Page 42 – Eye Care Business Canada

An Emerging Subspecialty for Optometry

Differentiation | Business Strategy, Practice, Resources, Specialty Practice

Any discussion on how to compete in today’s challenging environment for Optometrists places emphasis on competing with better products and enhanced retail strategies. I would encourage Optometry to add “Performance Vision” to the toolbox of competitive strategies.

In a world of AI, algorithms and technology, Optometry must evolve from gathering visual acuity data to offering a more comprehensive analysis and an implementation plan for Functional Vision and Performance Vision.

While online and commercial retail offers better, cheaper and more convenient products, Optometry can offer a transformational improvement in lifestyle quality. From neurodynamic vision improvement on the sports field to myopia management in the classroom, Performance Vision offers a sustainable competitive differentiation.

The exploding ecosystem of Performance Vision products and services is an important step forward in Performance Vision. In developing our Neurodynamic Vision Performance Arena, we have Eye Tracking technology, Perceptual Cognitive tools, Visual Motor reaction tools and integrated test battery for Vision Function Analysis to evaluate and elite athletes both at student-athlete and professional levels.

In my assessment of the Canadian market ecosystem for Vision Performance, it punches far above its weight, with many centres of excellence.

When you combine this technology with expert training and mechanical integration, you are able to offer a unique, one of a kind and competitively differentiated transformation that will separate you from the ordinary.

Neurodynamicvision.org offers a unique advertising platform to reach influential gatekeepers, product development specialists, performance centers and athletes within the new eco-system. An estimated 8.5 million high school student-athletes, 200K performance gatekeeps, Professional athletes, teams and leagues are all potential beneficiaries of this new and exciting opportunity to improve overall human performance, on and off the field.

WARREN MODLIN, DIP OPTOM (SA)

Warren is a trained optometrist with 25 years of optical industry experience. As VP of product strategy for Oakley, Warren helped develop sports vision eyewear for a broad range of sports specific verticals including cycling, golf, baseball and more. He is the founder and CEO of NeuroDynamicVision.org.

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Return on Investment on Marketing Spend

Advertising & Promotion, Digital Marketing, Finance|Wealth, Marketing, Practice Metrics & Benchmarks, Resources

Marketing has become a more complicated endeavour for optometric practices. Not too long ago, offices would ensure their business listing was in the Yellow Pages and would maybe pay for an ad in a local publication. That was the extent of their marketing.

Today, marketing for optometric practices includes many more elements; building a website which needs to be refreshed every 3-5 years, spending money on Adwords and maintaining a presence on different Social Media platforms. The question we are always asked is how much do we spend?

In general, we recommend that our practices spend 5% of their average monthly gross revenue. We also need to understand what the clinic’s business goals are, which will impact this spend. If the clinic is rolling out a growth strategy – because they are bringing on a new associate, offering more office hours or even opening a second location – the spend is going to be greater.

If the goal is to ensure that the clinic keeps it’s new patient acquisition number close to their attrition rate, the spend may be a bit lower.

Once the clinic has determined how much they are budgeting for their spend, it is critical that the clinic then track some key metrics to ensure they are getting the expected ROI.

I am going to use an example in order to demonstrate how we evaluate an ROI for a practice’s marketing spend.

A clinic wants to increase its new patient numbers. It currently brings in $60 000 gross revenue on average per month. If we multiply $60,000 by 12 months we know that the clinic brings in approximately $720,000 in gross revenue every year.

The marketing budget should be 5% of $720,000 which is $36,000.

Further, this clinic’s revenue per patient is $300. Therefore, if the clinic spends $36 000/year or $3000/month, the breakeven point would be 120 new patients over the year or 10 new patients in each month month. The 121^st patient represents the net gain. In order to claim a return, we would be looking for at least 11 new patients each month.

As well, in order to accurately credit this marketing spend to new patient acquisition, you will need to determine that it is NET of new patients from previous marketing efforts. If you have been averaging 20 new patients every month, then your break even on the marketing spend is 30 patients. Only at the 31^st patient are you starting to see an ROI.

