by Nathan Hayes | Dec 14, 2024 | 7 Key Expense Areas, Cash Flow & Cash Management, Equipment Costs, Financial Operations, Tax Prep
As we approach the end of the year, equipment manufacturers are flooding their advertisements with reminders of the tax savings you can enjoy by purchasing new instruments and deducting them from your tax return. With this in mind, many optometry practices may be...
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 | Aug 3, 2024 | 7 Key Expense Areas, Equipment Costs
On this blog, we’ve been working through all seven key expense areas, and we will cover equipment costs for optometry practices this week. Equipment costs are complicated. First, let’s look at the typical P&L expenditures on equipment, followed by some balance...
by Nathan Hayes | Jul 27, 2024 | 7 Key Expense Areas, Practice Marketing
I once saw a financial report for a practice that used colors to show if their spending was above or below average in different expense areas—green for below average (good) and red for above average. There were two green areas: occupancy costs and...
by Nathan Hayes | Jul 13, 2024 | 7 Key Expense Areas, Occupancy Costs/Real Estate
One of the scariest and most important risks practice owners face is taking on fixed expenses ahead of growth. The best way to think about fixed expenses is that they are the bills you pay regardless of how many patients you see or how much revenue comes into your...
by Nathan Hayes | Jun 8, 2024 | 7 Key Expense Areas, OD Compensation
After focusing on bonuses for non-OD staff for two weeks (read Part 1 and Part 2 to learn more), let’s switch gears and talk about bonuses for ODs. We noted previously that we’re skeptical of the impact bonuses have on non-OD staff performance. When it comes to...
