practice investments

Tips for buying or sellingOne expert offers tips for dermatologists considering buying other practices or selling the practices they own
Top 5 of 2016: Practice managementIn 2016, Dermatology Times provided several articles offering guidance on the business side of dermatology. Spanning such topics as using social media effectively, to designing the ideal office space and whether or not a cash-based model is right for you, these were the top five practice management articles of 2016.
What physicians need to consider when selling a practiceWhen considering selling a practice, physicians must consider the near- and long-term objectives of the practice's owners and of the acquiring organization, as well as how much autonomy the proposed arrangement allows the acquired practice, experts say.
5 tips to prepare for selling your practiceThe decision to own your own optometric practice is likely one of the biggest decisions you have made in your lifetime. And the decisions you will make regarding your exit strategy will most likely be just as challenging and possibly even more difficult.
Diversifying your practiceAs optometrists, we tend to be extremely knowledgeable with the most current standard of care, but this does not mean practice owners should invest in all the bells and whistles of the latest and greatest technology. A full analysis of your practice’s demographics, along with market and industry trends, will provide information to make decisions on where to invest and grow your practice.
Managing risk avoidanceIn the previous articles in this series, the focus of lowering your practice’s financial risk was through maximizing cash flow and retaining key employees. Risk avoidance and risk mitigation may seem like common sense, but sometimes are not always intuitive when your day-to-day concentration is on patient care and running a practice. Identifying your practice’s risk should be a disciplined and creative process that includes brainstorming and creating lists of negative financial implications. All thoughts and ideas are welcomed during this evaluation, and the more thorough your checklists and evaluations are, the easier it is to make decisions to accept the risks of each activity.
Hire and manage key employeesDo you spend time wondering why employees no-show or resign? Do you think about how employee retention and turnover affects your bottom line? Today’s employees leave jobs for reasons other than just compensation and benefits, and tend to leave managers/co-workers than actual companies. Owners should provide vision, empowerment, empathy, motivation, teamwork, fun, and incentives so employees feel they have an ownership in the business.
Systems, devices that free up staff time are worth considerationWhen considering the best way to spend $100,000 on one’s practice, an expert who spoke at the Cosmetic Surgery Forum recommends a pragmatic approach.