Myopia Control is Now Easier to Get Into

Differentiation | Business Strategy, Practice, Products | Services | Industry News, Resources, Specialty Practice

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According to the Brien Holden Institute the number of global myopes will reach 2.5 billion by 2020.  While the alarming incidence rates, severity and sight-threatening consequences are often reported in the context of Asian populations, Canada is not immune to the myopia epidemic. Myopia is not just an issue in the high Asian populations in our urban centers.

A Canadian pilot study in a suburban area by M. Yang et al. (Univ. of Waterloo) reports an increasing rate of myopia from 6% in 6-8 year olds and 29% in the 11-13 year cohort, and that 35% of myopic children were uncorrected.  Canadian Optometry needs to be ready to answer the call.

“MYOPIA AND OPTOMETRY: IT’S OURS TO OWN.
Scott Mundle, makes the case for Optometry to take the lead in Myopia Control before others do.

Click Here to View Article.

Historically, the treatment options included the use of specialized contact lenses using Ortho keratology, atropine eye drops and lifestyle counselling. Ortho-K has garnered loyal advocates and remains a very useful tool in the armamentarium of the eye care practitioner.

New Convenient Modalities are Welcomed Additions
More recently newer medical device options, specifically indicated for myopia management, offer more familiar choices device options in the form of spectacle lenses and soft contact lenses.  Do these new treatment options offer a possibility of broadening the number of optometrists that engage in myopia management? Only time will tell. But the addition of well researched, clinically effective, practical, and well-accepted modalities is a welcome development. addition.

Bifocal and Progressive spectacle lenses have, of course, been widely used by practitioners for many years, and there are many studies which have evaluated their efficacy.

Dr. Farah Sunderji, Calgary, has done an excellent job of summarizing the historical use and clinical results of traditional spectacle lenses in a recent article in Clinical & Refractive optometry.

Her review of studies using traditional bifocal and progressive spectacle lenses shows a limited efficiency in the use of such lens designs, except in a relatively small sub-set of children with near esophoria.

New Specifically Designed Spectacle Lenses Now Available
Dr. Sunderji also documents the extensive design analysis and clinical assessments of new lens designs for myopia management.

These new spectacle lens designs have their basis in the widely accepted causal theories of myopia, including the accommodative lag (AL) theory and the peripheral defocus theory that hyperopic blur on the periphery of the retina stimulates myopic onset and progression.

ZEISS MyoKids Pro, a customized PAL design specifically for myopia management, was developed from extensive design analysis of various PAL designs. This analysis points to lens design with more negative horizontal mean power gradients adjacent to the near zone are more effective. Also, beyond standard PALs, this new lens design coupled with advanced technology facilitates optimization for children’s unique facial characteristics.

ZEISS MyoVision Pro, based on the peripheral defocus principles, is a good choice for childing currently wearing single vision lenses looking for the easy wearing and adaptation properties of Single Vision Lenses.

The use of new spectacle lens designs provides a familiar and comfortable option to eye care practitioners wishing to engage in myopia control and offer an opportunity to bring more ECPs into the arena and supports long-term benefits to patients and their families.

FOR MORE INFORMATION:

New Spectacle Lens Designs Specifically for the Management of Juvenile-Onset Myopia
Farrah Sunderji, OD

This article is available as a complimentary COPE-Accredited Course online at Clinical & Refractive Optometry made possible by an unrestricted education grant from Carl Zeiss Canada Ltd.

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A Unique Perspective on Practice Appraisal

Buying-Selling A Practice, Finance|Wealth, Practice, Resources

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I was reminded of an article I wrote a few years ago about a unique situation. Our company was engaged to appraise the practice of an optometrist who was preparing for her retirement. While I was meeting with her, I mentioned that I needed a new pair eyeglasses and I also wanted to purchase a pair of prescription sunglasses.

I performed the appraisal when the practice was closed—which is the usual and customary process for all business appraisers—and while meeting with the owner I asked for her permission to book an appointment to attend her practice as a new patient for an examination and new glasses. She agreed.

Needless to say, when I arrived for my appointment during normal business hours the staff did not know who I was and that we had performed an appraisal for this practitioner. I had a wonderful experience as both a new patient and a purchaser of two pairs of glasses.

Then as now, it occurred to me that as a professional practice appraiser and broker— seldom do I meet the staff—nor do I attend the practice during regular operating hours for obvious, confidential reasons. I realized how much I had learned about the wonderful office environment that this owner had built and the incredible staff that she employed. I wish, as a broker, that my team could have this experience with every practice they visit.

From this visit, I had obtained two points of view—one as an appraiser/broker—the other as a patient. This was and still is an extremely rare circumstance. In completing the appraisal, it was now impossible for me to ignore the excellent service I had received as a patient. In addition, the staff provided me with the following:

• An email containing a simple, online patient survey within 24 hours of my appointment, which I completed,
• A second email thanking me for completing the survey—it arrived within minutes of the survey completion process,
• A third email asking whether I would like to be contacted in the future by email, telephone or by text message for upcoming appointments—I found this very useful as I prefer text messaging.