Every business needs to spend money to make money – and that includes Optometry. It is critical to invest in advertising dollars to ensure that your business is healthy and continues to grow. It isn’t enough, however, just to blindly invest dollars. It is critical that you also take time to evaluate the impact of the marketing efforts so you can pivot as necessary.

CHRISTINA FERRARI

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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Applying for Corporate Optometry Jobs

Human Resources, Talent Acquisition

You’ve just graduated from Optometry school and a world of opportunity and endless possibilities lie ahead. Finding the right job in corporate optometry can be difficult. Not all corporate opticals are the same. New grads looking toward Corporate Optometry would do well to learn about the different packages and requirements that are out there

There are many job opportunities in corporate optometry. Many can be found on job boards or on company websites. The most lucrative and sought out, however, are usually not posted but found through word of mouth. Corporateoptometrycareers.com can help new grads find these.

The branches of corporate optometry spread far more than job boards. This field is really diverse, and so you can find a job to your liking, and one where you can confidently apply as well. Many ODs can connect with recruiters via LinkedIn or by attending conference booths at trade shows like Vision Expos to discuss new opportunities.

Here are the Do’s & Don’ts for Corporate Optometry Job Hunting

Understand the Corporate Optical’s Vision

Although the list of qualifications plays an important role, it is not the only factor hiring Corporate Opticals consider when deciding whom to call in for an interview.

Many other factors are taken into account as well. Past work experiences, such as internships or part-time jobs you may have had during your studies, your academic track record and other notable achievements count a lot too.

What matters most is that you have the willingness to learn, improve your skills and adapt to change. If you can successfully demonstrate these abilities to the employer, you improve your chances of getting hired, even for a job for which you are not ‘qualified’.

Your focus should be on how you can benefit the company instead of focusing on what you have achieved. A smart candidate will draw out the lessons and skills they have learned from past experiences and accomplishments and integrate them with future applications that can help both the company and themselves to grow.

Keep an Open Mind

Clear your perspective of what others say about corporate optometry. Not all ODs want the same thing. Think about what you can offer to the company and what the corporate optical can do for your personal development.

If you want that sublease and the ability to have your own business, go out and get it! If the traditional ways of applying for jobs online don’t work, go to the store, talk to the optical staff and find out who the regional manager is. Connect with as many people in the local area as you can for the corporate optical that you wish to work with. Many ODs will gladly help guide you to talk to the right person. If there are not any openings, consider doing fill-in work to gain an understanding of how the company works and see if it is the right fit for you.

Prepare Your Resume

Post your resume on various optometry boards. Recruiters are searching those sites to find potential candidates before jobs are posted and when a new location opens in your area.

If you are in your final year of optometry school, be proactive and network at school events, hand out your resume and post it to jobs that are out there already.

If you are a new graduate or soon to be one, be far-sighted and start applying for jobs as early as possible.

And if you need help in finding a job that matches your current skills well, you can use online tools available that compare your resume to job postings to help you find the job that will suit you best.

And remember: the horizon is wide and your future is bright. With consistent efforts, you will soon shine.

MARIA SAMPALIS

is the founder of Corporate Optometry, a peer-to-peer web resource for ODs interested to learn more about opportunities in corporate optometry. Canadian ODs and optometry students can visit www.corporateoptometry.com to learn more.

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Following Hunches

Finance|Wealth, Human Resources, Managing Others, Practice Metrics & Benchmarks, Resources

One of the more fascinating parts of having a Data Analytics system and tracking metrics are the trends that we see both within an office and sometimes across many offices. Our job, as we analyze these trends and data, is to try to determine WHY we are seeing a certain trend in the numbers we analyze. Our experience in the office or in the industry in general, will lead us to make certain hypotheses about what we are seeing.

The next step is to either prove or disprove our theory. To do that, we may need to track some activities manually. While we always prefer to collect and use digital data, sometimes the answers we are seeking aren’t captured in the software.

For instance, we recently detected a declining capture rate in one of the office’s we work with. The trend was specific to the associate and not the owner, who continued to see a steady or improving capture rate. We speculated about what could cause this trend that had persisted over two quarters. Were the dispensers not paying as much attention? Were the patients seeing the associate different from the patients that see the owner? Were some of the solutions offered to the patients more effective than others?

