Are you considering expanding your optometry practice to multiple locations? On this week’s episode of Optometrists Building Empires, host Ankit Patel sits down with Nathan Hayes, director of financial services at IDOC, to break down the key factors behind successful growth. From financial benchmarks and operational efficiency to navigating labor costs and evaluating EBITDA, Nathan shares expert insights on scaling a practice sustainably. If you're looking to optimize your business or prepare for expansion, this episode is packed with valuable strategies.

Takeaways:

• Expanding to multiple locations requires a strong desire and readiness to handle increased complexity, stress, and operational challenges.
• Successful multi-location businesses develop strong operational systems and competent management teams. It’s vital to manage and streamline operations consistently across all sites.
• Track and manage your finances diligently. Know your cost of goods sold, payroll expenses, and overheads. Effective financial management is key to ensuring profitability.
• Build a capable management team and delegate responsibilities. This helps in scaling your business and ensures operations run smoothly even in your absence.
• Ensure your primary location is profitable and self-sustaining before expanding. Have a clear strategy for funding new locations, whether through savings, loans, or other means.
• Strive to step back periodically and delegate effectively. Taking breaks and ensuring you are not overburdened can improve your leadership and decision-making.

Quote of the Show:

• “My ideal for someone who wants to pursue this type of practice is someone who is doing it because you want to and not because you're scared.” - Nathan Hayes

Links:

• LinkedIn: https://www.linkedin.com/in/nathan-d-hayes/  
• Company website: https://idoc.net/  
• Books & Benchmarks: https://booksandbenchmarks.com/author/nathan-hayes/ 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/5w1H9BBwRXvBSSkexePYxG 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/optometrists-building-empires/id1762685070 
• Amazon Music: https://music.amazon.com/podcasts/689a039b-54ce-4f04-b641-66d8640d93d0 
• Podchaser: https://www.podchaser.com/podcasts/optometrists-building-empires-5812208 

How can optometrists successfully expand their practices while navigating challenges like insurance reimbursements and staff retention? On this week’s episode of Optometry Building Empires, host Ankit Patel sat down with Dr. Evan Stout, co-owner of Family Vision Clinic, to discuss his journey from a single-location practice to a thriving three-location business in Mississippi. From overcoming industry challenges to investing in staff development and strategic growth, Dr. Stout shares invaluable insights for practice owners. If you're looking for expert advice on expanding your optometry practice while maintaining a people-centric approach, this episode is a must-listen!

Takeaways:

• Investing in a dedicated team, with initiatives like ParaOptometric certifications and continued education, helps in building a robust practice. This not only improves staff retention but also enhances job satisfaction and performance.
• Instead of cutting costs on staff, invest in attracting and retaining quality personnel. Offering incentives and career growth opportunities can mitigate issues related to high turnover and staff dissatisfaction.
• Active participation in professional associations like AOA and state optometric associations is crucial. These platforms offer networking opportunities and keep practitioners informed on industry changes and advocacy efforts.
• Don’t delay in taking ownership or becoming involved in the profession. Taking risks and being proactive earlier in your career can lead to significant benefits.
• Engage with professional bodies and be part of ongoing changes in the industry to ensure the profession’s growth and sustainability.
• Regularly seek feedback from patients to understand their needs better and improve services accordingly. Always prioritize patient care

Quote of the Show:

• “ If we get the right people to begin with and invest in that side of things, we're not constantly having turnover and can really invest in people.” - Evan Stout

Links:

• LinkedIn: https://www.linkedin.com/in/evan-stout-o-d-2b2668b9/  
• Company website: https://visionsource-familyvisionclinic.net/  
• Email: [email protected]

Ways to Tune In:

• Spotify: https://open.spotify.com/show/5w1H9BBwRXvBSSkexePYxG 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/optometrists-building-empires/id1762685070 
• Amazon Music: https://music.amazon.com/podcasts/689a039b-54ce-4f04-b641-66d8640d93d0 
• Podchaser: https://www.podchaser.com/podcasts/optometrists-building-empires-5812208 

What mindset shifts can turn a small optometry practice into a thriving business? On this week’s episode of Optometrists Building Empires, host Ankit Patel sits down with Dr. Bethany Fishbein, an optometrist and practice management consultant, to explore her journey from a new graduate to a successful multi-practice owner and consultant. Dr. Fishbein shares the pivotal moments that reshaped her vision, the strategies behind building strong patient relationships, and the leadership principles that drive practice success. If you're looking to elevate your practice with real-world insights, this episode is a must-listen! Now, let’s welcome Dr. Bethany Fishbein.

