Job Interview: 7 Questions to Ask Practice Owners

Career Options, Human Resources, NextGenOD

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You’ve spotted a position at an up-and-coming practice that excites you. Before you go to the interview, there are key questions you may want to ask. Here are the top ones to pose during your interview with the practice owner.

Applying for a job in a practice is very much like dating. If, at the beginning of the first date, you suggest that two kids, a house in the country with a white picket fence, and a live-in suite for mom is what you are looking for … well, you just might scare off anyone who agrees to a date with you. When looking to be employed in a practice, you need to ease into finding out the answers you need to know. Conversations need to be logical, respectful and more about the owner-doctor and practice than they are about you.

The core question the owner-doctor is looking to answer is: how will you fit into the practice? If you start out with how much are you going to pay me, tell me about my benefits, how many days off do I get, will you pay for health insurance, dental insurance … all of this is about you. You are telling the owner you are more interested in you than you are in the practice. That’s a negative for an owner who is looking for someone who has the same passion about patient care and the practice as they do.

Here’s a better approach. Start the interview with the research you’ve done on the practice. Explain what you researched and how you’ve researched. This leads into the first question – Does my research accurately reflect your practice? This gives the owner the opportunity to talk about their practice. During this discussion one of the things you want to know is: how many full-time equivalent doctors are working in the practice clinic? This will be important later when you ask about practice gross revenue.

As you are talking about the practice be sure to ask: What are the most important needs you have right now – coverage on evenings or weekends, building the practice, bringing in a specialty? Where would you need me to fill in? You are beginning to explore the practice needs and how you will fit into the practice in a way that is helpful to the owner.

You are probably not the first employee-optometrist the owner has hired, so the owner knows that not all employee doctors are the same. There are productive doctors and there are non-productive doctors. Your task is to show the owner that you are a productive doctor interested in learning how to be even more productive.

The questions to ask are: What and how much communication do you need from me in performance reporting? I want to track my performance in areas such as gross revenue, $/patient and capture rate to make sure I am delivering high-quality care on every patient visit. Are there any other areas that you’d like me to track? How often would you like me to report these to you?

The conversation needs to turn to staffing, so you know what support you will have, so ask these questions: Tell me about your staff – will there be scribes, pre-testers? Tell me about the average patient flow through the practice. How often will I be scheduled with patients throughout the day? Do you want the patient hand-off in the exam room or in the optical?

If you are interested in partnership, then this needs to be brought up in the interview. Are you looking for a partner in the practice? If so, what are you looking for in a future partner? What time frame are you considering?

At some point during the interview you need to ask about the gross revenue of the practice. The question is: What was the gross revenue of the practice over the last three years? You are looking for the trend of the practice. Is this a dying practice, a flat practice or a growing practice? The trend of the gross revenue can give you insight into the answer. It also gives you the answer on the maximum wage package the practice can give you.

Take .2 times the gross revenue collected. That’s the maximum money the practice has to buy all the optometrists who work in the practice including the owner-doctor. If you know the number of full-time-equivalent doctors in the practice, then you can calculate how much is available to buy your services. You also need to know that, in contrast to the maximum, the average for the country is .15 times the gross revenue to buy all the optometrists who work in the practice. How much you are offered tells you how much the owner values you.

If the owner wants you to work in the practice, they will make an offer to you. The offer will contain all the information that you want to know, such as how much are you going to pay me, tell me about my benefits, how many days off do I get, will you pay for health insurance and dental insurance. Don’t lead with questions about this information. Let it come at the appropriate time in the discussion.

Your goal is to walk out of the interview with great knowledge about the practice, which will help you answer the most important question you have for yourself, which is: Do I really want to work in this practice? You will also have communicated to the owner that you are not the type of employee-doctor who is just looking to do the least possible to get a paycheck.

Be thoughtful and insightful in your questions, and find the practice which is the best fit for you.