When we spoke to the owner and associate, it wasn’t a trend they had been aware of prior to our conversation. They began the same process of speculating about what could be causing it. It certainly lead to a productive conversation about how the associate was finding it difficult to find someone to hand off to – a problem that the owner wasn’t experiencing. Otherwise, they couldn’t pin point what the exact cause might be.

We decided to go through the exercise of tracking for a month to see what the root cause was. We made a simple chart with the following headings:

Px Name
Glasses Solutions offered by Doc
Solutions purchased
Reasons for NOT purchasing
Who doc handed off to

We then tasked the associate with making sure the chart was filled out every day. Part of the process was seeking out the Optical Manager to determine who purchased, who didn’t and why.

This exercise was productive for two reasons; one, it gave the associate an opportunity to connect on a regular basis with the optical manager. It also lead to some insights into what resulted in a higher capture rate.

After tracking this information, we came up with two action items.

The first was to assign a dispenser to each doctor every day. This way, there was no question when the associate came out who should be stepping up to catch the patient.

The second was the need to do an inventory analysis. While the patients who were seeing the owner were finding frames that suited them, the associate’s patients seemed less likely to find their perfect pair.

We are now going to dig a little deeper and analyze what the objections and how we can close the gaps.

Tracking data can show us trends we may not even be aware of. While we may have hunches as to why the trend is occurring, it is a worthwhile exercise to put your hunches to the test. Not only will you have a better idea of how to close the gap but you don’t know what other benefits you may also discover.

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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Choose One – Thou Shalt Not Serve Two Masters

Buying-Selling A Practice, Practice

A client called me the other day to say that he was approached by one of my competitors professing to have a very serious buyer for his practice. The broker went on to suggest that the practice did not have to be advertised on the open market nor should it go through the usual procedure of multiple buyers competing for ownership of the practice. The client was at first enticed by this proposition and realized that he may be able to negotiate a lower commission with the broker if they had a willing buyer waiting in the wings.

Then the client asked me, “Do you think this broker will get me the best price for my practice if they are only working with one buyer?” In my experience, the open market has always proven to yield more than one interested purchaser in most instances and generally speaking the open market silent sealed bid competition will always yield a higher price.

Of course, this is impossible to prove if multiple offers are not presented—how could any broker claim that a buyer is submitting the highest price, given that only one buyer is being negotiated with?

The client then further asked me, “Who do you think this broker is working for, Tim, when they are bringing me this one special buyer?” It brought to mind the antiquated concept of dual agency and multiple representations, whereby a broker works for both buyer and seller. In most provinces, this is still permitted, although I have always argued that it is an absurd concept because nobody can serve two masters.

I encouraged the client to contact the broker and ask him or her a straightforward question. Is he or she being paid a finder’s fee or commission by the purchaser in order to locate practices that the purchaser wants to buy? At the time of writing this article, neither the client nor I know the answer to this question.

In the past, purchasers have approached me and offered to pay me a direct commission above the sale price of the practice if I promised to bring forth highly desirable listings for their exclusive review before taking the practice to market. I have always refused. I do not, nor will not, serve two masters.

If I was selling my house and an agent approached me and said they have a special buyer and that the normal routine of placing a sign on the lawn and conducting an open house is not needed because this buyer is motivated, I would be suspicious that this realtor may be working with a preferred purchaser on a secret or undisclosed commission agreement. According to the real estate legislation that I am aware of—doing so is contrary to the Code of Ethics and if a broker or realtor is acting for a buyer and not telling the seller they are being paid by that buyer, they are breaching one of their fiduciary duties.

Serving two masters will place anyone in a very difficult and compromising situation. Who do you disclose all relevant facts to? If a buyer says he or she will pay more, do you have to tell the seller? If you are also working for the seller and he or she says they will accept less, do you have to tell the buyer?

I never put myself in that position, or any of the sales representatives of my company. And the province of British Columbia may agree with me; recently BC legislators proposed that the type of dual agency discussed here should be regulated. Regardless of any legislative outcome, I caution possible sellers, to be very wary of anyone who appears to be serving two masters. Instead, pick one or the other.

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.