Takeaways:

• Embrace the idea that the journey is unpredictable and full of possibilities. Being open to influential conversations can significantly reset what you imagine to be possible.
• Treat every patient encounter as an opportunity to build a long-term relationship. This not only increases patient satisfaction but can lead to significant referrals. 
• Successful practice owners take full responsibility for their outcomes, both good and bad. They see themselves as the drivers of their practice's success. 
• The owner's attitude sets the tone for the entire practice. Maintaining a positive environment and recognizing achievements can have a substantial impact on team morale and performance.
• While managing staff, balance between trust and oversight is essential. Ensure everyone understands their roles and responsibilities to prevent feelings of sabotage and foster collaborative growth.
• Implementing technology, such as patient portals, virtual assistants, and online scheduling, can reduce the load on staff and improve efficiency.
• Balance work with personal time to avoid burnout. If your schedule allows, take personal days to recharge, which in turn can enhance your productivity and leadership.

Quote of the Show:

• “ The owner's mindset impacts the day-to-day mood of the practice, the feel of the practice, and how everybody else responds to it.” - Bethany Fishbein

Links:

• LinkedIn: https://www.linkedin.com/in/bethany-fishbein-1145775/  
• Somerset Eye Care website: https://somerseteyecare.com/  
• Metuchen Vision Website: https://www.metuchenvision.com/  
• Leaders of Vision: http://www.leadersofvision.com/ 
• Email: [email protected]

Ways to Tune In:

• Spotify: https://open.spotify.com/show/5w1H9BBwRXvBSSkexePYxG 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/optometrists-building-empires/id1762685070 
• Amazon Music: https://music.amazon.com/podcasts/689a039b-54ce-4f04-b641-66d8640d93d0 
• Podchaser: https://www.podchaser.com/podcasts/optometrists-building-empires-5812208 

How can optometrists balance personalized patient care with the demands of running a growing practice, and what strategies help maintain high standards without feeling rushed?

On this week’s episode of Optometrists Building Empires, host, Ankit Patel, had the honor of talking to Dr. Ryan McKinnis, a distinguished optometrist with a proven track record in advanced contact lens technology and ocular disease. Discover his strategic insights on practice growth, maintaining high standards of patient care, and the future of optometry. If you're passionate about advancing in the optometry field or looking for inspiration, this episode is a must-listen.

Takeaways:

• Focus on spending quality time with patients to make them feel valued and provide individualized care. Avoid rushing through appointments, as personalized service can set your practice apart.
• When facing unforeseen challenges such as a pandemic, resilience is crucial. Develop contingency plans for maintaining operations under adverse conditions and ensure your staff is prepared for rapid changes.
• If expanding to multiple locations, understand the nuances of buying existing practices versus opening new ones. Prepare for cultural and operational challenges and be patient as you build trust with a new patient base.
• Cross-train employees to handle multiple responsibilities, which can help manage rising non-doctor payroll costs. Focus on building a team of exceptional employees rather than a larger team of average performers.
• Diversify your services by adding subspecialties like dry eye treatment or vision therapy. Specialization not only attracts a niche patient base but also keeps the work dynamic and interesting for practitioners.

Quote of the Show:

• “ You want to make a difference in people's lives. That used to be giving them a pair of glasses, but now that's become so mainstream that you have to seek out other ways.” - Ryan McKinnis

Links:

• LinkedIn: https://www.linkedin.com/in/ryan-mckinnis-o-d-faao-fsls-79271527/  
• Company website: https://www.infinityeyecareohio.com/  
• Email: [email protected]

Ways to Tune In:

• Spotify: https://open.spotify.com/show/5w1H9BBwRXvBSSkexePYxG 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/optometrists-building-empires/id1762685070 
• Amazon Music: https://music.amazon.com/podcasts/689a039b-54ce-4f04-b641-66d8640d93d0 
• Podchaser: https://www.podchaser.com/podcasts/optometrists-building-empires-5812208 

How can optometrists balance patient-first care, strategic growth, and operational efficiency while adapting to industry changes and diversifying revenue streams? This week on Optometrists Building Empires, host Ankit Patel welcomes Dr. Joseph Munsell, Owner and Optometrist at Cheyenne Vision Clinic and Laramie Vision Clinic. With expertise in ocular disease, myopia management, and optometric surgery, Dr. Munsell shares how his patient-first approach, strategic growth, and deep community ties have shaped his thriving practice. Whether you're exploring innovative optometric strategies or just enjoy hearing inspiring success stories, this episode is one you won’t want to miss!