 

MARK WRIGHT, OD, FCOVD

Dr. Wright is the founding partner of a nine-partner, three-location full-scope optometric practice. As CEO of Pathways to Success, an internet-based practice management firm, he works with practices of all sizes. He is faculty coordinator for Ohio State’s leading practice management program.

CAROLE BURNS, OD, FCOVD

Dr. Burns is the senior partner of a nine-doctor full-scope optometric practice that she built with her husband, Dr. Wright. She is also the COO of a state-wide nursing care optometry practice. Dr. Burns lectures nationally on practice management and staffing issues. Dr. Burns authored the Specialty Practice section of the textbook, Business Aspects of Optometry.

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The HR Challenge

Human Resources, Managing Others

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The challenge of HR is one of the most difficult aspects of owning a business. We often hear about the frustration of staff turnover from our clients.

Our work as consultants is tied directly to the integrity and sustainability of the team and over the years, we have seen some winning combinations.

Leadership is always the foundational piece. Not only will the direction of the practice come from the owner, but it is also key that the owner and their employees have a good working relationship built on respect and open communication. In general, how staff speaks to each other, to the doctor and to patients, will ultimately be a reflection of how the doctor communicates with staff.

We struck a cord recently when speaking on this topic at the OAO conference in Toronto:

Imagine that the doctor is getting ready to leave for the day. A staff member comes back and let’s the doctor know that an emergency has just walked through the door. The doctor’s reaction will be noted by the staff member, either subconsciously or consciously. If the doctor responded with frustration at being delayed, there is a high probability that the next time that a patient walks late or as an emergency, the staff member will exhibit some mild irritation. Conversely, if instead the doctor responds with concern and a willingness to help, the staff will more likely also exhibit that behaviour towards patients.

We encourage the offices that we work with to also share financials, as much as they are comfortable with, with their staff. It is vital that staff members understand that the practice is fundamentally a business and that there are some key performance metrics that need to be tracked and managed. Sharing this information is also quite useful and effective in Change Management. As changes are made in the office, it is important that staff see the results of their efforts.

While there is no magic wand—people will leave to pursue personal goals or move with spouses—paying attention to how you manage your staff and understand what motivates them will increase the likelihood of a happy and productive team.

 

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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How to Avoid Hiring a Toxic Employee

Human Resources, Talent Acquisition

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No practice ever sets out to hire the wrong employee, but it still happens for a variety of reasons.

Unclear expectations, personality clashes, poor cultural fit, and a lack of suitable skills or training can lead to low staff satisfaction and high turnover. But what happens when a bad hire turns out to be truly toxic?

Toxic behaviour poisons the atmosphere, affecting everyone on the team.

Research reveals:

Having just one toxic staff member on a team of 20 makes the 19 “good” employees 54% more likely to seek employment elsewhere.

Prevent Problems Before They Start
By the time you identify toxic behaviour in an employee it’s too late; the damage to your team and your practice may already be done.

Prevent problems before they start by screening for red flag issues during the interview process.

Watch for these critical behaviours from candidates; each is a strong indicator of toxic personality traits:

  • Over-confidence and cockiness
  • Exaggerating skills and accomplishments
  • Rude or disrespectful behaviour towards those not involved in the interview: the parking lot attendant, receptionist, your office assistant, etc.
  • Arriving late for the interview
  • Badmouthing past employers and co-workers
  • Blaming others for poor results and difficult work situations rather than taking responsibility

Ask the Right Interview Questions
Asking the right interview questions is key to identifying potential problems. Don’t just settle for the first answer, which may have been prepared in advance.

Encourage candidates to give two or three different examples when answering each of the questions below:

  1. Describe three times when you had to deal with stress or conflict at work. What did you do?
  2. When have you failed at a task? Describe how you handled two or three different circumstances and what you learned from the experience.
  3. What kind of people do you find it most difficult to work with? Tell me about three different experiences in which you had to handle difficult people at your job.
  4. What three words would your former manager use to describe you?
  5. What three words would your former subordinates use to describe you?
  6. Describe three situations in which you showed exceptional leadership skills

Do Your Due Diligence
The best way to avoid hiring a toxic employee is to do your due diligence.

