Eyeworld

65 OPHTHALMOLOGY BUSINESS December 2018 digital.ophthalmologybusiness.org The overall picture If you are considering a practice and it doesn't meet all of the healthy indicators outlined here, you don't have to cross it off the list just yet. For instance, if the practice gets a solid "B" grade for its health but it has other factors that are important to you—such as a great location—it still could be an ideal place to work for you, Dr. Piso said. "You'll never check all the boxes," he said. Other factors that could make a practice appealing to a surgeon beyond prac- tice health include: • availability of special technology • having an ASC • the ability to grow within a subspecialty • salary and benefits • how your family will fit within the geographic area If a practice has one "sick" practice health indicator, it could be a good starting point for strategic conversations and operational in- quiries, especially if you are consid- ering future practice ownership, Ms. Boling said. It's a good sign if a practice knows that certain health indicators are not ideal and that they are work- ing to fix it. "I'm a big believer that a practice should know their num- bers, understand how they compare to similar practices in the industry, and be able to defend or explain why they are outside of normal limits with a strategy initiative or practice value," Ms. Boling said. EW Editors' note: The sources have no related financial interests related to their comments. Contact information Boling: hboling@bolingvisioncenter.com Piso: crag33@aol.com 5. Find out about work/life bal- ance. Do surgeons and employees seem to be able to balance their workload with a home life, or are there long hours, late-night texts, and unpredictable on-call shifts? Make sure the real practice hours— not just the ones they say they have—are in line with what you want them to be, Dr. Piso advised. 6. Look for a Merit-Based Incen- tive Payment System (MIPS) score of 75 or above. "A practice's MIPS score is indicative of its commit- ment to regulatory and compliance initiatives and staying up-to-date with physician payment method- ologies," Ms. Boling said. "It will demonstrate whether a practice is proactive or reactive in its approach to leadership and operations." 7. Crunch the growth numbers. Two numbers to consider are prac- tice revenue growth rate (3–5% or better is solid for a mature practice) and new versus existing patient rate. The new patient rate should be 15–30% of the practice total. "The existing patient rate should be relatively flat to ensure you're not losing patients along the way," Ms. Boling said. "A prospective physi- cian should look to join a practice that has a need for their services as well as a strategy to attract new patients while retaining the existing patient base." 8. Ask about AR. Accounts receiv- ables (AR) provide insight into financial health. The AR out over 90 days should ideally be 18% or lower, but it should be 10% or lower in a practices with a lot of cash pay, such as those that offer LASIK, optical, or elective plastics, Ms. Boling said. Days sales outstanding—determined by AR divided by average daily bill- ing—should be 25–40 days, but the lower the better. ath ens 23 rd ESCRS Winter Meeting In conjunction with the 33 rd HSIOIRS International Congress 15 – 17 February 2019 Megaron Conference Centre, Athens, Greece www.escrs.org Scientific Programme, Hotel Bookings & Registration Available Online

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