TIMOTHY BROWN

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

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Why Smart Employees Underperform: 7 Hazards to Avoid

Human Resources, Managing Others

Really intelligent employees who consistently underperform can leave us scratching our heads. Here are 7 potential issues to look at to discover what the underlying problems might be. It’s the first step to make your diagnosis.

Inadequate Capability

Capability refers to the skills, tools, and experience that a person needs in order to successfully perform their job. When any of these factors are missing, there is an increased chance that the employee will underperform.

It isn’t uncommon for hiring managers to overlook these basic factors, especially if a candidate has previous experience, solid academic credentials and comes across as intelligent and confident in a job interview. Furthermore, it’s no secret that most candidates exaggerate their abilities on their résumés and job applications.

Diagnostics that help you identify if an underperforming employee has adequate capability:

Skills – Do you know what skills are needed to perform the job and whether the employee possesses those skills? If they don’t possess the necessary skills, how will you help them acquire the skills, and how long do you expect that process to take? Skills training takes time and money, and results are never guaranteed unless there is adequate commitment from both the practice owner and the employee.
Tools – Even if an individual has the skills and experience to do the job, do they have the tools to deliver peak performance?
Experience – Just because an employee has the skills to do a job doesn’t mean that they have the experience to apply those skills in a specific position. This is especially true for recent graduates, outside hires from different industries, and internal hires that were tasked in areas not related to the new assignment.

Poor Job Fit

Many people fall into the trap of choosing a profession or job that is a bad fit. We are who we are. Our “mental DNA” is influenced by both our genetics and our early life experiences, and it is almost completely formed by the time we are 20 years old. Rather than trying to understand ourselves so that we can choose a calling that builds on our strengths and aligns with our interests, we choose jobs because of peer pressure and societal influences.

It is important to understand a person’s innate behaviors and interests when trying to match a person with the right job. Know the job, know what type of person is successful in that job, and then hire those who have the behavioral traits that fit that job. This is easier said than done because it is difficult to gauge behaviors in a job interview, but behavioral assessments can be extremely helpful to close this gap and remove a lot of the guesswork.

Behavioural assessments are widely used by the Fortune 500 companies and can be very expensive. However, new technology solutions can bring these tools into the hands of small business owners at a very reasonable cost and be very cost effective when compared to the costs of making a bad job fit hire.

Fuzzy Goals and Accountabilities

Employees need to be very clear about their responsibilities and about the results you expect them to achieve. Daily work and priorities are easily affected by the crisis of the day, new requests, or changes in direction. Setting and tracking smart goals helps your employees focus on what is most important to your business, and clear accountabilities help ensure that the work gets done with minimal conflict.

Poor Relationship with Manager

Managers and employees who understand each other’s preferred styles will better understand how to communicate and work together effectively. We have identified seven factors that strongly predict the compatibility between a manager and their workers: self-assurance, self-reliance, conformity, optimism, decisiveness, objectivity, and approach to learning. Assessing a manager and employees allows them to use objective information about themselves and co-workers so that they can work more effectively toward a common goal.

Poor Relationship with Coworkers

There are four primary factors that harm relationships among coworkers:

Insensitivity toward others
Unclear accountabilities
Poor cultural fit
Incompatible styles

Health and Wellness Issues

Approximately $260 billion in output is lost each year in the US because of health-related problems. Whether an employee is absent from work altogether, or present but working at a reduced capacity, employees suffering from physical or mental illness have difficulty performing at their peak.

Physical and Environmental Factors

Numerous behavioral studies have proven that a pleasant and comfortable work environment improves worker productivity and reduces turnover. For example, indoor temperature affects several human responses, including thermal comfort, perceived air quality, sick building syndrome symptoms, and performance at work.

Researchers in Finland showed that when the interior air temperature was 30 degrees C, worker performance was 8.9% below worker performance at the optimal temperature of 22 degrees C.

When an employee you know has the smarts starts to go off the rails of good performance, step back and make your diagnosis. These 7 factors are likely to point toward a root cause. Only once identified can a corrective action plan be put in place.

JAN G. VAN DER HOOP

Jan is the co-founder and president of Fit First Technologies, a company that applies its predictive analytics to the task of matching people to roles. Those algorithms drive platforms such as TalentSorter, FitFirstJobs and Eyeployment.com, which are relied upon by organizations to screen high volumes of candidates for “fit” in their open positions.

