visionomics®

Becoming CEO

Visionomics® is a series of COPE- and ABO-approved business-building courses. The next Visionomics program will be held at this year's International Vision Expo West show. The courses focus on strategies for assessing and maximizing practice profitability. In this series of articles, Eyecare Business—the official trade media partner for Visionomics—will feature some of the program's speakers.

This month, Neil Gailmard, OD, MBA, FAAO, president and COO of Prima Eye Group and CEO of Gailmard Eye Center in Munster, Ind., discusses his course, “Become the CEO of Your Practice: Manage the People, Process, and Expense,” at Vision Expo West.

When running an eyecare office, ECPs often overlook the importance of practice management—but it is a subject about which I am passionate. It is my experience that high-income practices put an emphasis on the topics that are taught in business school.

The reason practices don't grow fast enough is often because there is not enough emphasis placed on management and leadership. Office managers are great; but successful practices have owners who manage as well. Let's look at some business basics for running your practice.

PLAN FOR STRATEGIC PLANNING

What would you do if you didn't see patients (or saw fewer)? Leave yourself time to plan and execute your practice's success. That includes developing a plan to review and observe operations; manage and train staff in your philosophy; monitor expenses; invest in technology; market; build customer loyalty; and develop referral sources. Hiring an associate OD can be integral toward becoming CEO. Let him or her examine more eyeballs so you can run the business side of your practice.

IDENTIFY COMPETITIVE ADVANTAGES

Why should a patient choose your practice over others? You should be able to name several reasons, but the core reason should be customer service—and that relies on well-trained, empowered employees. Best of all, it costs nothing, and everything depends on it!

HUMAN RESOURCES

Most practices are understaffed, and that negatively affects customer service and patient satisfaction. Additional employees—or getting rid of ones with bad attitudes—can jump-start a practice. Regular staff meetings, an office manual, and developing an office culture that makes staff want to work there can set you on the right path.

ACCOUNTING AND FINANCE

Run your practice like a bank. Don't be afraid of fees—you can't “cut” your way to prosperity. Make sure you are the one supervising the finances. Invest in information technology, high-tech instruments, and marketing, and plan your fees accordingly. EB