EyeWorld is the official news magazine of the American Society of Cataract & Refractive Surgery.
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TM www.OphthalmologyBusiness.org EYE ON YOUR MONEY P. 8 April 2013 Vol. 4, No. 1 INTEGRATING THE FEMTO FOR CATARACT SURGERY INTO YOUR PRACTICE P. 24 TM March 2013 www.OphthalmologyBusiness.org P. 20 Facing the challenges of Medicare cuts P. 6 An ASCRS Publication Donald R. Long Publisher don@eyeworld.org Julio Guerrero Graphic Design julio@eyeworld.org Stacy Majewicz Editor stacy@eyeworld.org Daniela Galeano Production Assistant daniela@eyeworld.org Jeff Brownstein Sales jeff@eyeworld.org Paul Zelin Sales paul@eyeworld.org ASCRS Publisher: OPHTHALMOLOGY BUSINESS is published quarterly by ASCRS Ophthalmic Services Corp., 4000 Legato Road, Suite 700, Fairfax, VA 22033-4055; telephone 703-5912220; fax 703-273-2963. Printed in the U.S. From the publisher G eneral concern for the state of the economy and changes in technology affect ophthalmology just as much as any other field. Ophthalmology Business has devoted this issue to exploring new technologies, considering how to utilize them in your practice, and planning for the future of your practice. You may be surprised to learn that the 46- to 64-year-old population is spending more money on technology than any other age group. In addition, the fastest growing demographic for social media use is the baby boomer generation. Use of the big social media networks has reached 42% among the 79 million-strong baby boomer age group. Senior writer Erin L. Boyle explores how these trends could help ophthalmologists find new ways to reach their biggest demographic (page 20). Contributing writer Vanessa Caceres talks to experts who warn about the hazards of accepting a contract before becoming familiar with the details. Make sure you are "Checking the employment contract" (page 8) and looking at factors such as compensation and what happens if you decide to leave. It's important to consider what to do when you're ready to sell a practice as well, and Brad Ruden, MBA, details "8 steps to prepare your practice for sale," (page 24). With money as a general concern, we've asked Certified Financial Planner W. Ben Utley, CFP, to answer your personal finance questions ("Eye on your money: Insightful answers in your interest," page 12). Practice management consultant John B. Pinto comments on the changing times ("That was then, this is now," page 16) in the ophthalmology world with seven approaches to moving forward. Along with the changing times, ophthalmologists are going to be "Facing the challenges of stinging cuts," (page 6). Contributing writer Enette Ngoei addresses some of the updates in 2013 and how ophthalmology practices can thrive despite these. In "Integrating the femto for cataract surgery into your practice" (page 14), contributing writer Michelle Dalton talks to experts about the costs of owning the laser. Thank you for reading! Editorial Offices: OPHTHALMOLOGY BUSINESS, 4000 Legato Road, Suite 700, Fairfax, VA 220334055; 703-591-2220; fax 703-273-2963; email: stacy@eyeworld.org. Advertising Offices: ASCRSMedia, 4000 Legato Road, Suite 700, Fairfax, VA 22033-4055; toll-free 800-451-1339, 703-591-2220; fax 703-273-2963; email: cathy@eyeworld.org Copyright 2013, ASCRS Ophthalmic Services Corp., 4000 Legato Road, Suite 700, Fairfax, VA 22033-4055. All rights reserved. No part of this publication may be reproduced without written permission from the publisher. Letters to the editor and other unsolicited material are assumed intended for publication and are subject to editorial review and acceptance. Donald R. Long Publisher, Ophthalmology Business April 2013 • Ophthalmology Business 3