Check credentials and qualifications carefully and follow up with multiple references – both personal and professional.

As well, turn to your own network of sources who should know the candidate: former coworkers, past clients, or those in the same social circle as your potential hire.

As with the interview process, asking the right reference questions provides key insight into possible personality conflicts or areas where the applicant’s values don’t align with those of your practice:

  1. How well did he/she collaborate with others?
  2. How did subordinates feel about reporting to him/her?
  3. Did the candidate’s behavior ever reflect negatively on your organization?
  4. Would you re-hire him/her if the opportunity arose?

Screen for Fit First
There’s no way around it; hiring a toxic employee is a costly mistake.

The best way to avoid it is to attract the right candidates and screen for “fit” at every stage of the hiring process.

That’s why we created Eyeployment.com, a unique platform which uses cutting-edge behavioural science to help practices like yours take the guesswork out of hiring.

We identify the traits most critical for success in your position – and most likely to indicate potential problems – and pre-screen applicants for you. You’ll receive a detailed analysis for each candidate, ranking them in order of likely fit with your mission, values and specific position description.

We even provide a customized interview guide that tells you exactly what to ask each applicant to ensure they are the right fit for your role.

 

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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Both USA and Canadian Retail Markets Consolidate

Differentiation | Business Strategy, Practice

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The Top 7 retailers with the largest US footprint, defied by the number of store locations, grew nearly 5% in revenue in 2017, while the number of store locations remained flt (down 0.1%).

Optik compared each country’s largest retailers and found that the level of store concentration in Canada has drawn closer to that of the USA due to the aggressive acquisitions by New Look Vision Group and FYidoctors in particular.

While Private Equity investment has been a significant driver in US market consolidation, the same phenomenon has not impacted the Canadian market so far. In Canada, direct foreign investment from France, UK and Hong Kong, has spawned new foreign entrants including Optical Center, Ollie Quinn and Mujosh, while new entrants from the USA, including Oliver Peoples (Luxottica), Warby Parker and Illesteva are pursuing the upscale fashion-forward opportunity in major Canadian urban markets.

Mass Merchants
Walmart and Costco alone account for 25% of the Top 7 sales and 32% of the dispensing doors. In Canada they collectively account for less than 25% of dispensing doors. While no grocery retailers made the USA Top 50 list, Canadian grocery giant Loblaw ranks fourth in national footprint.

The Top Canadian Retailer Report is coming soon! Optik plans a comprehensive Top Canadian Retailer Report later in 2018, including dispensing doors and revenue. Retailers are invited to download the survey and self-report sales in order to contribute to the Optik Top Canadian Retailer Report.

References/Références :
1 Vision Monday Top 50 Report May 2018
2 US doors are based upon Vision Monday Top 50 report. Total USA dispensing door estimates Jobson Medical Information LLC
3 Canadian estimates by VuePoint IDS Inc based upon publicly available data as of March 2018
4 New Look Vision Group Annual Report 2017
5 May not include all listed retail brands
6 Self-reported by group

 

MARK B. MATTHEWS

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Step-by-Step: How One Practice Re-Branded Itself

Differentiation | Business Strategy, Marketing, Practice

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My practice is constantly looking for ways to enhance our patients’ experience and care, and our profitability. In 2014, we re-branded our services and business by closing two old offices, and opening one new, better office.

A brand is a promise you make to your patients. In our case, we wanted that promise to be that every patient leave our office happier than when they walked in. Happy because of our service, happy because of the care, and thrilled they chose us for their complete eye health care services. We embarked on a total re-brand. We changed everything, from location, office interior design, to staff.

