Mark Wright, OD Playing the Game to Win Mark R. Wright, OD, FCOVD - - PowerPoint PPT Presentation

▶
mark wright od playing the
SMART_READER_LITE
LIVE PREVIEW

Mark Wright, OD Playing the Game to Win Mark R. Wright, OD, FCOVD - - PowerPoint PPT Presentation

Sep 27, 2023 202 likes •692 views

CEO: The Practice Management Center optometrymatch.com President: Pathways to Success mwright@pathways-o.com Professional Editor: Review of Optometric Business reviewob.com Author: Coding, Reimbursement and Contracting

slide-1
SLIDE 1

Mark Wright, OD

  • CEO: The Practice Management Center
  • optometrymatch.com
  • President: Pathways to Success
  • mwright@pathways-o.com
  • Professional Editor: Review of Optometric Business
  • reviewob.com
  • Author: Coding, Reimbursement and Contracting

for Optometry

  • Director, The OSU College of Optometry Business

Management Program

  • 2006 Benedict Professor: University of Houston
  • 1980 – 2007 founder: Professional VisionCare,

Westerville, Ohio

slide-2
SLIDE 2

Playing the Game to Win

Mark R. Wright, OD, FCOVD

slide-3
SLIDE 3

2 websites to know

  • ptometrybusiness.com
  • ptometrymatch.com
slide-4
SLIDE 4

PW changes every Aug 1

  • ptometrybusiness.com
slide-5
SLIDE 5
slide-6
SLIDE 6

No PW

slide-7
SLIDE 7

There are 42 topics on this page, most with multiple

  • links. The topics follow the
  • utline of the APME textbook

(with a few modifications).

Today’s powerpoint can be found here. Great topics for your Private Practice Club meetings.

slide-8
SLIDE 8

Would you rather have 1/2

  • r 1/3 of a pumpkin pie?
slide-9
SLIDE 9

What is 1/2 of 1/3?

slide-10
SLIDE 10
slide-11
SLIDE 11
slide-12
SLIDE 12
slide-13
SLIDE 13
slide-14
SLIDE 14

The number of possible chess positions after White’s first move is 20.

(16 pawn moves and 4 knight moves).

400 different positions after each player makes one move apiece. There are 72,084 positions after two moves apiece. There are 9+ million positions after three moves apiece. There are 288+ billion different possible positions after four moves apiece.

www.bernmedical.com/blog/how-many-possible-move-combinations-are-there-in-chess

slide-15
SLIDE 15

The number of possible chess positions after White’s first move is 20.

(16 pawn moves and 4 knight moves).

400 different positions after each player makes one move apiece. There are 72,084 positions after two moves apiece. There are 9+ million positions after three moves apiece. There are 288+ billion different possible positions after four moves apiece.

www.bernmedical.com/blog/how-many-possible-move-combinations-are-there-in-chess

slide-16
SLIDE 16

MARKETING

  • Strategies
  • Get current patients to return
  • More new patients
  • Increase your per patient revenue
slide-17
SLIDE 17

MARKETING

  • Strategies & Tactics
  • Get current patients to return
  • Pre-appoint
  • More new patients
  • Patient reward system
  • Increase your per patient revenue
  • Dr. Prescribe in Exam Room
  • Transitions Lens example
  • Order matters: Sun before Dress
slide-18
SLIDE 18

Excerpt from: Best Practices of Financial Management. A How to Guide for Owners of Independent Optometric Practices (Bob Schultz, Vision One Credit Union)

  • ptometrybusiness.com, STUDENTS, Best Practices of Financial Management
slide-19
SLIDE 19

Game Prep Beginning Game Middle Game End Game

  • Food
  • Rest
  • Exercise
slide-20
SLIDE 20

Employer Employee

slide-21
SLIDE 21

To play the Game Prep to win, you must Start NOW

HAVE 2 EXIT STRATEGIES (UNDERSTAND THE ENDGAME) UNDERSTAND WORK-LIFE BALANCE UNDERSTAND THE IMPORTANCE OF NETWORKING UNDERSTAND PRACTICE NUMBERS

slide-22
SLIDE 22

Time Value of Money

Which would you rather have $1M or I penny doubled every day for 30 days?

$5,368,709

slide-23
SLIDE 23
slide-24
SLIDE 24

$3M to $5M

slide-25
SLIDE 25

2018 Jobson ECP Compensation Study

  • The average pay for owner/partners was $141,624
  • The average pay for employed optometrists was $109,625
  • The average owner/partner optometrist makes $31,999 more per year.
  • If we multiply that difference of $31,999 over 40 years, the average
  • wner optometrist makes $1,279,960 more than the average

employed optometrist.

slide-26
SLIDE 26

What happens if the

  • wner/partner
  • ptometrist invests that

average difference of $31,999 over the course of 40 years and achieves at a conservative 6% interest average annual return on investment

https://www.edwardjones.com/preparing-for-your-future/calculators-checklists/calculators/retirement-savings-calculator.html

slide-27
SLIDE 27

Employer Employee

The $5M decision

slide-28
SLIDE 28

Invest automatically into Owning businesses Owning real estate Stocks and Bonds

Invest a minimum of 10% of your gross income

slide-29
SLIDE 29
slide-30
SLIDE 30
slide-31
SLIDE 31

EMPLOYED OD

  • Security – 30 day contract
  • Flexibility – Told when to work
  • Freedom – Told how to work
slide-32
SLIDE 32

Employer Employee

Work – Life Balance

Systems

slide-33
SLIDE 33
slide-34
SLIDE 34

Employer Employee

Networking

Eye contact Business cards Hand shake Tell them up front - ownership Eye contact Business cards Hand shake Tell them up front - employment

slide-35
SLIDE 35

Know the practice numbers

slide-36
SLIDE 36

CATEGORIES DEFINITION RANGE YOUR BUDGET MONEY IN Revenue Money actually collected CLINICAL SERVICES MATERIALS OTHER $640 - $1.4M $700K then $1M Per FTE OD MONEY OUT COGS MATERIALS Lab bills + All in-house lab costs 23.9% - 34.2% 25% Staff Payroll All costs for having staff 15.5% - 24.2% 20% Occupancy Occupying your space 4.4% - 8.9% 7% Equipment Clinical equipment 0.2% - 3.4% 1% Marketing Internal and external marketing 0.6% - 2.3% 1% Overhead Everything not covered above 3.3% - 10.3% 10% MONEY LEFT Dr Payroll Costs for doctors 20% Net What is left over 16%

slide-37
SLIDE 37

What is the average to pay an employee OD? .15 x $500,000 = $75,000 .15 x $700,000 = $105,000 .15 x $1.4M = $210,000

slide-38
SLIDE 38

What is the most to pay an employee OD? .2 x $500,000 = $100,000 .2 x $700,000 = $140,000 .2 x $1.4M = $280,000

slide-39
SLIDE 39
slide-40
SLIDE 40

Game Prep Beginning Game Middle Game End Game

slide-41
SLIDE 41

To play the Beginning Game to win

OPTOMETRYMATCH.COM PRACTICE VALUATION PRACTICE CONSULTATION TURN-KEY PACKAGE

slide-42
SLIDE 42
slide-43
SLIDE 43

How to successfully navigate the practice transition minefield Matching right buyer & seller Broker Negotiating a fair price Negotiating the deal Contracts Escrow Transitioning the practice Bank approval

slide-44
SLIDE 44
slide-45
SLIDE 45
slide-46
SLIDE 46

Employer Employee

Decide today which path is yours

slide-47
SLIDE 47

Game Prep Beginning Game Middle Game End Game

slide-48
SLIDE 48