Optometry Practice Consulting
Whether you are looking to improve, grow, partner, or transition an optometry practice, we provide cost effective results-driven solutions for you!
Optometrists are great at treating patients, but can’t be expected to master financial analysis, payroll, marketing, human resources, and all of the unique challenges that come along with owning an optometry practice. Just as you’d hire a plumber to fix a broken pipe, you need to call in an expert when your business is in need of support.
Our mission is to provide long-term solutions that benefit you far beyond the reasonable cost of our consulting services. Let’s face it, the subscription model is broken. You shouldn’t have to pay a consulting firm year-after-year for support, otherwise they’re not actually solving any problems. Our consultations identify the root issues and create solutions without any requirement for ongoing support. The results we bring you include: increased revenues, greater discretionary income, reduced stress, economies of scale, increase in patient base, lower costs, operational efficiency, increased free-time, and an achievable succession plan….to name a few. Contact us for a free initial consultation.
Our mission is to provide consistent long-term solutions that benefit you far beyond the reasonable cost of our consulting services.
Consulting Inquiry Form
To learn more about how VPG can support you, contact us for a free initial consultation. Or feel free to fill out the confidential inquiry form below and one of our consultants will respond to you promptly.
OUR OPTOMETRIC CONSULTING SERVICES INCLUDE
Start-up Consulting
Our start-up consulting packages are tailored to meet your unique goals and objectives. Using our multi-step action plan, we clearly drive you down a defined road map, providing continuous support throughout your journey, to bring you to the finish line – a successful grand opening. Ouu start-up program includes support with: location search, market analysis, business plan, marketing plan, financing, lease negotiations, business registration, build-out, insurance credentialing, human resources, asset purchasing, and much much more.
New Practice Owner
VPG offers new practice owners a variety of optometric business consulting services including: staff management and hiring, business modeling and planning, cost reduction, inventory selection and management, employee manuals and HIPAA compliance resources, EMR or EHR adoption, business operations management, marketing plan development and implementation, website development, establishing relationships with and selecting vendors or buying groups, recall and pre-appointment systems development, social media campaign development, practice management, and virtually any other challenges a new practice owner faces.
Growth Consulting
You know you can be doing better, but it’s difficult to perform a complete practice analysis, implement and manage change while also seeing patients. Don’t worry, this is not uncommon. ODs shouldn’t be expected to master both clinical and business duties. VPG will conduct a full financial and operational analysis of your optometry practice to uncover areas where best practices, economies of scale, efficiency and improvements can be achieved to raise your bottom line. Additionally, we will evaluate your staff, costs, fee schedules, managed care providers, pricing mark-up formulas, software solutions, professional service providers, vendors, and all other components of your business to provide you a succinct plan to improve. We then follow with consultation and implementation support to bring your practice well above the position it is currently in. Most importantly, we help improve your bottom line and increase your take-home income.
Marketing
A specialty of VPG is helping optometry practices excel in modern day marketing practices. VPG pioneers industry-leading marketing tactics known for having the broadest reach, which results in increased rates of new and returning patients. With hundreds of solicitors and options available for marketing your practice, how do you choose the most effective methods that will complement your qualitative ideals? And how do you do this with a limited marketing budget? We will help you identify the best options available to you in your local markets, develop a detailed optometric business marketing plan including a budget and tracking system. We then help you implement the plan and ultimately maximize the return on your marketing investments to improve revenues and fill your appointment schedule.
Staffing Solutions
Acquiring the right team is one of the most important components of building a successful optometry practice. First, it’s important to assess your current staffing situation. How many staff do you have vs. how many should you have. Are there outsourcing solutions that could save you money and give your staff more time to focus on material duties that add value to your practice. If you need to hire, how do you write the proper job description, where can you find the right candidate, what do you ask in the interview, how many interviews, what is an appropriate starting wage, benefits, etc? We help you navigate the hiring and human resource process from every angle.
Insurance and Billing
Which managed care plans should you accept? How will it affect your overall revenue? How and when should you bring on a new managed care plan? How will the reimbursements affect my top vs. bottom line? Is my practice really collecting all that I am owed? These are just some of the questions we’ll be answering for you after we analyze your current allocation of managed care plans combined with your billing and collection process.
Business Planning
Most optometry practices we come in contact with don’t have an optometric business plan. It’s a common misunderstanding that a business plan is needed for start-ups, when in fact it is needed for any business no matter how long it has been in business. A practice owner needs a business plan to not only set goals and objectives but also to measure historic and current performance. An optometric business plan should be organic, in that it changes as your practice changes, which is why every practice owner needs a functional and user-friendly business plan. We will provide you with a comprehensive plan, with easy-to-use tools that can be updated so you can review your practice performance and adjust the plan accordingly.
Retirement Planning
As you near retirement and transitioning out of your optometry practice, there are many things you can and should do to protect and even increase the value of your optometry practice when it comes time to sell. Many practice owners ween hours and take more vacation time as they near retirement, which can lower the value of your optometry practice if not done correctly. Also, we see a reduction in marketing budgets, allowing equipment and inventory to become obsolete, and reduce overall practice production. Practices are typically appraised based on the three most recent years of tax statements. If your revenues and net income fall as you near retirement it can drastically affect the value and selling price of your optometry practice. Contact us prior to retiring, as far in advance as you would like, and we will help you prepare accordingly in order to receive the value you deserve for the sale of your optometry practice so that you may retire with dignity and financial comfort.
Transition Consulting
If you are looking to transition your practice sometime in the future, whether selling fully or bringing on partners, it’s never too early to start planning. Call us now and we’ll provide you complimentary consultation on how to prepare for a sound exit strategy. When the time comes to transition, we will be there for all phases of the purchase and sale process to bring you optimal results. Comprehensive transition consulting services are included in our practice brokerage agreements such that you don’t pay for our services until your practice sales at which time our fees come out of sale proceeds. You may visit our Sell a Practice page for more details on our brokerage services.
