THE CEO CHECKLIST

WHAT’S YOUR FRAME OF MIND?

SCOT MORRIS, O.D.

WELCOME TO “The CEO Checklist,” a monthly reminder of things your management staff may need to do, as well as a place for ideas you might want to incorporate in to your business. Each month will focus on a few general themes, including strategy, finance, human resources, operational workflow, retail items and marketing ■

CHECKLIST: OPERATIONS CHECK-UP ¹

STRATEGY SESSION: Frame pricing/Mark-up review ²



STRATEGY SESSION: Lens pricing/Mark-up review ³



FINANCE: KPI: Optical capture rate ⁴



THE SERVICE SIDE: Anterior segment foreign body ⁵



THE RETAIL SIDE: Frame reps and buying plan ⁶



HUMAN RESOURCES: Quarterly payroll report ⁷



STAFF TRAINING Optics ⁸



THE FACILITY/FORMS: Chart audit ⁹



MARKETING: Optical marketing ¹⁰

1 Is your practice’s optical as organized and profitable as it can be?

2 When was the last time you evaluated your frame pricing? Are you still using some form of a standard mark-up? You may be missing out on significant revenue for your best sellers. Consider increasing your frame pricing for your best sellers. Re-evaluate this pricing change quarterly. Take 60 minutes.

3 When was the last time you evaluated your lens pricing? Consider the lenses you carry and what your current profitability is per lens pair. Have your staff determine whether you need to increase your prices. Even $10 per pair can have a significant impact on overall revenue. Take 60 minutes.

4 This ratio is designed to evaluate the effectiveness of converting people who need prescriptive eye wear to those who actually purchase eye wear in the optical. Take 10 minutes.

5 What diagnostic tests are performed? What is your surgical protocol, if any? Document how much time you think each will take. Review the correct diagnostic and surgical codes, diagnostic protocols and therapeutic or surgical options. Set aside a 30-minute period this month to review what you do and what you know about the management of a recurrent corneal erosion.

6 Update your frame rep contact information. Review your current frame inventory. Document what percentage of frame quantity each frame line represents. Do you need to change this? Are there any frames that need to be returned or repaired? Take 60 minutes.

7 Check to ensure that your office or a payroll agency has submitted the business quarterly payroll report. Take 15 minutes.

8 Conduct a training class on basic optics: myopia, hyperopia, astigmatism, prism, the difference between +/- lenses. Use these as starter concepts. Take 30 minutes.

9 Start small with three charts for every provider. Confirm that the history, exam and medical decision components are correctly coded and documented. Make notes as to what changes need to be made. Take 30 minutes monthly.

10 What is your optical marketing plan for the rest of the year? What special events will you hold? OM

THE NUMBER YOU NEED TO KNOW

MONTH: WOMEN’S EYE HEALTH MONTH