What incredible patient communications! All of this had transpired within 24 hours of my new patient examination. Needless to say, this remains one of the best patient experiences I have ever had in a professional health care practice.

My dilemma at the time was how do I ignore my experience as a patient when I finalized the appraisal as a professional? Frankly, I could not and did not. This practice was exceptional. I was thoroughly impressed—if all appraisers and brokers could have the new patient experience in their client’s practices they would know much more about how a practice operates and what the patient experience is like.

Essentially, I was an ‘undercover patient’ (much like retailers employ undercover/false shoppers to gauge customer service) and as such learned a great deal more than the traditional, after hours appraisal process.

My company to this day is still trying to decide how or even if it is practical to use ‘undercover patients’ to learn more about our clients’ practices in order to prepare a more empirical practice appraisal. Obviously, we cannot simply act as an undercover patient each and every time we appraise a practice. But I still think about it—maybe as a practice owner you should as well.

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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Empathetic Goodwill

Buying-Selling A Practice, Finance|Wealth, Practice, Real Estate, Resources

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In the usual course of our business we are asked to assist when a sudden disability or death of a health care practitioner/owner has occurred.

The initial reaction and concern from the disabled practitioner, staff, family or advisors is that the practice is going to suffer without the presence of the principal owner and that patients will seek other providers. Most conclude that a business disaster is imminent. Much to their surprise, history proves them all to be incorrect.

Our first advice is to install a professional locum practitioner to attend to the patient needs. This is critical and not to be ignored. As difficult as it may be to accept this advice, it has to be business as usual for the preservation of the practice to assure the staff that their jobs are secure and that all practice financial obligations can be met. A short, temporary closure of 3 to 5 days is understandable and expected but after that the practice must be open for regular business hours at all costs!

And then a very unusual phenomenon begins to reveal itself.

Empathetic goodwill is our descriptor to explain why people go out of their way to show support for the business and the business owner.

Once the initial shock of the tragedy or the situation is absorbed, we often find that the staff begins to show incredible support for the business and they actually go above and beyond the call of duty. This is a natural empathetic response that happens after people adjust to the new norm. A norm where you, the principal, are no longer present.

We also learn that patients may show extra enthusiasm for helping your practice through the tribulations and they respond by honoring appointments.

Once some time has passed, usually about a month, we see that the practice with the support of the staff, the loyalty of the patients, and the aid of a professional locum, is actually doing as well and on some occasions even better than it did under the guidance of the previous owner. Yes, better than when you, the principal, were present!

This phenomenon can be further explained by the fact that people genuinely care and want to help those in need.

The summation of this discussion and this article is to suggest that if something terrible should happen to a business owner, you will be shocked, amazed, and surprised at how their staff’s loyalty and their patients’ support impacts the business in an incredible way. Your practice remains vibrant, productive, and is able to meet its debt and overhead obligations. The long-term result of taking the actions outlined here is that when it becomes necessary to sell the practice, it will have held its true monetary value.

TIMOTHY BROWN

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

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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The Company You Keep May Define Your Career Path

Career Options, Human Resources, NextGenOD, Talent Acquisition

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“Associate with persons of good quality if you esteem your own reputation; for it is better to be alone than in bad company.”

Attributed to George Washington

One aspect of corporate optometry that every potential young OD should understand is that the brand of the Optical retailer with whom you associate can possibly define your career success.

Corporate ODs need to understand that the company they work with has a lasting impression on their career, particularly if they are associated with it for more than five years.

Reputation by Association

An optical retailer brand may have strong brand name awareness and a great consumer reputation, but the manner in which the corporate optical retailer portrays itself to the eye care community will reflect upon you.

As such, the potential corporate OD, should be aware of the positive and negative connotations of a corporate optical brand and make this a key factor in your search for a position.

Like almost every consumer brand, retail opticals also have a level of brand awareness and brand reputation. Associating with a retailer with low levels of brand name awareness may not have any particular downside but a brand with good recognition and reputation throughout the country may also be a great way to jump start your career.

Additionally, the employer brand can provide a strong foundation for networking with other companies and help you make your next career move.  However, you need to be aware of the downside.  Broad brand name awareness is not necessarily positive if the brand is associated with negative attributes, such as shoddy service and bargain basement pricing.

You want to be associated with a corporate optical that has opportunities to grow clinically and learn the retail optical business. As an OD, the more experience you have the more value that you can provide to that company and potential employers.

Don’t get stuck always doing just routine eye exams. Many corporate opticals have the latest technology and encourage the medical model and have leadership positions for ODs as regional ODs. Its up to you to delve into the growth opportunities that an affiliation with a corporate retail brand may provide.

Your name in the industry and community has great value that you should foster and protect. Carefully linking yourself to corporate opticals with a positive image can boost your personal name as an OD. Being affiliated with a specific corporation can be prestigious and have more hidden value than one might imagine! Working with a high-profile company that is expanding creates great opportunities for growth.  It is up to you as the OD to see this potential!

