About the Optometric Consulting MBA Experience
The Member Business Advisor (MBA) Experience is an initiative aimed to give eye care professionals an outside perspective on their business. This service is included in your monthly membership and begins with an assessment of your eye care practice followed by custom recommendations from one of your Business & Financial, Billing & Coding or Practice Operations Advisors. Your Advisors will help you determine potential areas for improvement within the practice as well as create a customized plan to drive results.
Step 1) Complete a Practice Assessment.
One of your Advisors will complete a profit & loss analysis of your practice, review your key performance indicators and look at your vendor discounts to determine areas of improvement and help you develop action plans to achieve results.
Step 2) Review Your Results With An Advisor.
After identifying where your opportunities lie, you and your Advisors will meet to review your results and together, you will develop a course of action to promote practice goals.
Step 3) We’ll Discuss How You Bill.
Once you’ve completed your initial check-in review, you will want to have a discussion with your Billing & Coding Advisor on your current billing procedures and identify where your opportunities lie in order to improve practice efficiency, profitability and compliance.
At any time, your PECAA Optometry Consulting Advisors can assist with:
- Frame Board Management: Let’s ensure your optical frame board has enough variety, is correctly targeted to your key demographic, has appropriate turnover and review changes if needed.
- Staffing Analysis: Let’s determine whether your staff is performing efficiently and effectively.
- Staffing Incentives: Together, we’ll discuss ideas for incentivizing optical staff to promote employee retention and effectiveness.
- Accounts Receivable Management: We’ll conduct a review of your accounts receivable and discuss solutions to improve profitability.
- Practice Valuations: If interested in transitioning out of your optometric practice, your Advisor will complete a valuation assessment to determine where the practice currently stands.
- Hiring New Associates/Staff: You and your Advisor will review starting salaries in your area, how a new staff member will affect the practice, and more.
- Personnel Changes: Let’s discuss any staff turnover in the practice, including new employees, hiring needs and more.
What Members are Saying About the Consulting Experience
The Member Business Advisor program at PECAA has been extremely helpful for our optometric practice in analyzing and understanding our numbers, as well as setting benchmarks and goals. We look forward to our quarterly meetings where we evaluate our performance on Glimpse and compare it to the national averages. This has really helped us identify the areas we needed to improve, and we have been able to focus and make appropriate changes in our practice. I really appreciate the individualized attention they have given us. The advice has been an invaluable asset to our practice! – Dr. Mila Ioussifova
Words cannot express how pleased we are with the PECAA MBA Program. On-site education assures that all staff will be up to date with new ideas for our practice and improvement objectives. Financial reviews provide our Doctor and Practice Manager with operational insight and areas for improved profitability and patient satisfaction. We could not be happier with the MBA Program. – Ms. Patti Bushnell
As a new optometric practice owner, I found the PECAA MBA program to be particularly helpful. It was so valuable to have someone outside of my practice to look at my metrics, give advice and help me set goals for the future of my practice. Every doctor who is a PECAA Member should take advantage of this service. It is such a fantastic program to have included in our dues. – Dr. Jen Burke