Survey Patients
We started the re-branding process by surveying current and prospective patients. That process involved finding and surveying at least 50 patients who had returned two times within three years, and had referred someone to the office. In addition, I identified and surveyed 50 people I knew from my personal life, whom I thought I would enjoy having as patients, on what they would like to experience in an eyecare office.

We then surveyed all these people–both those who were already our patients and those we hoped would become patients–on virtually every aspect of the office including name, location, logo, colors and office flow. We wanted to learn what made patients happy, even happier, because they had visited our office.

Refresh Your Image
The survey data we gathered was invaluable for our design company, Eye Designs, LLC. My wife, who manages our practice, and has strong interior design abilities, spent weeks with Eye Designs choosing new carpeting, flooring, optical displays and wall colors. Meanwhile, I secured a new location, and worked on our logo, advertising and marketing strategies.

Start Anew
In 2014, our previous practice, which consisted of two locations, closed, and within months, we opened one new, re-branded office: New Era Eye Care. The costs of our re-branding were significant, with an investment upwards to $95,000, which did not include potential patients lost because of the changes. But the reward has been incredible. First, our practice metrics tell us our new patient base is increasing by more that 10 percent each year. Second, the patient base we had prior to the re-branding has stuck with the practice well beyond our projections.

We did a zip code analysis, and set a goal of 60 percent retention of patients for the zip codes that most of our previous practice came from. With our targeted patient communication and promotion, that number was exceeded, giving stability to our growth. New patients now account for around 20 percent of our annual visits.

Update Your Diagnostic Technology
In addition to re-branding our image and patient experience, we updated our diagnostic and business technology.

First, after exhaustive research and assessment, we purchased a newer electronic health records system. This effort led us to working with FoxFire Systems Group and their integrated EHR. This allowed us to more effectively, and easily, gather data to provide refined care and better marketing. For example, we could more easily spot the patients who would be good candidates for further testing, or products, so we could then be sure to educate patients about the new testing available to monitor their condition during their office visit, or we could send an e-blast to them advertising contact lenses or glasses that might appeal to them.

Our technology investments also made us more efficient. For example, our purchase of the Marco TRS-5100 Digital Refractor allowed us to see more patients per day, and to improve the quality of the patient experience. Not only is time saved per patient encounter, but the exactness of the refraction is apparent as judged by a patient satisfaction survey about their vision with their new spectacle prescription. Patients also continuously express pleasant surprise at the automation and time saved with this advanced phoropter and EHR integration.

The awe expressed by patients after experiencing the Marco TRS-5100 Digital Refractor provides a value that cannot be quantified. Further, the precision of the final refraction allows for truly excellent vision, a great reduction in remakes and, most importantly, happy patients. From the data upload to final refraction is 3-5 minutes, allowing for more than two patients more per day, which, in turn, generates an increase in revenue of $696. Our optical sales have increased each year at least 15 percent on average.

Click the image above to see the training materials Dr. O’Donnell provides to his staff.

Find New Staff Members & New Training
The third and most important improvement came with our investment in staff. Nothing can be more rewarding than leading an organization that has happy and well-trained staff. We’ve found that happiness comes from increased knowledge of eye health care, which yields more confidence in each staff member’s work, and an understanding of the practice’s long-term goals. Such well-prepared staff members are able to create the kind of patient experience that results in friends and family referrals.

We developed a systematic, step-by-step training process that each new hire is required to successfully complete before working with patients. The return on investment for that is having a team of staff members who can partner with us to serve patients on a level that well exceeds patient expectations.

We spend $1,000-$1,500 annually on staff training, not including continuing education and the expenses associated with sponsoring employees to attend conferences. It does include recruiting, paying potential new staff members a stipend while they’re in training, paying the trainer, and further continuing education when they become a member of the team.  This new-hire program is well documented, and remains as a reference manual for all staff members.  The new-hire program covers in a sequential format all basic office procedures, from how to answer the phone, to complex things like pretesting, optical/contact lens ordering and patient check out.