Takeaways:

• Prioritize patient care by treating them with respect and understanding. Meeting patients where they are can lead to better outcomes and patient loyalty.
• Be action-oriented. Ideas and theories are great, but execution is what drives results. Make sure you're always taking actionable steps to implement your plans.
• Have a clear vision and direction. It's crucial to know where you want your practice to go. Without a clear vision, you might end up making efforts in the wrong direction.
• Regularly assess and refine all aspects of your practice to enhance patient experience. From fixing tiny details like parking lot appearance to ensuring smooth appointment scheduling.
• As you grow, economic scales can be beneficial, but they also magnify issues. Ensure robust processes and systems are in place to handle increased patient load and operational complexity.
• Delegate responsibilities effectively. No single person can handle everything in a large practice. Delegate responsibilities to ensure tasks are handled efficiently and to prevent burnout.
• Diversify services and revenue Streams. With reduced reimbursements from vision care plans, it’s crucial to offer cash-pay services and specialize in areas like myopia management or optometric surgery. This helps in sustaining and growing your practice.

Quote of the Show:

• “ You always have to be ready to shift. Things in business never go exactly to plan and if you're too rigid, the boat's going to go down.” - Joseph Munsell

Links:

• Linkedin: https://www.linkedin.com/in/joseph-munsell-o-d-dipl-abo-1335ab179/  
• Email: [email protected]
• Cheyenne Vision Clinic: https://www.cheyennevisionclinic.com/ 
• Laramie Vision Clinic: https://www.laramievisionclinic.com/ 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/5w1H9BBwRXvBSSkexePYxG 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/optometrists-building-empires/id1762685070 
• Amazon Music: https://music.amazon.com/podcasts/689a039b-54ce-4f04-b641-66d8640d93d0 
• Podchaser: https://www.podchaser.com/podcasts/optometrists-building-empires-5812208

On this week's episode of Optometrists Building Empires, host, Ankit Patel, had the pleasure of speaking with Dr. Jake Letourneau and his COO, Rob Heileman. With years of experience and a shared competitive spirit, Dr. Letourneau and Rob reveal the secrets to their successful partnership and continuous growth in the optometry field. From adapting innovative business practices to maintaining high standards in patient care, their journey is both inspiring and educational. If you want to learn more about persistently pursuing excellence and navigating the challenges of expanding an eye care empire, this episode is for you! 

Takeaways: 

• Having a clear vision and the humility to recognize your strengths and weaknesses are essential. It's about learning continuously and seeking advice from industry experts to refine that vision and drive the business forward.
• Embracing a competitive spirit helps in striving for constant improvement. It's not about outdoing others but about pushing yourself and your team to be better than you were yesterday.
• Building a team with strong leadership and fostering genuine relationships are critical. This includes being transparent, explaining the "why" behind actions, and empowering the team to contribute to the mission.
• Innovations like the four-day workweek can significantly enhance employee satisfaction and recruitment by creating a better work-life balance, without negatively impacting business performance.
• Developing subclinics or specialized services that don't rely on insurance can drive growth and improve patient care. Identifying and pursuing these niches can set a practice apart in a competitive market.
• Addressing staffing issues through innovative employment models and focusing on non-insurance-based revenue streams help navigate common challenges in the healthcare sector.

