Are you guilty as charged with these four naked truths?
Optometrists believe that practice management and business management are the same things, Practice management focuses on the processes that support the delivery of eye care. Business management provides the platform by which practice management succeeds.
Optometrists believe that office managers, accountants, or bookkeepers are responsible for running the practice so that the optometrist can test eyes. Delegation is the act of representing the interests of others. Abdication is giving up responsibility to others with no intention of resuming it. Optometrists prefer to abdicate from financial management and administrative responsibilities.
Optometrists believe that great clinical skills are enough to open a practice. It is not enough without understanding how to run a business. Many practices are at a disadvantage because the location is poor, and the rent too high relative to the market size. This points to a void in business acumen at the outset.
Optometrists believe they earn income only when they see patients. What is not understood is that research, planning, and accountability, contribute to practice income. This requires dedicated time from the optometrist.
Some optometrists fall within the top ten percent of earners in South Africa. Yet, many others can only be disappointed with the lifestyle optometry affords them. Where do you fit in? Having the right information available at the right time, but in a format that you, the optometrist can comfortably relate to, is the key to taking charge of the financial management of your business. An optometric practice is a business in every sense of the word. No business owner can expect to have a thriving business without being involved in controls that will measure performance. Humint O has an integrated accounting package that can generate concise reports, providing the right information at the right time, but in a format, you can relate to. This will empower you to grow your practice into a high-performance business.