Provide Ongoing Staff Education
We hold monthly meetings, which include office education about new products, services and goals for improvement. One policy and procedure is reviewed at each meeting with open discussion for any confusion, or simply to review. A weekly a review is held with individual staff members to discuss potential problems, or issues that have already arisen.

The return on investment for our willingness to continually train staff is incalculable. Having staff members, who can easily answer any patient question, and feel comfortable providing correct answers, creates fast, efficient, friendly patient service. Further, staff turnover is now limited, and those who left noted in their exit interviews that they liked the training prior to starting their jobs with us. We gauge all staff performance on statistical analysis, and our numbers show that staff performance improves as they become better trained, with, for example, greater sales resulting from opticians who have been fully trained.

Re-Branding is a Constant Process
Nothing in our industry and society stays the same, so you either continually grow as a business, or decline. Our investment in an updated office design, new technology, staff recruitment and training, gives us the best chance of achieving continuing improvement of the patient experience, business growth and profitability.

 

BRIAN O’DONNELL, OD

owns New Era Eye Care in Shavertown, Penn. To contact: bod@neweraeye.com.

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Creating the Experience Consumers Expect

Practice, The Patient Journey

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Optometry has an advantage over many health care providers. Not only can optometrists diagnose issues, they are in the position to also provide the best solutions to meet the needs of their patients.

And one of the greatest needs of today’s patients is convenience. Online retailers have uncovered the patients’ desire to be presented with the option to have glasses delivered directly to the patient’s home. It is simply about convenience. While for some, convenience may fall into the “want” category, there are far more who value convenience as a need. Consider the situation for single parents, parents who both work, students who are going away for school, and so on. For them, having their glasses delivered right to their door is an invaluable time saver. If the glasses need adjustment, they can pop in when they have time.

Consumers are also seeking more transparency in the cost of eyeglasses. Many still seek a branded product but it is much harder to compete when they are readily available to shop in big boxes and online. Assuming that your service makes up for any price discrepancy is a mistake that will continue to erode your optical sales. Instead, create a pricing strategy and signage that easily allows patients to understand their options, including value priced and multi-pair savings.

With the introduction of the Smart Phone, there are few people who don’t manage much of their lives through these devices.  From booking appointments to receiving and sending texts about products and appointment times, the average consumer now expects this convenience. When selecting a restaurant, consumers Google to see what their choices are and often choose the restaurant that allows them to make a reservation online. It is just more convenient and saves time. Receiving a text that an appointment is coming up or that glasses are ready is far less intrusive than answering a call or listening to a voicemail. Patients prefer this experience. It can be a differentiator – a reason to switch offices and try something new.

As we help optometrists plan for and open new clinics, we spend a lot of time discussing what the experience will be like in their office. We keep our clients focused and coming back to the patient’s experience when they interact with the office. With so many choices, it is imperative that optometric practices seek to stay current and offer the experience that patients are drawn to; convenience, clearly articulated choice and use of technology to make interactions with the office more streamlined and efficient.

 

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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When Does Fit Trump Experience in the Hiring Process?

Human Resources, Managing Others, Talent Acquisition

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It’s no secret that “fit” is one of the most important characteristics to assess when evaluating potential new hires.

At Eyeployment.com, we believe so strongly in the value of measuring fit first, we built an entire platform designed to help practice owners and managers do just that.  But should fit ever trump experience?

Let’s be clear; the ideal candidate should be both qualified AND a good fit for the role and your office culture.

Recommending that employers hire for cultural fit is not the same as recommending that practices hire unqualified or incompetent applicants.

Nobody benefits from that scenario. But if you have a choice between a highly-experienced candidate who is a poor fit, and a candidate who is an excellent fit, but less experienced, who would you hire?

Qualifications Still Matter – To a Point

Most job postings include a list of required academic credentials, professional experience and skills – and with good reason.

Your practice needs employees with the fundamental knowledge and skill to perform the tasks expected in their role.