Quote of the Show:

• “ If we're going to accomplish this goal, we've got to take the chance. No, we can't afford it, but maybe we can't afford not to.” - Jake Letourneau

Links:

• Website: https://www.eyecarelawrence.com/ 
• Rob’s Email: [email protected] 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/5w1H9BBwRXvBSSkexePYxG 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/optometrists-building-empires/id1762685070 
• Amazon Music: https://music.amazon.com/podcasts/689a039b-54ce-4f04-b641-66d8640d93d0 
• Podchaser: https://www.podchaser.com/podcasts/optometrists-building-empires-5812208 

On this week’s episode of Optometrists Building Empires, host, Ankit Patel, had the pleasure of sitting down with Dr. Ryan Powell, an accomplished optometrist and CEO of Vision  Source Eye Care. Dr. Powell's journey spans from becoming a Key Opinion Leader in the industry to expanding his practice across multiple locations while maintaining a deep commitment to patient care and community relationships. Tune in to hear insights on managing growth, the importance of relationships, and lessons learned from years of dedication to the field. Whether you're an aspiring optometrist or a seasoned professional, this episode offers valuable takeaways for everyone. 

Takeaways:

• Leverage relationships for growth. Leaders should invest time in developing relationships with peers, mentors, and industry associations. It can be beneficial to actively participate in industry groups for growth and learning opportunities.
• Blend different approaches such as conservative moves with higher-risk entrepreneurial ideas. Leaders should balance cautious decision-making with calculated risks to innovate and grow.
• Focus on customer relationships. It is important to build and maintain trust with patients. Leaders should ensure their teams prioritize customer relationships and deliver personalized, trust-building interactions.
• Adopt modern conveniences. While maintaining traditional connections, adopting modern technologies like appointment reminders via text can enhance customer experience.
• Refine existing operations: Owners should focus on optimizing their practices by evaluating and enhancing current operations for efficiency and growth before expanding.
• Consider when to have difficult conversations. Leaders should not shy away from having hard conversations and should choose the right moments for maximum impact and minimal disruption.
• Emphasize continuous improvement. Leaders should foster a culture of continuous improvement within their teams, encouraging regular evaluation, feedback, and enhancements.

Quote of the Show:

• “Trust is a huge word in our profession.” - Ryan Powell

Links:

• LinkedIn: https://www.linkedin.com/in/ryan-powell-982bb514b/  
• Company website: https://vseyecare.com/  
• Twitter: https://x.com/icarethoughts4u  
• Email: [email protected]
• Text: 8166689838

Ways to Tune In:

• Spotify: https://open.spotify.com/show/5w1H9BBwRXvBSSkexePYxG 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/optometrists-building-empires/id1762685070 
• Amazon Music: https://music.amazon.com/podcasts/689a039b-54ce-4f04-b641-66d8640d93d0 
• Podchaser: https://www.podchaser.com/podcasts/optometrists-building-empires-5812208 

Take your optometry practice to the next level with powerful insights about how to specialize and grow in this fascinating field from Dr. Kauser Sharieff. Dr. Sharieff is one of only 1,200 optometrists certified by the American Board of Optometry and is a fellow in both the College of Optometrists in Vision Development and the Neuro-Optometric Rehabilitation Association. You will learn about the importance of continuous learning, building a referral-based practice, and managing multiple locations effectively. Get motivated to develop a thriving practice that not only excels in patient care but also in innovative optometric solutions.

Takeaways: 

• Emphasize specialization. Identify and deeply specialize in your niche to create a unique and sought-after expertise within your industry.
• Commit to Excellence. Always strive for excellence in your work. Thoroughness and dedication will lead to superior outcomes and valuable referrals.
• Build Strategic Partnerships. Form and nurture strategic partnerships and networks to facilitate business growth and open new opportunities.
• Leverage Support Systems. Utilize the expertise and support of family members or trusted partners who can contribute valuable skills to your business operations.
• Prioritize Continuous Education. Invest in ongoing education and professional development to stay ahead of industry trends and build confidence in your expertise.
• Actively seek networking opportunities, engage with other professionals, and build a referral base to grow your business.
• Cultivate a Thirst for Knowledge. Maintain a lifelong learning mindset and foster a culture of continuous improvement and curiosity within your team.

