by Nathan Hayes | Feb 15, 2025 | 7 Key Expense Areas, Non-OD Staff Compensation
Staffing is one of the hardest and most critical aspects of building a great optometry practice. The challenges to getting it right are myriad: recruiting, firing, managing, vision-casting, training, and more go into building and maintaining a great team. I mention...
by Nathan Hayes | Oct 26, 2024 | 7 Key Expense Areas, Non-OD Staff Compensation
With all the wage inflation optometry practices have experienced over the past several years, many are looking for a better way to manage salary increases. Today I had a call with a practice owner who was getting advice that closely mirrors how our parent company,...
by Nathan Hayes | May 18, 2024 | 7 Key Expense Areas, Non-OD Staff Compensation, OD Compensation
Last week, we discussed the limits of using bonuses to motivate staff and influence their behavior. (Read the Bonuses Part 1 blog to learn more.) In many cases, clear goals and KPIs are all a practice needs to shape behavior, assuming the team is making an appropriate...
by Nathan Hayes | May 11, 2024 | 7 Key Expense Areas, Non-OD Staff Compensation, OD Compensation
This week, I had a series of conversations with both Books & Benchmarks clients and bookkeepers about employee bonuses. In light of those conversations, let’s answer a few questions about bonuses this week and next: Do they work? What are common...
by Nathan Hayes | May 4, 2024 | 7 Key Expense Areas, Non-OD Staff Compensation
Wages, when doctors and staff are taken together, are almost always the largest expense for private practices’ P&Ls. For many, the non-OD staff salaries alone are higher than any other expenses. Let’s dig into that number—non-OD Staff Compensation—to better...
by Nathan Hayes | Mar 30, 2024 | 7 Key Expense Areas, Budgeting, Financial Operations, Non-OD Staff Compensation, OD Compensation
At Books & Benchmarks, we’re always looking for ways to streamline our operations and be more efficient. In working with over 100 practices across the country, we’ve seen firsthand the challenges optometry practices face in financial management. ...
