to the practice.

By having this information organized, your family does not have to bear the burden of trying to make key decisions under massive duress. Unfortunately, when staff are upset, colleagues are trying to fill in to serve patients, or looking for a locum or associate to fill in, the uncertainty of such a tragedy, can expose the practice to easily lose 20% of its value per month.

If this all sounds complicated and difficult, just take things one step at a time. Start with just one of my four recommendations. Remember, the goal is to plan for the worst, so your family does not need to.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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