The Fundamental Metrics
There are six fundamental metrics in optometry practice management that can help measure the productivity and profitability of an optometric clinic to ensure it is prosperous rather than just surviving or breaking even: marketing, patient treatment, patient scheduling, billing and collections, patient referrals, personnel efficiency, stress management, and overall optometry practice management. The guide also provides specific examples of how an elite optometric practice would operate in each area. It’s important to measure and manage these areas properly to increase revenue and profit margins. All of these are vital in ensuring that the optometry business plan works out.
Additionally, this guide discusses six fundamental metrics that are essential for measuring the success and prosperity of a private optometric practice. The first metric in an effective optometry business plan states that the clinic should aim to take home at least 20% of gross income as owner profit and OD salaries of 35% of gross income. The second metric suggests that the average revenue should average $310 (which is the national average), but can and should be higher depending on location. The third metric recommends that no more than 22% of gross income should be spent on employee (non-OD) salaries.
The other three metrics are found on their site in a recently published excerpt of a chapter in this popular guide.
To read the guide in-depth, visit https://econologicsfinancialadvisors.com/optometry-business-plan/
About Econologics Financial Advisors
Econologics Financial Advisors, LLC is a full-service, federally registered investment advisor firm and insurance agency providing comprehensive financial planning services primarily for individuals who own a private practice healthcare business. The firm uses a unique proprietary platform that includes the practice, and other valuable assets such as real estate, as a part of a practice owner’s investment portfolio with step-by-step strategies on how to effectively utilize the business to build personal wealth. In 2019 and 2020, Econologics Financial Advisors was awarded the Inc. 5000 recognition as one of the fastest growing companies in the U.S.
Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant.
Eric Miller, Co-Owner
Econologics Financial Advisors
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