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 | Apr 27, 2024 | 7 Key Expense Areas, Leadership & Management, Practice Management
At this point, most optometry practice owners will agree that sharing metrics and results with their team can help sharpen focus, uncover areas to improve, and increase staff engagement. But what should you share? And is there such a thing as over-sharing? Let’s...
by Nathan Hayes | Apr 20, 2024 | 7 Key Expense Areas, Cost of Goods Sold/Inventory
The wholesale cost of the products your practice sells—glasses, contacts, and other accessories—is a frequently discussed topic in optometry. Like most expenses, lower is better. But what’s realistic? I have heard more than one expert mention a cap of 25% of...
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. ...
