MBA Intelligence

August 23, 2012

Bi-weekly information and advice to manage optometric practices
from the Management & Business Academy™ (MBA)
Sponsored by Alcon and Essilor

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Dr. Mark Wright on
"When Should I Add Staff?"

Mark Wright, OD, FCOVD

Dr. Mark Wright, MBA faculty member, advises OD owners to challenge staff members who request additional personnel to lighten the work load. Ask staff members to compute how much additional revenue a new hire would generate in optical dispensary sales. If staff can demonstrate that a new person would generate, for example, $150,000 a year in additional revenues to more than cover their costs, they have answered the question of when to hire a new person.

For MBA metrics on "Gross Revenue per Staff Hour," see pages 6–7 of Key Metrics: Assessing Optometric Practice Performance.

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New MBA Practice–Building Resources

MBA Webinar: Effective Strategies to Improve Practice Recall
A recently conducted webinar with Dr. Gary Gerber of the MBA faculty outlines how to increase revenues and maximize chair time through proven strategies for effective patient recall. You can replay the complete webinar, including a Q & A session with the audience.

MBA Business Management Tool: RIPs
A new installment of MBA Business Management Tools, called Rapid Improvement Projects (RIPs), outlines the basic process for establishing practice improvement priorities and implementing RIPs to achieve both short– and long–term goals.

MBA Market Research: Staff Management Survey
Results for the recently conducted MBA Staff Management Survey allow you to examine staff hiring, compensation and management practices. The report also details OD desires for staff improvements.

Implementation Track: Practice Marketing and Optical Merchandising
Practice Marketing and Optical Merchandising provides an 11–step guide in how to analyze and refine your practice brand, develop a marketing budget and execute a marketing plan. Also included are merchandising techniques to maximize dispensary profits. This is the second in a series of MBA Practice Growth Implementation Tracks.