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When Will You Really Be Ready?

Buying-Selling A Practice, Finance|Wealth, Practice, Practice Metrics & Benchmarks, Resources

At some point, you will be selling your practice. It is a fact. But what will be the trigger? Will it simply be the right time, burnout, or illness? In my position at ROI Corporation, I have the privilege of speaking with owners across the country every day. Most often, the conversation is about when this key event should take place. People may have their offices in very different communities, face a variety of economic challenges and have diverse philosophies to practice. But one thing is certain. The following questions are the same regardless of your age, gender, or stage of career.

• Why do you really want to sell?

• Will you completely retire or would you like to stay working a day or two a week?

• What are your plans after you sell?

• Does ownership define who you are?

The last question is probably the most important. Regardless of the reason for selling, how you define yourself – your role, your life and your practice will determine how easy it is for you to proceed and go through the process of selling. Finding a buyer is easy. It is still a seller’s market. Key factors in the market have definitely changed which directly impact the final sale price such as “who is buying”? How much a buyer is willing to pay? And of course, the unknown factor – increase in interest rates.

One of the most challenging aspects about selling, in my opinion, can be the vendor. The happiest vendor is the one who calls us and says they are ready to list. This scenario can be misleading if the vendor hasn’t done all the hard work or gone through two or three years of decision making to reach this point. However, most vendors who call us are not at that point. Selling a practice that you may have owned for a number of years is a daunting thought. You are not just selling the bricks and mortar but also the long-time relationships with patients, staff and very importantly your routine.

Regardless of whether you are tired with the management of the office, politics of the profession or any other reasons, you still have a routine you follow without giving a second thought. We want to assure you that there is life after selling your practice. There are many new opportunities and adventures that life can offer you if you are willing to open yourself to see them. Every major event brings fear and trepidation but we want you to know that we will not only help you sell profitability but also with dignity. It never hurts to explore your options and we are always pleased to listen and provide our experience.

On a final note, a little bit of fear is okay. Remember how you felt walking into your first appointment?

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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Setting Deadlines

Human Resources

Just as we have advised our clients, Kelly and I have set out goals for this year. The goals are big – huge even – and we need a solid plan in place if we are going to achieve them.

What is the biggest challenge to attaining our goals? Our work! We have clients and projects that need our attention every day, often extending our work hours well past a normal 40-hour work week. It is exactly the same dilemma that faces the optometrists we work with. How do we spend time ON our business to achieve our goals when we are so busy working FOR our business!

I watched this TED talk called Inside the Mind of a Master Procrastinator given by Tim Urban and he identified the problem perfectly. Our work has deadlines naturally built in. We will promise a client to have a project completed by a certain date. That date will go into our calendar and we will work towards getting it done. A Deadline produces a Deliverable, each and every time.

But as Tim so eloquently points out, it is not the work that has a deadline that is an issue. That work gets done. It is the work that DOESN’T have a deadline that continues to haunt us, worries us and keeps us from feeling accomplished and at peace.

So how do we change that and make working ON our business as much of a priority as working IN our business? The answer is to create a deadline for our goals.

Let’s use the example of implementing a Staff Incentive program, something many of our clients seek our help in setting up.

Motivating staff is an example of a priority that may be important, but is easy to lose sight of as you get caught up in your day to day. A staff incentive has been shown to increase revenues as well as act as an effective staff retention strategy. But when you’re busy and there’s something else that needs your attention right now, a priority without a deadline can get pushed aside.

In order to create a deadline, we choose a date by which we want to have a certain project completed by. What works for Kelly and I, is putting these deadlines in our calendar, with reminders leading up to it. As the deadline gets closer, we start giving energy to the project to make sure we accomplish it.

In the same way, we have our clients set a deadline for when they would like to implement their Staff Incentive program. We outline what needs to happen in order for us to implement; choose the type of incentive, set up monthly goals and targets, decide on the rules, decide who will champion the program, set up a tracking system and then share the results from the tracking system with the team on a consistent basis.

The next step is to put each of the above into the calendar to serve as a deadline. This will hold you accountable to getting each step done, and ultimately, to making your goal a priority.