Training is time-, cost- and labour-intensive so it makes sense to prioritize the more experienced candidates who should require less time and less training to get up to speed.

However it’s important to note that while any employee can learn new skills, processes and procedures, cultural fit isn’t something which can be taught.

When Experience is a Disadvantage

A landmark 2009 study set out to examine the links between experience and job performance, expecting that prior related experience in a previous role would lead to better performance in the new role.

In fact, the results showed that any benefits of that prior job experience were completely negated by poor cultural fit.

While employees bring the skills and experience workers gained at previous positions to their new jobs, they may also bring with them certain expectations, routines, patterns of behaviour and fixed ways of thinking that prevent them from adapting successfully to the new work environment.

Why Fit Matters More

Numerous studies of employee engagement have identified a strong correlation between culture and performance.

  1. 83% of executives and 84% of employees ranked motivated and engaged employees as the #1 factor contributing to a company’s success. (Deloitte)
  2. Candidates who are a good fit are 20% more likely to become top performers (Achievers)
  3. New hires who are a good fit are 27.2% less likely to leave during their first 18 months of employment. (Achievers)
  4. Over a period of seven years, companies with more engaged workers grew revenue 2.5x as much as companies with less engaged workers. ( Bain & Company)
  5. Happy employees are 12% more productive. (Fast Company)

Fit with office culture is a defining feature of employee success, which leads to financial success.

Focusing on fit over experience when hiring doesn’t mean compromising on essential skills.

It means committing to finding employees who will support your company’s vision and providing them with the tools and training which they need to succeed.

 

 

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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First Annual Canadian Dry Eye Summit

Practice, Products | Services | Industry News, Specialty Practice

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The first annual Canadian Dry Eye Summit (CDES) was held on May 25 -26th, 2018 at the Hotel Novotel in Mississauga Ontario. The sold out event brought together over 160 attendees, faculty and industry for two days to learn, share and experience all that is new in the dry eye space. The CDES was born with a singular mission: To ensure patients across Canada receive outstanding, compassionate care for their ocular surface based on the evidence of the day. This two day session certainly went a long way towards that mission.

Dr. Laura Periman demonstrating IPL

Chief Learning officer, Dr. Richard Maharaj brought together over 14 experts from across North America to share their knowledge and experience in the dry eye space. Over 10 hours of COPE approved CE was provided covering topics such as:

  • The role of inflammation in DED
  • Highlights of TFOS DEWS II
  • Dry Eye as a vision disease
  • Scleral Lenses in the treatment of DED
  • Introducing a dry eye practice into a busy clinic
  • Marketing your medical niche

Dr. Trevor Miranda receiving a Lipiflow Treatment

The CDES also brought together the industries best technology and products under one roof. This offered attendees the opportunity to see the latest technology in diagnosis and treatment and get a glimpse of what is coming down the road. A unique feature of this years summit were the hands on workshops where folks could try out technologies such as Lipiflow, IPL, Blephex, Tear Osmolarity and many more.

 

 

 

Dr. Art Epstein

A quote from one of the speakers, Dr. Art Epstein, OD, FAAO sums up the event quite nicely:

“What I especially liked about the Summit was that it offered a well thought-out and balanced mix of clinically focused lectures combined with hands on wet labs and dry eye demonstrations. The presenters included a notable cast of US and Canadian dry eye experts, and the audience was warm, friendly and receptive.”

 

 

 

Planning is already in the works for 2019, visit dryeyesummit.ca and get on the mailing list for next years event.

 

 

 

 

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Delegating Metrics to Staff

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

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Most optometrists that we speak to agree strongly that Metrics are essential for managing their businesses well. However, they all have the same challenge when it comes to implementation—time.  Managing a practice in between patients is difficult, if not impossible.

While moving to an automated system to generate Key Performance Metrics can save hours of time each month, it is also crucial to have these metrics reviewed and a plan developed based on the results.

