MBA Monograph Series

Marketing an Optometric Practice

Optometric practices should develop a simple annual marketing plan and budget before the start of each business year with quantitative goals, strategies, and programs to achieve goals.

Managing Accounts Receivables

Mark Wright, OD, FCOVD, counsels that the financial strength of an optometric practice can be undermined when insufficient attention is paid to managing collections from patients and third-party-sources. He advises that a practice assigns accountability for collections and keeps accounts receivable to less than one month of average gross revenue.

Achieving a High Level of Staff Accountability

To increase staff accountability, owners should adopt leadership best practices that foster a sense of ownership. A critical requirement is to establish quantitative performance standards for each staff position and to continuously track these metrics.

Optimizing Retail Pricing

Many ODs fail to maximize profitability of eyewear and contact lens sales through inattention to retail pricing strategies and methodologies. A thorough review of eyewear and contact lens gross profit margins will reveal discrepancies that can be corrected to improve profitability.

Management and Business Academy