5 Ways to Reduce Optical staff Errors when Collecting Fees for Sublease ODs.

Being an optometrist isn’t easy as there are so many things to look after, primarily when you are sublease and don’t have control of the optical staff. Subleasing has plenty of benefits to offer, including having trained staff who works under your wing and assists you in your daily operations via your contract.

So, what happens when your staff makes errors and makes it difficult for you to run your practice? Such errors include not collecting payments on time from patients. This isn’t beneficial for your practice and can result in significant losses. So, what should an optometrist do in such a situation?

Let’s find out.

Collect Payment Before Treatment

This practice may not be allowed in some states, which is why it’s crucial to check before implementing it. When you collect payments from your patients first, it can help you have clarity whether the patient has paid or not. If your optical staff fails to collect payment from the patients after the treatment, you’ll be looking at a loss. You would’ve provided quality treatment to the patient and wouldn’t even get paid for it. Hence, see if you can collect payment first.

Hire Your Staff

When you sublease space to run your practice, you’ll have to work with the existing staff. However, it can become problematic once the optical staff makes enormous mistakes. In such a situation, you should hire your staff. You can interview yourself to see their potential. When you have the right people for the job working under you, you’ll experience fewer errors and more ease. Hence, interview potential candidates thoroughly before appointing them, and have a much smoother experience at work.

Set Up Online Payment

If your staff forgets to collect payment from the patients, one thing you can do is ask them to call those patients and ask for the money. Since your staff made the mistake of collecting payment, they should be the ones who would have to make the call. Also, another suitable way to collect payment would be to set up an online payment option where patients can pay before getting the treatment. This way, you’ll receive the amounts, and your staff wouldn’t have to go after the patients regarding payments.

Paperwork

There should be paperwork for everything, including collecting payments from patients. You should have access to the invoices stating that the patient has paid a certain amount of money to receive a particular treatment. Once you have all the documents, you’ll have proof that the patient has paid, and your staff didn’t forget to ask for the required money. Also, if there’s an invoice missing, you’ll immediately know that your employees failed to fetch the payment.

Do it Yourself

This isn’t your job as an OD, but if your staff is not on top of things, you’ll have to step in. If you want to ensure your patients pay you the money you’re entitled to receive, you should collect it yourself at the end of the treatment. This way, you won’t have to run after optical staff to do so, and you’ll have your dues as well.

1st Generation ODs tend to choose Corporate Optometry

First-generation professionals are people who are the first of their families to enter a professional setting. These professionals hold an OD degree and are ready to climb up the ladder in optometry.

These first-gen ODs are hungry for success. 1st generation ODs are open minded and looking to get their name out there. Employers ensure these professionals grow and succeed throughout their time at the organization. Corporate Optometry offers professional development programs that many young ODs take advantage of. First-generations often took advantage of mentoring and professional networking opportunities. First generation ODs brought more diverse backgrounds and ideas to the profession.

Recent study found that 1st Generation ODs choose Corporate optometry for their career pathway.

The survey was taken in the Corporate Optometry Facebook Group. 113 ODs completed the survey. 92% of the ODs reported they were first generation ODs.

Understand Their Journey

First-generation ODs chose optometry because of their interest in the profession. Once ODs complete their education requirements, the difference between 1st and 2nd generation ODs become transparent. 1st generation ODs tend to have experience in the work force and connections in their local community compared to 2nd generation ODs. When looking for a job or looking for a practice to purchase 2nd generation ODs tend to have an upper hand. 1st generation ODs might lean to corporate optometry to the ease of employment and ability to fast track to practice ownership through sublease. Furthermore, 1st generation might have more student loan debt compared to 2nd generation ODs if their parents help with tuition because they are typically making higher income.

Private Practice vs Corporate Optometry

Typically 2nd generation ODs have been exposed to private practice over their lifetime and have predisposed notices on corporate optometry. Corporate optometry has evolved over the last 15 years and will continue to evolve as it competes to attract ODs. 2nd generation ODs might have more mentoring support from their family members and chances to inherit or purchase their family’s practice and other private practices because of their family’s association in their community. 1st generation ODs might have more hurdles and barriers when it comes to practice purchases. It is yet to be determined how private equity will change 2nd generation OD career trajectory. Possibly the shift from 2nd generation private practitioners will shift to more ODs looking towards leadership positions in the industry.

Conclusion

There are some disparities in our industry between 1st and 2nd generation ODs. Some might be regional or certain sectors in the industry, but a majority of it is not having a mentor or family member to guide you at the beginning of your careers. Corporate optometry tends to attract 1st generation ODs because of ease of employment, accelerated rate to practice ownership (sublease) and wide network to support these ODs with mentorship programs, leadership positions and professional development. As long as you put in the effort, your first-generation professionals will surely succeed.

5 Questions to Consider Before Buying Equipment

If you want to ensure your practice is a success, you’ll have to equip it with the best and the latest tools. If you don’t get the right tools to do the job, you may not be able to provide the value your patients expect. So, investing in the right tools is a part of ensuring success for your practice.

However, you’ll have to be careful when buying such equipment. If you aren’t as vigilant as you should be, you might get faulty equipment on your hands, which will affect the quality of patient care you provide. So, it’s better to ask yourself the following questions before buying any equipment for your practice.

1. How Will it Set My Practice Apart?

If you want the edge over other practices, you need to equip it with the modern tools that help you differentiate your practice. So, before purchasing any equipment, you need to ask yourself whether it will promote your practice and get you more patients? If you get a positive answer, by all means, purchase that equipment right away. As an optometrist, you need to offer your patients the best treatments that would require the appropriate tools.

2. Will My Patients be Appeased?

Most people these days have become super tech-friendly. They also hold those places that are pretty tech-savvy in high regard. So, will the equipment you’re about to invest in impress your patients? Will your entire practice make your patients feel comfortable? If yes, you should undoubtedly equip your practice with such tools. Whatever it takes to make your patients see the modernistic approach you’re taking with medicine, do it. As long as your patients are satisfied, you shouldn’t have a problem.

3. What More Do I Need?

You’re mistaken if you think your practice has all the necessary equipment and couldn’t need anything more. You might be forgetting something, whether it’s your firm’s digital presence, good word-of-mouth, or what matters the most – patients. You can always benefit from doing more. So, it’s better not to sustain by doing the bare minimum. Recognize what your practice needs, and give it to them to flourish and succeed even more. Develop a robust digital presence, employ software that helps with patient management, whatever it takes!

4. Return on Investment: Is It Enough?

When you’re setting up your practice, you’re investing in equipment you can only hope will provide you with long-term growth. It’s all hoping that you might get more significant returns by using modern technology on patients. So, they’ll know your practice is a class apart. However, are returns enough? Are you barely breaking even? You’ll have to make severe calculations to understand how much you will make in the upcoming months by investing in certain pieces of equipment.

5. How Can I Maximize the Equipment’s Full Potential?

When you’ve got the best equipment to boost your practice, it’s also necessary you use them in the right way. You’ll have to ensure you have the right staff who knows what they’re doing. You might have to provide training in the beginning to make them aware of how a specific piece of equipment is used. The more trained your staff is, the better they’ll be able to use the equipment.