I recently met with the owner of a highly productive optometry practice. Looking at his numbers, it was clear that growth had hit a ceiling. Unless he moved into a larger space, growth was limited to adding more patient hours or gradually increasing Revenue Per Exam. There were plenty of patients waiting for appointments, but the practice didn’t have the capacity to see them.
The path forward seemed obvious: expand into a bigger space and eventually bring on another OD. But the doctor wasn’t interested in taking on a construction project at this stage in his career. And that’s perfectly fine. As an owner, it’s OK to have seasons where you pause, take your foot off the “gas pedal,” and catch your breath.
That said, a pause doesn’t have to mean standing still. Even when growth is on hold, there are plenty of ways to fine-tune your business and set yourself up for long-term success.
Prioritize Profitability and Cash Flow
Any time you add on expenses, make sure they either boost revenue, increase profit, or intentionally make your work easier. If growth isn’t a possibility or objective, focus on constraining costs, getting cash out of the practice, and building wealth outside the practice.
But don’t let the practice wither on the vine. While practice expenditures should be restrained during flat seasons, you still need to keep up with basic maintenance and infrastructure.
Be Strategic with Your Patient Base
If you have more patients than your schedule allows, now might be the chance to focus on your favorite or most profitable patients. Here are some tips to do just that:
- Evaluate your vision care plans and drop the underperformers. Focus on the plans that attract your most profitable patients and generate the highest Revenue Per Comprehensive Exam.
- If you pre-appoint, stop pre-appointing patients who don’t buy glasses, contacts, or other services from your practice.
- Similarly, when managing recalls, prioritize your preferred or highest-revenue patients until your schedule is full.
Maximize Each Patient Encounter
If more patients aren’t in the cards, how can you increase revenue per patient? Here are a few ways to make the most of every patient visit:
- Market cash-pay services and add-ons to your existing patients.
- Refine your hand-off to optical to increase capture rates.
- Optimize your exam script to ensure every patient hears about the products and services that can benefit them.
Periodically Reassess Your Goals
Just because you’re not ready to grow your practice today doesn’t mean you won’t feel different next year. Few decisions are truly permanent. Take the time to reflect on your goals, your energy, and your priorities periodically. What doesn’t make sense now may be the perfect opportunity down the road.
Make Data-Driven Decisions
As a consultant, the most important thing I want to hear from practice owners is that they are making intentional decisions based on clear goals, reliable data, and solid facts. Sometimes, stalled growth is a deliberate choice, and management decisions should reflect that reality.
If you worry you don’t have the right data to make informed decisions about your practice’s future, Books & Benchmarks can help. We handle your financial reporting, generate optometry benchmarks that help you make sense of your performance, and provide consulting advice so you always know your next step.
Contact Books & Benchmarks today to take control of your practice’s growth—on your terms.
