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Corporate ODs should evaluate the optical side of the business in corporate optometry.

There are so many different factors to consider  in the business aspects of  corporate optometry. Many ODs will focus on their own business and ignore the optical.  Their success is your own success in corporate optometry. Evaluating the corporate optical should be part of the Corporate ODs business plan.

Here are some questions to ask : This information should be something that you have access to

What is the gross revenue of the optical?

Has the optical grown over the last year?

What is the sales to staff ratio?

Which staff member generates most income for the optical?

What are the hours of operation?

How much money does the optical generate,  how many are outside sales vs from you?

What is the per patient transaction ?

What is the percentage of sales that are upgrades?

How does that optical compare to the over all region and company?

Is the practice driven by managed care?

How much money do they spend on marketing and appearance of location?

 

The optical business is largely driven by the optical staff. The optical staff can really influence your business as well.  Understanding the importance of the optical growth to your own business will help you set goals that can be achieved by you and the optical manager. Consider involving regional management if you feel that your location is not reaching the potential that you believe it could be.

A Guide to Merchant Services: What You Need to Know

5 FREQUENTLY ASKED QUESTIONS ABOUT MERCHANT ACCOUNTS in Corporate Optometry.

Corporate Optometrists need to get a merchant service that is right for their business. Read more.

1) Are merchant services right for my business?
Merchant services can really help your business grow and control costs. Engaging a payment processor that uses their own products and technology is more likely to be cost effective. Fraud prevention and data security are as paramount online as they are in-store. Choosing a merchant provider that specializes in eCommerce, for example, will ensure that you can securely accept payments from all major credit cards, as well processing popular virtual payment types, such as Apple Pay.
The best merchant services can transform how your business manages transactions, saving you both time and money, allowing you to focus on other areas of your business.
2) Will I be approved for a merchant account?
This will depend on your type of business, and whether the credit card networks have assigned you any risk factors. You may experience a longer application process, or be required to pay higher fees for transactions with a bigger risk factor.
3) How much will it cost to have a merchant account?
The cost of accepting credit card payments can vary. It’s important to note what fees will be assessed for your company, which will be laid out in the initial contract. The fees you are responsible for will include both interchange rates and processing fees. Depending on the payment processor you choose, there may be room to negotiate a better, or lower rate for your business.
4) How long will it take before I’m up and running?
The setup process is dependent on different variables of a business, like size and card acceptance method. Larger more established businesses that require multiple POS systems in multiple locations, for example, could experience a more extensive setup.
5) What type of POS do I need?
The type of terminal you need will depend on the type of payment method your business will be accepting. If you are based in a single location, a POS terminal may be the best option, however, if you are on the move, then a virtual terminal or mobile device that works with an integrated app, for example, would be a better option.

Brand Identity in Corporate Optometry

Creating a brand within a corporate optometry setting has never been more important than today, yet a lot of ODs ignore the power of creating a brand identity for their own practice. Your practice brand is what patients identify you as. Developing a brand successfully will be able to differentiate yourself from other optometrists and the corporate setting.

Being affiliated with a corporate setting inside a Sears Optical or JcPenny Optical has the power of brand recognition for attracting patients, yet once there you don’t want patients to remember you as the eye doctor inside Sears Optical. You want patients to remember your name and create loyalty where they come to the office to see you, not just for the optical sale or because you take their insurance. Brand identity is important, if you choose to move your practice to a different location.

 

Check out more at https://corporateoptometry.com/product/brand-image/

Podcast

Corporate Optometry India Part 3

Optometry and Youth: Catch Them Young !!

Current scenario in Indian Optometry

Indian optometry is at a very interesting and critical juncture. The allied and health care council bill 2018 is tabled in the upper house of the parliament and gone to the standing committee for deliberation with various stakeholders. Their suggestions will be considered and revised bill will be presented in the parliament.

It could be a giant step towards professional recognition of Optometry.

We have the Optometry Council of India (OCI), a peer regulating body with the responsibility of establishing & maintaining high standards of optometry education & recognition of optometry qualifications in India. The Indian Optometry Federation (IOF) is an umbrella organization of various associations. State associations are members of this association. Lobbying with govt about optometry rights etc. Association of Schools and Colleges of Optometry (ASCO) works with the institutes to standardize curricula, infra structure and also towards capacity building of educators. These organizations are doing a good job in getting optometry recognized by the government and bringing standardization within the profession.  In other words, we are getting our house in order.

The other important aspect is creating awareness about the profession and getting public recognition. We need people to know about optometry and its scope. We want people to come asking for the optometrist for a comprehensive eye test. For that each optometrist has to offer the best clinical eye examination and provide the best services to patients.

This is exactly why I chose to focus on the awareness part. Looking at the students’ enthusiasm and creativity I thought they can definitely contribute a lot in this area. One fine day a group of optometry students and fresh graduates was formed and it still continues to work cohesively as one unit.

Role of youth

Almost everything that is great has been done by youth- Benjamin Disraeli

We are sitting on a gold mine. Probably it is the largest untapped resource. There are more than 50 institutes offering a 4-year B. Optometry program. Imagine the number of students graduating every year. Most of them are technologically savvy. They are very active on social media. They are happy to travel and meet new people. Most of the students I have seen are are passionate about the profession and want to contribute in a significant way. If we can channelize their energy and creativity, we can do wonders. There is no dearth of raw talent. They need direction. They need acknowledgement & recognition. More importantly they need to have the feeling that they belong to the community.

How have they contributed till now?

These students and fresh graduates have been very active in last twelve months or so. One group has started ‘Let’s RevolutionaryEYES’ – Social media presence on Facebook, Instagram, twitter and youtube. They regularly post content related to eyecare and eye related facts etc. The platform serves to both optometrists and public. As ‘World Optometry Day’ is celebrated across the world on 23rd March, 23rd of every month is dedicated to #Optometry #Eyecare. All social media channels are flooded with eye care related posts on this day. It is a great way to catch attention of people.

Another team created an explanatory video about scope of optometry. It covers what students are taught in a four-year course and what investigations an optometrist can perform. A poem composed by one group along with visuals was so well received by all that it even reached the govt. officials and was appreciated.

The Optometry Council of India (OCI) required eye awareness posters for their pan India campaign. These students conceptualized and designed posters with innovative ideas. Their efforts were recognized by OCI and Bausch + Lomb and these posters are being used extensively now.

This group also raised some fund through their efforts and contribution to the field. What is heartening to know is that they donated to the Kerala flood victims. Along with talent today’s optometry youth also has Good values.

Their energy and creativity were at display during awareness walks and street plays on World Sight Day.

Recently four new graduates under the supervision of Masterclass Optometry conceptualized and organized a program ‘Shaping Millennial’s for final year students. This program was developed considering what confusion a graduating student goes through. Over 225 students from 13 institutes were benefited from expert’s guidance.

Way forward 

We have just unlocked the potential of this goldmine. We need to keep nurturing these minds. They need to be kept busy in a right way. We are already working on a new project wherein the Optometry Council of India needs Optometrists to approach high schools and counsel the class 11,12 students about optometry, refractive errors and eyecare in general. Many of these fresh graduates from different parts of India have already offered to be a part of this project. We are really excited to see how it works. You never know, going forward we could help them find the right placement for work. Also, we could establish international links wherein these youngsters can freely interact with international students and experts.

The future definitely belongs to the youth. The youth of today are the leaders of tomorrow. Its time for the senior optometrists to acknowledge their potential and help them convert it into performance. Young ODs need role models NOT just critics !!