As we have written in past articles, it is essential that the practice owner be involved in this process. However, it can also be effective to bring in an office manager or other trusted employee to help with the management and implementation of goals.

One of the metrics that we follow in SIMI Analytics is the mix of patients. For instance, of all the patients seen, what percentage are children, adults and seniors for each owner and each associate? We also follow how many new patients are seen by each OD. As time goes on, the older the practice, the older the patient base. It is essential that ALL ODs have a growing practice, not only the newer associates.

These are relatively easy metrics for staff to have control over and track the types of patients seen and the appointment codes booked. Many software systems allow the practice to colour code specific appointment times. Using this, the staff can create a colour grid to help them achieve their goal of an ideal mix.

Once they have filled, for example, the new patient spot for one doctor that day, they may choose to schedule the next new patient with another doctor to spread out the new patients. Once the doctor has established what their “perfect day” looks like, the team can colour coordinate the schedule to make that the goal. Of course, there will be exceptions, and a filled schedule is preferred to gaps in the day. On a monthly basis, the staff can review the metrics for that month to see how closely they came to achieving the ideal on an average day.

Another metric that staff can have a lot of control over is diagnostic capture rate. While it is the doctor’s recommendation that often influences the patient’s decision to proceed with additional testing, the staff can ensure that someone is always available to conduct the testing. Again, the staff can see the accumulative results on a monthly basis. Whether tied to a bonus system or simply used for intrinsic motivational purposes, staff owning the results can have a large impact on the performance of a practice.

There are a number of metrics that can be tracked in the optical to encourage staff ownership of the results. Progressives sales, sunglass sales and second pairs are all metrics that should be tracked, and preferably by the staff. When individuals track results, there is more likely to be a desire to have an impact on them.

 

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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Canadian-Adapted Private Equity Model Coming Soon to Help ODs with Exit Strategy

Buying-Selling A Practice, Practice, Products | Services | Industry News

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Canadian Eye Care Business Review (CECBR) has learned that Ken Barbet, previously CEO of Eye Recommend, plans to offer a unique solution to independent optometrists searching for an exit strategy with a portion of the financing for this venture coming from Canadian private equity.

Mr. Barbet told CECBR that developing an exit strategy for independent ODs became very evident to him as a critical issue to solve for the independent practitioner, their family, employees, and even for the welfare of the profession in general. “Over the years, many ODs struggled with how and when to leave their practice. This has caused many ODs to leave too early or too late, or even to choose a buyer who they don’t respect,” said Barbet.

Barbet’s new company will advocate a “Professional Partnership Model,” which creates a partnership between the acquiring company and the OD who currently owns the practice. The OD owner remains the lead for all professional services and the acquiring company provides all optical and support services.  According to Barbet, both parties share in the profit as the practice grows. This solution has not been used in optometry but has been used in other health care fields such as dentistry and veterinary medicine.

“Our solution allows the current owner to focus on what they are trained for and exceptional at—Patient Care. When the OD owner is ready to retire, we will recruit another doctor who is interested in ownership to take their place. The solution provides autonomy and flexibility, and allows the owner to participate in the upside of the practice,” said Barbet.

Barbet told CECBR that the “Professional Partnership Model” provides cash up front for the majority of the practice value. The remaining practice value, linked to EBITDA growth, has upside potential that can be optioned at any time, at the seller’s discretion.

Barbet disclosed to CECBR that he will be the majority stakeholder in the new company and there will be one other party as a minority shareholder in the yet unnamed business.

In a recent CECBR webinar on Exit Strategies, the view of panelists on the possibility of private equity being a force in aggregating Canadian independent Optometrists largely agreed that private equity could become a factor in Canada. Jackie Joachim, COO of ROI Corporation, which has brokered nearly a thousand Canadian health care professional practice transactions expressed the view that private equity will come to Optometry as it had for both the dental and veterinary profession. The webinar was held June 4th, prior to the reveal of the information regarding Mr. Barbet’s new company.

 

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