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Optometrical Practice Management Newsletter - Tips & Reviews. Volume 9. September 2007

INTRODUCING the MBA for Eye Care Professionals

sponsored by CibaVision

MBA logo

This month I would like to introduce what I think is the most exciting innovation to our profession for a long, long time - The Management & Business Academy for Eye Care Professionals. Along with a number of other practicing optometrists, I have been invited by CibaVision to contribute to a series of talks and workshops in optometrical business.

I am sure that most of you now know how passionate I am about running an efficient, profitable business that I am happy to turn up to every morning. The MBA I think will go a long way to taking optometry around the country to another level - we are long overdue.

This Academy is by invitation only. If you are interested I would recommend that you enquire with your regional Ciba representative to see whether you can get on the invitation list, when the road show hits your part of town. The first presentation will be on Wednesday September 5th 2007. It is envisaged that this business education series will slowly go around the country and is NOT to be missed.

Next month I will write up a summary of what transpired on the first day. The second part of this presentation will be sometime in November, so a summary of part 2 will be written up in the December newsletter.

Many of you will also have noticed that I am a regular contributor to MiVision. More about the MBA course will be expanded on there.

I welcome your comments, as we will be looking to evolve the series.

 

Business Tip: Excellence in Optometrical Practice

Last month we discussed Part 1 of 7 parts to "Business Acumen ". This was management of the staff and the processes that make the business function. For those that did not catch this part you can get it here: Last Month - Management

This month:

Part 2 - Financials

As mentioned in the July newsletter financials is not about getting your BAS done. It is about carefully monitoring the pulse and health of the practice. Any business can be described as a sieve with income poured into the top and cost of goods plus expenses leaking through the holes of the sieve. What remains is your profit.

There are only two ways of improving your bottom line:

1. Pour more income into the top of the sieve

2. Block as many holes as possible at the bottom of the sieve to stop leakage.

The best way to monitor the health of your sieve is to look at your practice's Key Performance Indicators (KPI's) and watch out for trends that need encouraging or suppressing.

KPI's are about data collection and the only efficient way to do this is via a good practice management system. We use Sunix but some of our current clients use Optomate quite satisfactorily. Here is what we collect and analyse:

Fees

Consultation, Spectacle, Contact Lenses, Total

Number of

Frames, Jobs, Contact Lens units, New Patients, Old Patients, Out of Medicare Items e.g. Retinal Images, Stratus OCT, Pachymetry, Topography, Visante OCT

Cost Of Goods

A fee charging practice should have this down to 30%.

Even though I have a look at all this monthly, it is only meaningful to compare equivalent quarters to rule out seasonal shifts. By regularly looking at these figures you immediately get a feel for where things are heading. Typically the average practitioner just looks at the P/L that the accountant comes up with at the end of the tax year - this often is completed 6 months after the last financial year.

If you are not looking very carefully at your figures every three months at a minimum, you are making decisions about the future of your practice up to 18 months too late. In such a competitive market that is unacceptable.

Next month we look at Part 3 -Marketing.

Over the course of the next few months I challenge both employees and employers to work together in creating a working environment that is rewarding for all.

Email me if you would like to implement

"Excellence in Optometrical Practice" into your business

 

 

Therapeutic Tip: Corneal Update

Dr Anthony Maloof looks at the latest published papers on corneal surgery and then comments from his perspective. The images provided are also superb.

Download Dr Maloof's paper here



Read this for Dr Anthony Maloof's biography

Anthony would welcome your enquiries at:

Email: drmaloof@cornea-eyeplastics.com.au

Phone: 1300 303 669

Rooms (Sydney city):

Suite 13, Level 9, William Bland Building,

229-231 Macquarie St

Sydney NSW 2000

Rooms (Westmead):

Suite 7, The Ashley Centre, 1a Ashley Lane,

Westmead NSW 2145

"We have started to use this

Find out how The Eye Practice is going with the new product in the next newsletters.”

For further information please contact:

Anne Guethoff, Marketing Manager

anne.guethoff@rodenstock.com.au

Phone: 02 9748 0988

 

 

 

Email me if you would like to implement

"Excellence in Optometrical Practice" into your business

A cost effective program of hurdling the challenges of optometrical practice and rekindling your passion for your profession is only an email away.

You can email me at: jim@kokkinakis.com.au

 

 

 

 

Information Technology & Optometry

If you want to invest in new technology you must have a solid computer system to make sure that the use of the technology is efficient. Having a solid computer network for an optometry practice is way beyond the average optometrist's skill set. That's where Richard Rees comes in.

Richard Rees works for LookUp.com. They are specialists in Information Technology solutions. Phone Richard on

1 300 553 559

Visit Lookup for all your IT needs                           

 

 

 

MBA logo

Remember to talk to your Ciba representative about this exciting event. I believe it will transform optometry - it is not to be missed!

 

 

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