Quote of the Show:

• “Knowledge is not anyone's property. It's yours to seek” - Kauser Sharieff

Links:

• LinkedIn: https://www.linkedin.com/in/kauser-sharieff-od-fcovd-fnora-68845817/   
• Company website: https://visionperformanceoc.com/  
• Email: [email protected] 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/5w1H9BBwRXvBSSkexePYxG 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/optometrists-building-empires/id1762685070 
• Amazon Music: https://music.amazon.com/podcasts/689a039b-54ce-4f04-b641-66d8640d93d0 
• Podchaser: https://www.podchaser.com/podcasts/optometrists-building-empires-5812208 

On this special year-end episode of Optometrists Building Empires, host Ankit Patel takes us on a journey through the most impactful lessons shared by top practice owners and industry leaders over the past year. From detachment and delegation to building the right team, optimizing hiring processes, and embracing technology, this episode consolidates invaluable insights to help you elevate your practice. If you're ready to reflect, strategize, and step into the new year with fresh inspiration, this episode is for you!

Takeaways:

• Delegate, systematize, and develop your team. Create SOPs, use checklists, and invest in team training to free up your time and multiply your impact.
• Build a complementary team. Assess your strengths and weaknesses, then hire strategically to fill gaps in operations, marketing, or other areas.
• Upgrade your hiring process. Use working interviews and scenario-based questions to identify candidates with growth mindsets and strong problem-solving skills.
• Embrace outsourcing and technology. Outsource non-clinical tasks and adopt technology like EHR upgrades or communication platforms to streamline operations and improve patient outcomes.
• Align mission and culture. Define your practice’s mission, communicate it regularly, and foster a positive workplace culture through staff recognition and shared values.

Links:

• Ankit’s LinkedIn: https://www.linkedin.com/in/ankitpatelcvc/ 
• My Business Care Team: https://mybcat.com/ 
• Optometrists Building Empire’s LinkedIn: https://www.linkedin.com/company/optometrists-building-empires/ 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/5w1H9BBwRXvBSSkexePYxG 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/optometrists-building-empires/id1762685070 
• Amazon Music: https://music.amazon.com/podcasts/689a039b-54ce-4f04-b641-66d8640d93d0 
• Podchaser: https://www.podchaser.com/podcasts/optometrists-building-empires-5812208 

On this week’s episode of Optometrists Building Empires, host Ankit Patel sits down with Thanh Mai, Co-Founder of Insight Vision Center Optometry and Partner at Optometry Corner and Eyecon Optometry. He is a trailblazing optometrist whose expertise in vision therapy, myopia management, and scleral contact lenses has set him apart in the field. Thanh shares his inspiring journey of carving out a thriving niche practice that excels in all three specialties, offering invaluable insights on growth and specialization. Whether you're exploring your own niche in optometry or simply love hearing about transformative success stories, this episode is packed with inspiration. 

Takeaways:

• Focus on specialization. Identify and concentrate on niche areas within your field. Specialization can set you apart from competitors and allow you to provide exceptional services.
• Be prepared to handle a variety of cases daily. Ensure that your team is flexible and skilled in multiple specializations to manage diverse patient needs effectively.
• Invest in building a strong, capable team. Your growth isn't just about increasing the number of staff, but bringing in skilled professionals who can contribute to your specialized services.
• It’s not about the volume of basic services, like selling glasses in this context, but about the quality and specialization of services offered. This approach can drive your business forward.
•  Use your specialized niche to expand into new locations. Maintain the quality and integrity of your specialties as you scale to ensure consistent service excellence.
• Implement systems and processes that support your specialized services. Continuous improvement and adherence to specialized practices can propel your business growth effectively.

Quote of the Show:

• “So there's right people, and then there's right seats. Are they on the bus and what seat should they be on the bus?” - Thanh Mai

Links:

• LinkedIn: https://www.linkedin.com/in/thanhmai2012/  
• Company website: https://www.insightvisionoc.com/thanh-mai/  
• Email: [email protected] 
• Facebook: https://www.facebook.com/thanh.mai.186 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/5w1H9BBwRXvBSSkexePYxG 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/optometrists-building-empires/id1762685070 
• Amazon Music: https://music.amazon.com/podcasts/689a039b-54ce-4f04-b641-66d8640d93d0 
• Podchaser: https://www.podchaser.com/podcasts/optometrists-building-empires-5812208 
• YouTube: https://youtu.be/oYJp_hfj5qA 

Transistor: https://buildingempires.live/episodes/building-a-legacy-in-eye-care-dan-schott-optometrists-building-empires-episode-017