Which Corporate Opticals have a strong employer brand?

Be careful not to pre-judge this based on your own bias.

You can better understand brand image with a few objective inputs such as analyzing the number of vacancies on optometry job websites. Ask your fellow eye care professionals including opticians and sales reps. There are corporate optical brands that have ODs asking for new positions or on a waiting list for a potential future opening!

What if my Corporate Optical doesn’t have the strongest Employer Brand?

If you are affiliated with a company that is either negative or unknown, consider how you can use your education and experience to illustrate your importance within the organization and create opportunities for success.

Illustrate your accomplishments, work ethic and ability to adapt from or even redefine the image of that brand.  For example, suggesting an action plan that can create a positive image for the company in the optical community or even a better approach to OD engagement and retention.

To gain recognition from other companies in the industry consider strategies like blogging, video blogging, writing for industry journals and posting content on LinkedIn. LinkedIn is underutilized among Corporate ODs but it has powerful potential.

Participating in the Corporate Optometry Facebook group will help you connect with current and past Corporate ODs at the same company. Your affiliation gives you an opportunity to connect and build your own name in the industry.

Recruiters are looking for candidates that are currently affiliated with well known corporate opticals. They search out these candidates because they know the good standards that those companies have for their affiliated Optometrists to deliver great results and actively recruit quality entrepreneurial ODs.

Choose your brand affiliations wisely!

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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Finding Purpose and Meaning

Human Resources

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The average person spends 13 years and two months at work, according to one analysis from HuffPost Australia. Compare this to the 328 days people spend socializing with friends, on average, over the course of a lifetime and it is a startling difference.  No wonder it is so important that our work lives bring us purpose and meaning.

There is another compelling reason that I wanted to look more closely at Purpose and how achieve it at work: the Millennials.  Most of our offices employ people in this age group.  How can we understand what drives and motivates this group better so that their job satisfaction is greater? And in turn, their performance is better?

The first task is to define and understand what purpose is and how is comes to have meaning for each individual.

When we first set out to open Simple Innovative Management Ideas, our purpose was clear. With the changing regulations in Ontario and the ability to charge retail for the first time in Ontario, many Optometrists were seeking assistance to guide them through the transition.  The idea of being able to use my business acumen and years of experience to help optometrists improve their business outcomes appealed to me very much!

As the years have passed by, however, and the work has evolved and increased, my purpose has become unclear at times.  Just like the clients we serve, I have had to spend time reflecting on the “why” of what I am doing. According to Emotional Intelligence:  Purpose, Meaning & Passion from Harvard Business Review, in order to find your leadership purpose the first task is to “mine your life story for common threads and major themes.”  In order to do this, ask yourself these questions:

  1. What did you especially love to do when you were a child? Describe a moment and how it made you feel
  2. What have been two of your most challenging life experiences? How have they shaped you?
  3. What do you enjoy doing in your life now that helps you sing your song?

The ultimate goal here is to sum up all of these experiences to succinctly articulate your purpose.

By example, let me share my own thinking on this.  I have always enjoyed meeting new people. I derive a lot of satisfaction from listening to their stories and relating it to something I have heard or learned elsewhere. I just enjoyed this type of interaction.  It was while I was doing my MBA that I came to understand what I was doing from a different perspective. We had an assignment where classmates were asked to reflect on what each team member brought to the table.  For me, they said “Kelly is able to take all the opinions and ideas generated around her and formulate a cohesive and collaborative plan.”  Now with SIMI, the ability to bring collective knowledge and agreement to bear with new clients brings me a deep sense of fulfillment and satisfaction.

From this, I am imagining my purpose statement could be something like: To share all that she learns to orchestrate success for others. This statement feels powerful to me. I WANT to be the person who does this.

As a practice owner, it is vital that you take time to think back on your purpose; what brought you to optometry and what drives you forward today.  Because the reality is, employers have the added burden of facilitating a sense of purpose for their employees.  An employee’s sense of purpose will be directly related to the purpose expressed by the owner.

The receptionist’s purpose might be to make every patient feel welcomed and cared for.  The optician’s purpose might be to ensure that every patient leaves feeling confident in their new glasses.  The challenge for employers and employees alike is to look deeper than the surface tasks to uncover the piece that drives them to excel in their role.

It is the sense of purpose – that idea that there is true value in what each of us is doing – that will ensure that the 13 plus years that we each spend on average at work are enjoyable and productive.

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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Return on Investment on Marketing Spend

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

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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 121st 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 31st 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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An Emerging Subspecialty for Optometry

Differentiation | Business Strategy, Practice, Resources, Specialty Practice

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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

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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Applying for Corporate Optometry Jobs

Human Resources, Talent Acquisition

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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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Choose One – Thou Shalt Not Serve Two Masters

Buying-Selling A Practice, Practice

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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, 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.

TIMOTHY BROWN

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

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Following Hunches

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

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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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